CHANGSHU, China, March 9 /Xinhua-PRNewswire-FirstCall/ -- Bronze Marketing, Inc. ("Bronze Marketing") (OTC Bulletin Board: BNZE) announced its official name change to Sutor Technology Group Limited ("Sutor") (OTC Bulletin Board: SUOT) which became effective March 6, 2007. The company has also changed its ticker symbol to SUOT, which became effective March 8, 2007.
Sutor manufactures and sells steel finishing fabrication products through its wholly owned subsidiaries Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Coldrolled Technology Co., Ltd. Its products are typically used in the construction industry, widely applied in manufacturing of electrical household appliance parts and outer casings, electronics, infrastructure and large industrial equipment. The name change to "Sutor Technology Group Limited" more accurately reflects the company's business operations.
Guoxiang Ni, the CEO of Sutor commented, "The Sutor products, sold through our wholly owned subsidiaries Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Coldrolled Technology Co., Ltd. have already built a widely recognized brand throughout People's Republic of China ("PRC"). It is important for us to be able to leverage our current brand recognition as well as continue to grow this recognition internationally."
Sutor also completed the conversion of its Series A Voting Convertible Preferred Stock and Series B Voting Convertible Preferred Stock into common stock, effective March 9, 2007. As described in a February 2, 2007 press release, the company completed a stock exchange transaction whereby Sutor Steel Technology Co., Ltd.'s former shareholders were issued 323,380.52 shares of Sutor's Series B Voting Convertible Preferred Stock in exchange for 100% of the issued and outstanding capital stock of Sutor Steel Technology Co., Ltd. On an as-converted to common stock basis, the shares of Series B Voting Convertible Preferred Stock received by the former shareholders of Sutor Steel Technology Co., Ltd. represented 85.2% of the total issued and outstanding capital stock of Sutor. The February 2, 2007 press release also announced the closing of a private placement financing transaction in which Sutor issued 39,473.68 shares of its Series B Voting Convertible Preferred Stock in exchange for approximately $12.0 million in gross offering proceeds, before payment of commissions and fees. The shares of Series B Voting Convertible Preferred Stock issued to investors in the private placement financing transaction represented approximately 10.4% of the total issued and capital stock of Sutor, on an as-converted to common stock basis. Upon completion of both the stock exchange transaction and private placement financing transaction, the holders of the Series B Voting Convertible Preferred Stock controlled approximately 95.6% of the total issued and capital stock of Sutor, on an as-converted to common stock basis.
Shares of Series A Voting Convertible Preferred Stock converted into shares of common stock on a 1-to-9.8 basis and shares of Series B Voting Convertible Preferred Stock converted into shares of common stock on a 1-to-100 basis following the 1-for-10 reverse split, described in the next paragraph.
On March 6, 2007 Sutor filed Amended and Restated Articles of Incorporation increasing its authorized common stock from 100,000,000 to 500,000,000 shares and effecting a 1-for-10 reverse stock split. The reverse stock split reduced the number of issued and outstanding shares of Sutor's capital stock and number of shares of its common stock issuable upon conversion of the shares of Sutor's preferred stock, and effectively increased the number of authorized and unissued capital stock available for future issuance. Sutor's common stock began trading on a post-reverse split basis on March 8, 2007.
When the reverse split became effective, each share of common stock automatically became one-tenth of a share of common stock. The table below illustrates the capital structure of Sutor as of March 9, 2007, after giving effect to the conversion of the Preferred Stock into common stock and the reverse stock split:
Before Conversion of After Conversion of
Preferred Stock and Reverse Preferred Stock anAAAAAAAAAA> Stock Split Reverse Stock Split
Title of IssueAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA> and Outstanding
Number of % Number of %
Shares Total Shares of Total
Capital Common Capital
Stock Stock Stock
Common Stock 1,500,000 0.4 % 150,000 0.4 %
PreferreAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA> Stock 155,122 4.0 % 1,520,196 4.0 %
PreferreAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA> Stock 362,854.06 95.6 % 36,285,406 95.6 %
Total 100 % 37,955,602 100 %
Additional information regarding the increase in Sutor's authorized capital stock, its 1-for-10 reverse stock split and the name change as well as a copy of the Amended and Restated Articles of Incorporation can be found in Sutor's Definitive Information Statement on Schedule 14C and its Current Report on Form 8-K, which were dated and filed with the U.S. Securities and Exchange Commission ("SEC") on February 13, 2007 and February 2, 2007, respectively, via the SEC's EDGAR database located at http://www.sec.gov .
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Sutor and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believeAAAAApects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, and concentration in a single customer, raw material costs, market acceptance, future capital requirements, and competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Sutor is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
For more information, please contact:
Mr. Gerry Pascale
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