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Posting has totally dried up on this board. I can understand why. It hurts to get fleeced. Most investors want to just chalk it up to a bad experience and move on. I plan to stay around. Where we go from here is hard to predict. I see two possible scenarios:
1. We continue on down but at a much slower rate, but keep moving down into a rather massive sell-off down around .04 or even as low as .035. Then a bounce back up,followed with a retest of the low, This could all happen within a two week period. Or
2. We start going sideways now with a few attempts at rallys that fail. Over time we will drift down to below .04 level.
In either case my buying objective is sub .04. Doubt I would be interested in the risk otherwise, because soon this stock will become very illiquid again--very low daily volume.
Again, I am sorry for the pain of your losses. People that would do this to their fellow man are to be pitied. For there are eternal values, and their outcome within this context is not promising. Waitedg
i think we are getting to a point where there could be some bouncing back. But, I still think the trend is down. How soon or how fast is questionable. Depends on just how much disillusionment is left with current shareholders, There are still those who don't want to look at the reality of what insiders have done to them--and will do again.
Dave Ramsey, the financial columnist and radio stock show host, has a good saying: "If you choose to live with snakes, sooner or later you are going to get bit." He is a man who went through major bankruptcy himself, and now genuinely is motivated to help others.
I think what has just happened will get exposed, and more and more investors will wake up to the fact that these are just a bunch of crooks. Another man's philosophy to follow is that of Warren Buffett who clearly states that he would not stick for a minute with any company in which there is not honesty and integrity with the investment public.(Still he is making another fortune with Bank of America--and these guys operate where I would not wish to place my money).
If we sink down to the .04 level, with an oversold market condition in this stock, I will be a one time buyer. If so, I will post what I bought--quantity and price. I will be in it for the time it takes for Murphy Analytics to put out their second, paid for promotion, and will likely exit into the second day following this next hype--which likely wont come before at least August.I plan to try and contact Murphy and get a ballpark figure from him on just when his next report may be forthcoming. Waitedg
Thanks for the article.
However, I've read it before. What I've come to realize is that all penny promoters are essentially scams, as they are paid to pump the stock, or own shares. So you/I trade them at a different risk/reward ratio than NYSE/Nasdaq trades. So I only do it from time to time now.
Penny plays are typically very high risk anyway, non-liquid plays. This is why now, all of the sub $1-$10 stocks that I trade that were once penny picks, are all traded on the NYSE or Nasdaq, which are much more strictly regulated. But there's no guarantees.
Thank you for the offer though regarding the pick you're in. Keep me up to speed on how you do!
Thanks,
UserJ13
This stock could bounce back tomorrow
userj13. I dont't know. Read the following and see what you think. I do have one penny stock that I feel is well worth watching. Disclaimer: Have a large position. Email me if interested. Waitedg
http://reviewopedia.com/workathome/awesome-penny-stocks-reviews-is-awesomepennystocks-com-a-scam/
Just dropped you a line, I'm Brady.
It's Awesomepennystocks.com.
They promoted NSRS and SNPK.
NSRS - High 20s to 1.70s.
SNPK - High 30s to 2.30s?
There are no sure things though and both had MASSIVE dumps.
However, I played SNPK and made 100% of my investment.
Getting in early or on the dips helps.
FYI, the SNPK play is over as far as most are concerned as a huge dump just happened, even though promos are still coming out.
I won't tell you how to play these though, but I'd recommend watching one of their plays to see how it trades, which usually lasts a month except for that AWSR glitch the other month that was a 1 day fiasco with a huge spike up then down and trapped a lot of people.
Just use your best judgement. These are penny plays after all.
Should work either way. I usually use a W rathr than a w.
Userj13 - In your last post you stated "With all that said, there is only one penny promotor I'm going to follow from here on out". Would you mind stating who that is? Thanks. Waitedg
Thanks for the heads up, I got out at 7 this morning. Is your e-mail with a capital "W"? I tried sending you an e-mail this morning but it didn't go through.
Much appreciated!
I have a free iHub account, but let's see if we can PM. My account is new this year, so I don't believe I have any info whatsoever about myself on the account. Good to see people like you on this board too who are level-headed and work from a fundamental perspective.
For the posts I made about this position, I backed them up with links, plus prior experience either trading or watching pumps from certain promoters, plus I named the promoters so you can track their prior pumps yourself. And I'd be happy to list previous plays if anyone want to see the charts.
Based on my getting an education from watching from the sidelines, or hearing psychology from fellow fundamental traders like yourself, that adds to my knowledge base and informs my trading decisions.
With this position, it seemed like a pattern would form based on who was promoting it, how their promotions worked in the past, and chart review. Of course I could have been wrong, but no one can predict the future. I just chose to take my best educated guess and share my guess to help inform others with factual information, such as the promoter links. But I hit the nail on the head this time.
With all that said, there is only one penny promotor I'm going to follow from here on out.
