OTCBB AREN Completes Name Change to China Pharmaceuticals, Inc. and Symbol Change to CFMI
March 30 2010 - 1:12PM
Business Wire
Allstar Restaurants (OTC Bulletin Board: AREN) ("Allstar" or the
"Company") today announced that effective on March 30, 2010, the
Company changed its name from Allstar Restaurants to China
Pharmaceuticals, Inc. The OTCBB symbol changes from AREN to CFMI.
The name change was effected through a parent/subsidiary merger of
our wholly owned subsidiary, China Pharmaceuticals, Inc., with and
into the Company, with the Company as the surviving corporation. To
effectuate the merger, the Company filed its Articles of Merger
with the Nevada Secretary of State, and the merger became effective
on March 30, 2010. The name and symbol change became effective
through FINRA today, March 30, 2010.
The Company’s board of directors approved the merger which
resulted in the name change on March 30, 2010. In accordance with
Section 92A.180 of the Nevada Revised Statutes, shareholder
approval of the merger was not required. On the effective date of
the merger, the Company’s name was changed to “China
Pharmaceuticals, Inc.” and the Company’s Articles of Incorporation
were amended to reflect this name change.
Following the Combination, the combined Company will be quoted
on the OTCBB, under the symbol “CFMI.”
"We are very pleased to announce the name change that better
reflects the company’s business. We are also pleased to announce
that FINRA has assigned our company the new symbol 'CFMI',” said
Mr. Wang, CEO and Chairman of China Pharmaceuticals, Inc.
About China Pharmaceuticals, Inc.
China Pharmaceuticals, Inc. has its headquarters in the City of
Xi’an, Shaanxi Province, China. The Company identifies, discovers,
develops, manufactures and distributes both prescription and
over-the counter, including both conventional and traditional
Chinese medicines, pharmaceutical products for the treatment of
some of the most common ailments and diseases. China
Pharmaceuticals, Inc. currently manufactures 85 pharmaceutical
products in the form of capsules, oral solutions, tablets,
granules, syrups, medicinal teas, tincture and solutions for
injection that are either small volume parenteral solutions that
are freeze dried powders or large volume parenteral solutions.
China Pharmaceuticals, Inc.’s manufacturing facilities are based in
Hanzhong and the Xi’an Jinghe Industrial Zone, both in Shaanxi
Province. For the nine months ended September 30, 2009, revenue was
$18,394,922 and net income was $6,309,887 or $0.16 per share on a
pro-forma basis. As at September 30, 2009 shareholders’ equity was
$26,011,958 and total assets were $35,020,073.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the company's ability to
raise additional capital to finance the company's activities; the
effectiveness, profitability and the marketability of its products;
legal and regulatory risks associated with the share exchange; the
future trading of the common stock of the company; the ability of
the company to operate as a public company; the period of time for
which its current liquidity will enable the company to fund its
operations; the company's ability to protect its proprietary
information; general economic and business conditions; the
volatility of the company's operating results and financial
condition; the company's ability to attract or retain qualified
senior management personnel and research and development staff; and
other risks detailed in the company's filings with the Securities
and Exchange Commission and available on its website at
http://www.sec.gov. These forward-looking statements involve known
and unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
companies and the industry. The company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or to changes in its expectations, except
as may be required by law. Although the company believes that the
expectations expressed in these forward looking statements are
reasonable, they cannot assure you that their expectations will
turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results.
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