China Pacific Inc. issues statement regarding recent change in stock price.LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 29, 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 :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 ). Regarding the recent drop in China Pacific's stock price; company Chairman and C.E.O., Clement Mak, states: "With China Pacific's strong position of sustained profitability and continuing outlook for solid earnings, the recent exceptional fluctuation in the company's stock price appears to be directly related to an extremely negative statement published on a well known computer network service by an individual on October 22nd. In essence, these statements said that the company had issued 1 million shares pursuant to an overseas stock offering 40 days ago and that these shares were now hitting the market." The management of China Pacific categorically denies said statements and is officially going on record by stating unequivocally that these slanderous slan·der n. 1. Law Oral communication of false statements injurious to a person's reputation. 2. A false and malicious statement or report about someone. v. statements made by a non-related individual are absolutely untrue. The company is now seeking counsel's advice for the damages that this completely without merit false statement has made to the company and shareholders and will aggressively pursue appropriate actions accordingly. Currently, the company's third quarter (ending 9/30/96) financial results are in preparation and China Pacific's continuing positive earnings will be released on or before the Nov. 15th due date. CONTACT: China Pacific Inc. (Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. office) Connie Mo, 310/433-1882 OR Investor Relations Investor relations The process by which the corporation communicates with its investors. Firm: Continental Capital & Equity Corp. Scott A-B A-B Air-Britain (UK-based aviation historical society) A-B Research Centre Applied Biocatalysis (Graz, Austria) Gibson, 407/875-1110 |
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