HARBIN, China, Jan. 16 /Xinhua-PRNewswire/ -- The submission of Ubrandit.com has been accepted by the U.S. Securities and Exchange Commission (SEC) and the state government on January 14, 2008. Ubrandit.com has now officially changed its name to China Green Material Technologies, Inc. and is now quoted under the new symbol of CAGM.OB, as designated by the National Association of Securities Dealers (NASD). Concurrent with the name change and symbol change, the 1 for 150 reverse split of the outstanding shares of Ubrandit.com common stock has also taken effect.
The completion of the above-mentioned work indicates that China Green Material Technologies, Inc. has fixed its capital structure. In 2008, the company will actively prepare for financing and listing on the NASDAQ main board.
Currently, the company has achieved breakthroughs in production level and market performance. With the introduction of new equipments and innovation of the production technique, the production capacity of the company has been increased to twice of the original capacity. As for R&D, the company is now able to put a new product onto the market every 15 days on average. The establishment of the marketing companies in Dalian, Qingdao, Yantai, Weihai, and Jinan contributes a lot in increasing product orders. There is a continue flow of new clients, including government procurement, KA supermarket, green hotel, airlines, and the railway system. Many enterprises seek cooperation with us to set up branches. Thus, the company must increase the production capacity to meet with increasing market demand.
Now, the company is contacting several investors and venture capital institutions. The company intends to increase its financing capacity for a new Harbin factory and new equipments, with funds raised from the first financing. In addition, the company has a project in negotiation in Weihai, Shandong Province. When the project is completed, the new production base can produce at least 300,000 tons of environment-friendly products.
About China Green Material Technologies, Inc.
The main business of China Green Material Technologies, Inc. is in China, with most activities conducted through its 100% owned equity ownership in CHFY (Harbin Changfangyuan High-tech Environment-friendly Industrial Co.)established in Heilongjiang Province of the People’s Republic of China.
About Changfangyuan
Harbin Changfangyuan High-tech Environment-friendly Industrial Co., Ltd. is a high-tech enterprise, a listed company on the US OTC Bulletin Board. Established in Sept. 2006 and with a registered capital of 128,274,900 RMB, Harbin Changfangyuan High-tech Environment-friendly Industrial Co., Ltd. is now a US-funded enterprise, whose predecessor is Harbin High-tech Industrial Co., Ltd.
So far, the company has owned two participating companies, several subsidiary companies, domestic and overseas offices, and a production base. With the total staff numbering more than 300, we have developed into a large-scale environment-friendly industrial company, ranking first within the industry.
For further information, please refer to http://www.chfy.com.cn .
For more information, please contact:
Yang Meng
Tel: +86-451-8269-5957
Email: secretary@chfy.com.cn
