DF China Technology Announces to Seek Equity Support from DICHAIN Holdings
29 Marzo 2004 - 4:42AM
PR Newswire (US)
DF China Technology Announces to Seek Equity Support from DICHAIN
Holdings SAN FRANCISCO, March 29 /PRNewswire-FirstCall/ -- The
Board of Directors of DF China Technology, Inc. (the 'Company')
announced that on March 29, 2004, the board of directors of the
Company resolved to seek equity support from its major shareholder
- DICHAIN Holdings, by allowing the Company to issue additional
5,224,142 new shares to acquire a total of 12.69% equity interest
in DiChain Software Systems (Shenzhen) Ltd fromDiChain Systems
Limited. The number of additional new shares issued for acquisition
accounts for a total of 20% of the outstanding shares of DFCT, at
an issue price of US$0.402 per share which is 23 times of the net
asset value per share of the companyof US$0.0174 prior to the
acquisition, for the total value of US$2,100,000.00. The Board of
Directors asks DICHAIN Holdings to fully support the proposal.
After the acquisition, the net asset value of DFCT will increase
from US$454,797.38 to US$2,554,797.38, which meets the
US$2,500,000.00 stockholders' equity requirements of NASDAQ for
continuous listing. After the acquisition, the total outstanding
shares of DFCT will be increased from 26,120,712 to 31,344,854
shares and the new shares will represent 16.67% of the enlarged
total outstanding shares of the company. DICHAIN Holdings informed
the Board of Directors that it is considering the proposal and will
act in a timely manner. CONTACT: Aaron Zhu Executive Director and
Chief Financial Officer DF China Technology Inc. Tel:
+852-2255-0688 DATASOURCE: DF China Technology Inc. CONTACT: Aaron
Zhu, Executive Director and Chief Financial Officer of DF China
Technology Inc., +852-2255-0688
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