HANGZHOU, China, May 18, 2015 /PRNewswire-FirstCall/ -- China
Shengda Packaging Group Inc. (NASDAQ: CPGI) ("Shengda" or the
"Company"), a leading Chinese paper packaging company, announced
today that it has filed a Certificate of Change pursuant to Section
78.209 of the Nevada Revised Statutes with the Nevada Secretary of State to effect a one (1)
-for- five (5) reverse stock split ("Reverse Split") of the
authorized and issued and outstanding common stock, par value
$0.001 per share ("Common Stock"). The Reverse
Split will be effective at 4:30pm Eastern
Standard Time on May 18, 2015,
and the Company's Common Stock will begin trading on the Nasdaq
Capital Market ("Nasdaq") on a split-adjusted basis at the market
opening on May 19, 2015. The
Company's Common Stock will continue to trade on Nasdaq under the
symbol "CPGI" but with a new CUSIP number 16950v
206.
As a result of the Reverse Split, every five issued and
outstanding shares of the Company's Common Stock will automatically
be combined into one issued and outstanding share. This will reduce
the total number of issued and outstanding shares of Common Stock
from 38,790,811 to approximately 7.76 million, and the Company's
authorized shares of Common Stock from 190,000,000 to 38,000,000.
No fractional shares will be issued, and no cash or other
consideration will be paid. All fractional shares created by the
Reverse Split will be rounded up to the nearest whole
share.
The Reverse Split is intended to increase the per share trading
price of the Company's Common Stock to satisfy the $1.00 minimum bid price requirement for continued
listing on the Nasdaq.
For further information regarding the reverse stock split,
please refer to the Company's Form 8-K to be filed with the
Securities and Exchange Commission and available on the SEC website
at http://www.sec.gov following effectiveness of the Reverse
Split.
About China Shengda Packaging Group Inc.
China Shengda Packaging Group Inc. is a leading paper packaging
company in China. It is
principally engaged in design, manufacturing and sale of
flexo-printed and color-printed corrugated paper cartons in a
variety of sizes and strengths. It also manufactures corrugating
medium paper and corrugated paperboards, which are used for the
production of flexo-printed and color-printed cartons. The Company
provides paper packaging solutions to a wide variety of industries,
including food, beverage, cigarette, household appliance, consumer
electronics, pharmaceuticals, chemicals, machinery and other
consumer and industrial sectors in China.
Safe Harbor Statements
This press release may contain forward-looking statements.
Any statements set forth above that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not
limited to, the Company's ability to develop and market new
products, the ability to reach full production capacity of the new
paper mill, the ability to access capital for expansion
and continued investment in R&D, the ability to
acquire other companies, changes from anticipated levels of sales,
changes in national or regional economic and competitive
conditions, changes in relationships with customers, changes in
profit margins of principal product and other factors
discussed from time to time in the Company's filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law.
Company Contact:
China Shengda Packaging Group
Inc.
Cindy Hu, Board
Secretary
Tel: +86-571 8283
8770
E-mail: cindy.hu@cnpti.com
Website:
http://www.cnpti.com
Investor Relations Contact:
Weitian Group LLC
Tina Xiao
Tel: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
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SOURCE China Shengda Packaging Group Inc.