Reverse Stock Split and New Ticker to Take Place July 13, 2009
NEW YORK and SHENZHEN, China, July 11 /PRNewswire-Asia/ -- China Digital Communication Group (OTC Bulletin Board: CHID), a manufacturer of battery components in China, announced today its 10-for-1 reverse stock split is to take place on Monday, July 13, 2009.
In connection with the stock split, China Digital Communication Group's trading symbol as quoted on the OTC Bulletin Board will be changed from (OTCBB: CHID) to (OTCBB: CMTP). The reverse stock split was previously announced by China Digital Communication Group in its filings with the SEC and was approved by its Board of Directors and a majority shareholder of approximately 50.39% of capital stock on April 30, 2009.
Every ten shares of China Digital Communication Group common stock will be automatically converted into one share. In connection with the reverse split, the China Digital Communication Group common stock will trade under the new CUSIP No. 169381209.
Fractional shares of stock will not be issued as a result of the reverse split. Stockholders who would otherwise receive a fractional share of China Digital Communication Group common stock will be entitled to receive an equivalent amount of cash in lieu of fractional shares, based on the average daily closing price per share of the common stock on the OTC Bulletin Board for the 10 consecutive trading days ending on July 13, 2009.
About China Digital Communication Group
China Digital Communication Group, through its wholly owned subsidiary, Shenzhen E'Jenie Science and Technology Co., Ltd. (E'Jenie), is one of China's leading manufacturers and developers of advanced telecommunications equipment. E'Jenie sells advanced high-quality lithium-ion battery shell and cap products to all major lithium-ion battery cell manufacturers in China. E'Jenie's products are used to power mobile phones, MP3 players, laptops, digital cameras, PDAs, camera recorders and other consumer electronic digital devices. China Digital Communication Group is continuing its expansion across East Asia, while seeking distribution partners and acquisitions in new global markets, including the U.S.
For more information, please visit: http://www.chinadigitalcommunication.com
Forward-looking statement:
Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties. Actual results may differ materially based on a number of factors, including, but not limited to, uncertainties in product demand, risks related to doing business in China, the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.
