Wuhan General Group
intent to cancel two-thirds of its outstanding common shares in
2018
Montreal, QC --
August 29, 2018 -- InvestorsHub NewsWire -- Wuhan General Group
(China), Inc. (OTC
PINK: WUHN) (the "Company"), a Nevada investment company
focused on the industrial technology market space, announces today
that, starting next week, they will begin a series of common share
cancellations to reorganize the share structure of the Company to
increase shareholder value.
The company
intent to reduce its outstanding common shares from 100 million to
approx. 35 million shares, with a press release confirming each
transaction as they occur. All canceled shares will be returned to
the company treasury to be used in future acquisitions of
businesses and assets. This will work to stimulate the company's
growth and increase value for current and future
shareholders.
Ramy Kamaneh,
CEO said: "We are excited about initiating our strategy roadmap,
hence creating wealth for our investors. It shows the trust we have
in the process of expanding this company, and we look forward to
what is to come."
This
restructuring is not only an important step for the company, but
also signifies a growing strength in mining electrification,
cryptocurrencies, industrial batteries, Internet of Things
hardware, and artificial intelligence -- all promising niche
markets. As Wuhan General Group continues to narrow its focus on
the service of growth, ethics, sustainability, and safety in
growing industries, investors are provided an opportunity to get
the best shareholder value.
Addressing the
name and ticker change, the company has decided to postpone this
change until Q1 2019. At that time, the company will audit their
past three years' finances to secure their title as a fully
reporting company. Once this is achieved, Wuhan General Group will
reapply with Finra.
About
Wuhan General Group
Wuhan General
Group (China) Inc. is a Nevada based investment company focused in
the areas of Cryptocurrency mining operations, battery &
electric material handling equipment manufacturing, services in
artificial intelligence, as well as Internet of Things hardware. In
addition to this, they are also dedicated to working in the
application of blockchain technologies to mining, agriculture and
construction industries.
Forward-Looking
Statements
Safe Harbour
Statement - In addition to historical information, this press
release may contain statements that constitute forward-looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements contained in this press release include the intent,
belief, or expectations of the Company and members of its
management team with respect to the Company's future business
operations and the assumptions upon which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future
performance, and involve risks and uncertainties and that actual
results may differ materially from those contemplated by such
forward-looking statements. Factors that could cause these
differences include, but are not limited to, failure to complete
anticipated sales under negotiations, lack of revenue growth,
client discontinuances, failure to realize improvements in
performance, efficiency and profitability, and adverse developments
with respect to litigation or increased litigation costs, the
operation or performance of the Company's business units or the
market price of its common stock. Additional factors that could
cause actual results to differ materially from those contemplated
within this press release can also be found on the Company's
website. The Company disclaims any responsibility to update any
forward-looking statements.
Source: Wuhan
General Group (China), Inc