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China Finance, Inc. - Successful Reinstatement in Utah

2008-03-17 12:10 760


BEIJING, March 17 /Xinhua-PRNewswire/ -- China Finance, Inc., a provider of financial support and services for China’s large and rapidly expanding class of small and medium enterprises (SMEs), today announced that it has been reinstated as a corporation in good standing in the state of Utah, following the company’s successful appeal of its earlier administrative dissolution. The reinstatement was ordered on March 5, 2008, effective as of November 16, 2007 (the date on which the company originally requested reinstatement).

As described in its January 4, 2008 press release, China Finance had been administratively dissolved as a corporation under Utah law by the Utah Division of Corporations and Commercial Code, and was seeking to reverse that action through an administrative appeal with the Utah Department of Commerce. On March 5, 2008, the Executive Director of the Utah Department of Commerce ruled in the company’s favor and ordered that China Finance be reinstated as a corporation. As a result, China Finance’s prior dissolution is null and void, so China Finance’s shareholders continue to have limited liability protections under applicable Utah corporate law, and the company continues its status as a corporation for tax purposes.

Mr. Zhiyong Xu, China Finance’s President and Chief Executive Officer, observed: “We are delighted with the outcome of the appeal and with our reinstatement. The resolution of this situation affirms that neither our business nor our shareholders has been adversely affected in any way, and we are pleased to be able to move forward with the successful implementation of our business plan.”

About China Finance, Inc.

China Finance provides financial support and services -- primarily in the form of surety guarantees, loan guarantees, or short-term loans -- to privately owned SMEs when they seek access to capital or to be acquired by a United States reporting company. China Finance provides its services through its wholly-owned indirect subsidiary, Shenzhen Hua Yin Guaranty and Investment Limited Liability Corporation, which is located in the financial district of Shenzhen, China.

For investor relations information regarding China Finance, please contact:

Wei Wei

Tel: +1-212-823-0534

Email: Wei@chinafinanceinc.com

Source: China Finance, Inc.
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