If we close below .07 to-day, it will mean we have broken the .07 support level. Watch for a dumping all the way dolwn to .04 or even below intraday. You might want to buy in at .04 or below with a severe oversold reaction.. I would if I had the money. I don't right now. I predict a retesting of the low likely established in the next few days, then a bounce, and then a gradual retesting of the lows. It will be in this second phase that I hope to have cash freed up to buy. Just my take on it. May or may not be right. Waitedg - See chart link below.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=wtfs&time=6&startdate=1%2F4%2F1999&enddate=4%2F19%2F2012&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=8&x=55&y=15
After thought. if we hit down to .04 or below, I may just sell some other positions, and buy in now. A selling crisis could occur. Waitedg
Dontrosheet - the .50 is what Murphy states. But remember two things. Although he appears to be semi-honest, he is paid $5000 to write this report. Read how even he hedges on his short term predictions. But, it is true that I will get in at bargain basement prices, partly because Murphy is commited to writing a follow-up report.
It will be this report that will signal my exit. He gives this scam a semi-legitimate front as he is a CPA and a CFP as I earlier stated. If they ever did make it to .50--which I think is very unreal--I still wouldn't want to stick around. Company insiders that will do this to people are not good people to associate with-with your money. Your choice. For me, it will be a one shot "playing it their way"--and Mr. Murphy is likely to be the "lead man" in the next repeat of the same scenario. My opinion. Waitedg
Userj13 - I think I will start "researching the researcher". Looks like your researching is a gift that can benefit me, and hopefully one or more of my gifts may be helpful to you. I can understnd posters here thinking "What are their motives?" Yet, there are a few honest peole still around.
As stated, I hope to profit on this one with a one-time in and later out trade. When the disillusion of being scammed wakes people up, the psychology is to create an oversold market. Investors think, "I've been taken. Ill dump this mess, and get out of the market, etc." It hurts to be taken in by these scum. Happened to me once or twice in the learning process.
My advice to everyone here is - check Userj13 and me out. See if we are what we say. I honestly think some will believe we knew each other and we are now just adding a scam to a scam. I can assure you I never have known Userj13 before his hosts on this board. But, I am wise enough to know that I may learn a thing or two from him. I like to research a researcher. Using the gifts of someone wiser than me in certain areas of expertise is good. We each have gifts, and we tilt the odds in our favor, investmentwise, if we learn from each other. Waitedg
12 month target price of .50 This is a long term play and that is MHO.
More news...DG-T2 Digital Electronic Speed Regulator in 2012, Sales Revenue of USD31 Million
With China constantly increasing its investment in agriculture and power supply becoming more of an issue with each passing day, Xinde Science and Technology Co., Ltd. (OTCBB: WTFS) independently developed the DG-T2 digital electronic speed regulator, which realizes closed-loop control of the engine speed according to the different service requirements of diesel engines. This system characterizes a flexible control method, higher precision and response ability, and a number of powerful functions. This product is characterized by: (1) product performance. Due to its low regulating ratio, the product can realize automatic transfer and be remotely controlled to the satisfaction of higher user's requirements; (2) advantage in price. The unit price of a electronic regulator with similar specifications sells for about RMB2,000/set. Our product is an assembly of electronic speed-regulating injection pump equipped with DG-T2 digital electronic speed regulators which sells for RMB1,500-2,000/set only; (3) easy to install and use; and (4) significant regional advantage. Weifang is an important diesel generator production base in China, where about 20 diesel engine manufacturers are situated. It is estimated that the production volume of diesel generators will reach 1,000,000 sets in 2012. 100,000 sets of DG-T2 digital electronic speed regulators that have been independently developed by us have been locally ordered and will realize sales revenue of USD31 million. Moreover, the market demand is far greater than our production capacity. In addition, our auxiliary products have also been used by some major engine enterprises listed in China, such as Weichai Power, Emei Engine and Jianghuai Engine.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety important factors, including, but not limited to, the impact of competitive conditions and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, financing and other factors as discussed in the Company's reports filed with the Securities and Exchange Commission from time to time, In addition, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this new release. This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The Company filings with the US Securities and Exchange Commission, including the quarterly report for the three months ended March 31, 2011 on Form 10-Q, can be viewed on EDGAR Online or www.sec.gov.
Contacts: Dianjun LiuPresident and CEOceo@chinaxinde.cn Tel (Fax):86-536-8322068
SOURCE Xinde Science and Technology Co., Ltd.
Rest assured I am also not a shorter and do not own this either.
However, I am heavy researcher.
I received the promotion the other day, and being that I'm active on other boards, chose to do some DD on this stock and share with the group.
Do your own DD and decide what to do. Since I have been showing the up to date promotions, that should give you an idea whether the volume will continue or not. Looks like there is 5 promotors on this for Thursday. If there's a run to .30, great. However, I will be cheering from the sidelines as the pattern is clear...a morning gap or run up followed by instantaneous high-volume sell off.
I also don't short stocks. Instead, on the down market days I trade the short ETFs. Furthermore, my brokerage does not allow me to short penny stocks.
