China Pacific Inc. announces one-for-four reverse stock split.HONG KONG--(BUSINESS WIRE)--July 9, 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 Small Cap:CHNA CHNA Community Health Network Area CHNA Community Health Needs Assessment CHNA Canadian Holistic Nurses Association CHNA College Hill Neighborhood Association CHNA Castleberry Hill Neighborhood Association CHNA Converium Holdings North America ) Tuesday announced a one-for-four reverse stock split effective as of the close of business on July 9, 1996. The board of directors approved the reverse split after evaluating the depressive de·pres·sive adj. 1. Tending to depress or lower. 2. Depressing; gloomy. 3. Of or relating to psychological depression. n. A person suffering from psychological depression. effect on the market for the company's common stock which resulted from the large number of shares outstanding. China Pacific President and Chief Executive Officer, 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, stated that "The reduction in the number of shares outstanding to just under 9 million shares combined with the strong operating performance anticipated during 1996, particularly following the recent expansion of the company's steel production capacity, should result in a higher and more stable stock price and facilitate the company's anticipated move to the Nasdaq National Market." China Pacific, through its 60% interest in Chengdu Chengkang Iron and Steel, is a leading producer of iron and steel products in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. CONTACT: China Pacific Inc. Connie Mo, 310/433-1882 |
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