XI’AN, China, June 10 /Xinhua-PRNewswire-FirstCall/ -- SkyPeople Fruit Juice, Inc. (OTC Bulletin Board: SPFJ) (“SkyPeople Fruit Juice” or “the Company”), a leading processor and manufacturer of concentrated apple juice, kiwifruit, pear and other fruit juice through its operating company Shaanxi Tianren Organic Food Co., Ltd. (“Tianren”), today announced that it has completed a 1 for 328.72898 reverse stock split of common shares with a mandatory 1-for-22.006 conversion of Series A Preferred Stock. The Company also changed its name to SkyPeople Fruit Juice, Inc. effective June 09, 2008.
SkyPeople Fruit Juice will trade under the new ticker symbol, “SPFJ”. The reverse split follows a reverse merger transaction with Pacific Industry Holding Group Co., Ltd, the holding company of Tianren, which occurred on February 26, 2008. Following the reverse stock split, the Company had 22,271,684 shares of Common Stock outstanding in total, among which 265,511 shares were converted from 87,281,218 common shares outstanding at a conversion rate of 1 for 328.72898; 22,006,173 shares of Common Stock outstanding were converted from the Company’s 1,000,000 outstanding shares of series A Preferred Stock.
“Our new name, SkyPeople Fruit Juice, Inc., more closely identifies our business with the activities of Shaanxi Tianren Organic Food Co., Ltd.,” noted Mr. Yongke Xue, CEO of SkyPeople Fruit Juice. “The completion of the reverse stock split should enhance the liquidity of our stock and our ability to obtain fair market value for our shareholders.”
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc. is a holding company for Shaanxi Tianren Organic Food Co., Ltd. Tianren is a company organized according to the laws of the People’s Republic of China. SkyPeople’s main products are concentrated apple juice, kiwifruit, pear and other fruit juice for domestic and international consumers. Its brand, HEDETANG, is positioned as a high quality, healthy and nutritious juice concentrate and clear juice product used both as an ingredient component in other products and an end-use juice concentrate product. Tianren owns the largest kiwifruit plantation in China and is a leading worldwide producer of concentrated kiwifruit juice.
Forward Looking Statements
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company’s actual results and financial condition to differ materially from what is included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company’s ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. Potential risks and uncertainties include, among others, currently unknown and unforeseeable constraints on the Company’s ability to continue operations, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in United States Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions in equity markets. More information about the potential factors that could affect the Company’s business and financial results is included in the Company’s filings, available via the United States Securities and Exchange Commission. There is no obligation undertaken to update forward-looking statements to reflect subsequent events, changed circumstances, or the occurrence of unanticipated events.
For more information, please contact:
SkyPeople Fruit Juice, Inc.
Ms. Spring Liu, CFO
Tel: +1-818-390-1272
Email: springliu@skypeoplejuice.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
URL: http://www.ccgelite.com
