Wuhan General Group intent to cancel two-thirds of its outstanding common shares in 2018
Montreal, QC -- August 29, 2018 -- InvestorsHub NewsWire -- Wuhan General Group (China), Inc. (OTC PINK: WUHN) (the "Company"), a Nevada investment company focused on the industrial technology market space, announces today that, starting next week, they will begin a series of common share cancellations to reorganize the share structure of the Company to increase shareholder value.
The company intent to reduce its outstanding common shares from 100 million to approx. 35 million shares, with a press release confirming each transaction as they occur. All canceled shares will be returned to the company treasury to be used in future acquisitions of businesses and assets. This will work to stimulate the company's growth and increase value for current and future shareholders.
Ramy Kamaneh, CEO said: "We are excited about initiating our strategy roadmap, hence creating wealth for our investors. It shows the trust we have in the process of expanding this company, and we look forward to what is to come."
This restructuring is not only an important step for the company, but also signifies a growing strength in mining electrification, cryptocurrencies, industrial batteries, Internet of Things hardware, and artificial intelligence -- all promising niche markets. As Wuhan General Group continues to narrow its focus on the service of growth, ethics, sustainability, and safety in growing industries, investors are provided an opportunity to get the best shareholder value.
Addressing the name and ticker change, the company has decided to postpone this change until Q1 2019. At that time, the company will audit their past three years' finances to secure their title as a fully reporting company. Once this is achieved, Wuhan General Group will reapply with Finra.
About Wuhan General Group
Wuhan General Group (China) Inc. is a Nevada based investment company focused in the areas of Cryptocurrency mining operations, battery & electric material handling equipment manufacturing, services in artificial intelligence, as well as Internet of Things hardware. In addition to this, they are also dedicated to working in the application of blockchain technologies to mining, agriculture and construction industries.
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Source: Wuhan General Group (China), Inc