China Resources Reclassifies Common Shares; Stock Symbol To Change For 20 Business Days Commencing January 16.HONG KONG--(BUSINESS WIRE)--January 14, 1997--China Resources Development, Inc. (Nasdaq: CHRB CHRB California Horse Racing Board CHRB Community Housing Resource Board (Montana) CHRB Commonwealth Health Research Board ), a leading natural rubber and agricultural products distributor based in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China (PRC), today announced that its board of directors approved the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of 3.2 million shares (32 million shares prior to the 1-for-10 reverse split - effective date January 16, 1997), that were subject to substantial restrictions, as preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The Board believes this action will serve to eliminate confusion as these restricted shares are not freely tradable and would not have been counted in earnings per share calculations until July 2003 because of their inability to participate in dividends or liquidating distributions. No changes to the substantive rights "Substantive rights," are basic human rights possessed by people in an ordered society and includes rights granted by natural law as well as the substantive law. Substantive rights involve a right to the substance of being human (life, liberty, happiness), rather than a right to a of the holders of the restricted shares occurred as a result of the reclassification. The number of common shares outstanding subject to the reverse split will be approximately 5.78 million shares as all of the Company's Series B convertible preferred shares have already been converted and the above reclassification has been effected. The CHRB stock symbol will also temporarily be changed to "CHRBD" for 20 business days between January 16 and February 12 to remind investors that the stock has undergone a one-for-ten reverse split, and following this period, the symbol will revert back to CHRB. China Resources China Resources (Chinese: 華潤; HKSE: 0291 ) is a group of companies in wide variety of business in Hong Kong and mainland China. Some of its companies use the name the acronym CRC. Development, Inc., with offices in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and the Hainan Province in the PRC, through a subsidiary, owns a 56% interest in Hainan Agricultural Resources Co. Ltd. (HARC). HARC markets and distributes dry, natural rubber, liquid latex and other agricultural products, and procures production materials and supplies for major customers. The Hainan Province supplies over 60% of the PRC's natural rubber production. CONTACT: Edward Wong Financial Controller 011/852/28107205 or crdi@chrb.com or Jaffoni & Collins Incorporated Joseph N. Jaffoni, Robert L. Rinderman 212/505-3015 or jci ir@aol.com |
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