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CorpHQ, Inc. (PINKSHEETS: COHQ) announced today that, effective today, the Company will change its name to "American Nano Silicon Technology, Inc." and begin trading under its new symbol (PINKSHEETS: ANNO). In addition, the Company announced a 1:1,302 reverse split of its outstanding common shares and an increase in the number of authorized shares of common stock to 200,000,000 shares. The reverse split and the increase in authorized shares will become effective today as well. All actions were approved by the Board of Directors and the majority shareholders of the Company.
The actions taken today are the result of a change in the control of ANNO from its prior controlling shareholders to the President and controlling shareholder of a Delaware company, also called American Nano Silicon Technology, Inc. ("ANST"). ANST, through its 95%-owned subsidiary, Nanchong Chunfei Nano Silicon Technologies Co., Ltd., is engaged in the business of manufacturing and distributing in China refined consumer chemical products through its subsidiary, Chunfei Chemicals, and veterinary drugs through another subsidiary, Hedi Medicines.
While a definitive agreement has not yet been established between ANNO and ANST, it is presently intended that ANST will combine with ANNO, such that the Chinese operations will become owned by ANNO. The reverse stock split was necessary to create the environment required for the Chinese operations to combine with ANNO, and, if they do, it is presently intended to file the documentation with the US Securities and Exchange Commission which will allow the company to become publicly-reporting and list with the NASD for trading of its securities in the Over-the-Counter stock market.
All of the actions described in this press release were taken by ANNO's prior management and controlling stockholders in order to attempt to bring greater value to the company and all of its stockholders than the prior business model has been able to generate over the past several years.
According to Steve Crane, co-founder and former Chief Executive Officer of CorpHQ Inc., "Despite management's best efforts over a number of years, the public market for the Corporation's stock never credited the Corporation with the underlying value of its assets, and none of the activities which management has undertaken to attempt to stimulate greater respect for and appreciation of the Corporation's business and the value of its capital stock have proven effective."
Crane added, "The merger with ANST provides a unique opportunity to create increased value for our shareholders. With the backing of American Union Securities, the potential for an OTC-BB listing and the new business model involving nanotechnology, we believe this transaction would provide greater value to the CorpHQ shareholders than had we continued to operate under the previous business model."
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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David H. Smith
American Union Securities
100 Wall St.
New York, NY 10005
O: 212-232-0120 x 222
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