SHENZHEN, China, Nov. 6 /PRNewswire-Asia/ -- Uni Core Holdings Corporation (OTC Bulletin Board: IMOT) (Formerly known as Intermost Corporation) (Referred as "UCHC") today issued a new update on the name change of the company and its future business strategy to answer key questions of shareholders and potential investors.
Status of the change of Company name
Intermost Corporation submitted an application to the Financial Industry Regulatory Authority ("FINRA") to change its name to Uni Core Holdings Corporation and to change its trading symbol on the OTC Bulletin Board to "UCHC" on October 28, 2009.
Main reason for the name change
James Wu, CEO of UCHC, explained: "The reason for the name change is very simple. We used to run the business of E Trade & Equities Exchange under Intermost Corporation, our former name, and that business is being spun off to our new subsidiary, China Equity Platform Holding Group Limited, which we expect to be listed and quoted separately on the OTC Bulletin Board.
Future business strategy
Mr. Wu then explained the change of the company's future business strategy: "Based on the survey and research conducted recently, we understand that there are many Chinese companies that have good potential and profitable products in the market which are desperate for help from experts who can help them grow by assisting them in obtaining public or private financing.
"We are confident that UCHC, with our strong management team headed by Thomas Lee, Chief Financial Officer, can act as a 'company doctor' for these mid- to large-size companies and can be the 'incubator' of success for them." Mr. Lee has extensive experience in both mergers and acquisitions with emerging and developing companies.
This new challenge is exciting and will be our core business from now on.
Update on projects
UCHC had done due diligence recently on two different acquisitions with good potential, we have not entered into any agreement, contract or understanding for an acquisition. We are cautiously optimistic that we will do so in the near future, at which time we will make a public announcement.
