China Pacific Inc. announces new trading symbol and anticipated second quarter earnings.HONG n. 1. A mercantile establishment or factory for foreign trade in China, as formerly at Canton; a succession of offices connected by a common passage and used for business or storage. KONG--(BUSINESS WIRE)--July 10, 1996--China Pacific Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHNAD) Wednesday announced the assignment of a new trading symbol Trading symbol See: Ticker symbol by NASDAQ (CHNAD) to reflect the company's one-for-four reverse stock split. The reverse stock split and new trading symbol are effective as of the opening of business on July 10, 1996. Earnings per share for the quarter ended March 31, 1996, adjusted for the reverse split, are 35 cents based on 8.8 million shares outstanding immediately following the reverse split. Clement Clement, in the Bible Clement, in Philippians, one of Paul's coworkers. He is traditionally identified with St. Clement of Rome, the likely author of a letter written from there to the Corinthian church in c.A.D. 96. Mak, president and chief executive officer indicated that "The company's operating results for the second quarter ended June 30, 1996 will be in line with first quarter earnings." Mak also indicated that the commencement of operation of the company's new blast furnace blast furnace, structure used chiefly in smelting. The principle involved in this means of extracting metals is that of the reduction of the ores by the action of carbon monoxide, i.e., the removal of oxygen from the metal oxide in order to obtain the metal. in late June will increase the production level of the company in the third and fourth quarters. He added, "The new blast furnace operating at full capacity will increase the company's annual steel production capacity from 400,000 metric tons to 600,000 metric tons." CONTACT: China Pacific Inc. Connie Mo, 310/433-1882 |
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