TAIYUAN, China, Aug. 6 /PRNewswire-Asia-FirstCall/ -- Puda Coal, Inc. (OTC Bulletin Board: PUDZ - News; formerly OTC Bulletin Board: PUDC) ("Puda Coal" or the "Company"), a supplier of China's high grade metallurgical coking coal used to make coke for the purposes of steel manufacturing, announced that on July 30, 2009 the Company reincorporated from a Florida corporation to a Delaware corporation and converted shares of the Florida company's common stock into shares of the Delaware company's common stock at a 7-to-1 ratio. The Company expects trading in its common stock to commence on a post-conversion basis on August 6, 2009 under the new stock symbol "PUDZ".
Following the effect of the reincorporation, Puda Coal is deemed for all purposes of the laws of Delaware and Florida to be the same entity as prior to the reincorporation. Each issued and outstanding share of common stock, par value $0.001 per share, of the Florida-incorporated Company was automatically converted into 0.142857 issued and outstanding share of common stock, par value $0.001 per share, of the Delaware-incorporated Company. No fractional shares were issued in connection with the conversion; instead, Puda Coal rounded up the fractional share to the nearest whole number. As a result of the 7-to-1 stock conversion, the Company has approximately 15,361,401 shares issued and outstanding. In addition, Puda Coal changed its stock symbol to "PUDZ" from "PUDC".
"The reincorporation to Delaware and the stock conversion are strategic steps in achieving our goal to list our stock on a senior stock exchange in the near future and will also reduce our legal costs over the longer term," said Mr. Liping Zhu, President and CEO of Puda Coal, Inc.
About Puda Coal, Inc.
Puda Coal, through its subsidiaries, supplies premium grade coking coal to the steel making industry in China for use in making coke. The Company currently possesses 3.5 million metric tons of annual coking coal cleaning capacity. Shanxi Province provides 20 - 25% of China's coal output and supplies nearly 50% of China's coke. For more information, please visit http://www.pudacoalinc.c...
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. For example, it is uncertain whether our goal to list our shares on a senior stock exchange will be achieved and when it will be achieved. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information, please contact:
Investor Relations Contact:
Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
Elaine Ketchmere, Partner;
VP Financial Writing
CCG Investor Relations
Tel: +1-310-954-1345
Email: elaine.ketchmere@ccgir.com
Web: http://www.ccgirasia.com
Company Contact:
Laby Wu, Chief Financial Officer;
Director of Investor Relations
Puda Coal, Inc.
Tel: +86-10-6439-2405
Email: labywu@gmail.com
Web: http://www.pudacoalinc.c...