I assure you guys I am not a shorter. I do not own this stock--and I am not happy to see you losing money. My only interest is to buy this when the hypers get done with it. If it drops to the lows of its last 6 months, I will buy it only to trade into the next hype.
I am a long term investor. It is hard to find honest management with so little regulation and oversight in penny stocks. Frankly I wouldn't know how to short an .08 to .09 cent stock, and would be foolish to do so with one that has so little liquidity. If you see me as a shorter, then you should avoid me, for I would be a hypocrite, and no better than these people who are doing this to this stock. My take, and all the posted information confirms it, is that this is a very corrupt situation. But, everyone to their own belief, and own choice.
Should anyone want to reach me, I have updated my profile. Just click my name and Email is available there. Waitedg
I was thinking the same thing... stock promotions usually attract shorters. But I'm suprised the shareholders here aren't talking more about the 2012 revenue projections.
Exactly! I am in it for the long haul.
All these guys posting sounds like they're trying to short the stock. Remember anyone who owns stock will not bash it. If they do they're either trying to steal the cheap shares or they're shorting. Be careful.... Do your own DD people.
There quarterlies have always looked descent with no real change in market sentiment. Once the buyers left after the last promo it has just traded sideways. Seems nothing really moves it at all other than promos. Time for my money to work elsewhere! GLTU
Thanks Waitedg! Integrity is unfortunaty rare in this game so its reasuring to find someone "real" I can trust.
Thanks again!
Looking 4 a win - Know your feeling. My suggestion: Watch the stock the first hour and get out about the first hour--no later than 10:30 Eastern Standard Time. I do have one penny stock I would mention to you privately to consider. You would be on your own. I am not promoting. I want to stay within Ihub guidelines.
Waitedg
I haven't read the full Murphy report yet, but normally I would agree with you, especially regarding the very short term risk of a sell off. But looking into this company it seems like they have more going for them then the typical company that gets pumped by promotors like this. Doing some searching it seems like they did a massive promotion last summer with the price at 0.80, but even the chart from that timeframe is unusual since there is basically no volume prior to that point. I'm going to keep an eye on this one. Quarterly report should be out in about 4 weeks, should be a good read.
Another thought: Follow through or second hypes will generally not drive the stock as high as the first major one we have just seen. Based on the present scenario, we might expect a ride up to about .10 rather than .125. Thus I will not buy here unless I could expect at least a double. 50,000 shares with a nickel profit is only $2500 less costs. Worth it I guess, because there is little downside risk below .04. But, this stock is for short term trading only. Want my money where the breathing is healthier. Waitedg
I looking to bail out too, but I'm wondering if there is a chance of any up tick at all or just dump it at open. It's only a few thousand shares, I have not had any luck in the market the past year and I'm thingking about being done with stocks all together. I have a couple of long shots left and if they dont pan out- live and learn.
Thanks
Sounds good to me Waitedg. Let me know what you got in mind. Nothing wrong with sharing the wealth in this day and time. Following you now!
Much abliged!
Looking at chart below, there may have been some manipulation back in early January. So possibly we could have a return of the hype as soon as early August. Also look at the low here for the last six months--below .04. What happens next is likely the degree of corruption in comparison with basic fundamentals. I'm leaning on the possible return to the .04 level. If I am wrong, the stock will close higher on Thursday. If I am right, we likely will have a further sell off. Waitedg
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=wtfs&time=7&startdate=1%2F4%2F1999&enddate=4%2F18%2F2012&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=8&x=66&y=20
Waitedg said it best in the last post...
But to answer your question, "...is this a good long term investment?" Here's some good long term investments. Starbucks, Whole Foods, Apple.
Think about what you just asked. Is a company in China who you've never heard of before, that participates in penny stock pump and dump scams/promos a good investment? NO WAY, JOSE! But I have a theory at what it really is...
A very high risk short term trade.
There is also not much liquidity in the daily trading, and sure, you'll be able to buy it really easy, but selling, that's a whole other ball of wax.
Dadmz -That is the question. Also Murphy Analytics appears to point out longer term possibilities, but likely shorter term troubles. My thought: If you are dealing with corrupt management, you will in time get skinned. It is best to not stick around too long. When will the next hpye come? Don't know. People like this are greedy. Yet they will not want to be too obvious. I would not stick with this mess because I like honesty. Would you really want to associate with skum like this for a lengthy period of time? Waitedg
I know that talk here is mostly about the stock promoters, but what about the press releases that the company has put out over the past two days? The first forecasted $300 million in sales revenue for the Common Rail Fuel Injection System, the second forecasted $80 million in sales revenue for the Diesel Engine. Are these figures realistic? It looks like they reported revenue of $140 million for 2011, so if they realize these projected sales, 2012 revenue would be 2 to 3 times last year's. The 2011 10-K also shows positive EPS and decent profit margins, which is rare for a stock priced this low. So stock promotion aside, is this a good long term investment?
Afterthough: if I do buy, it may likely be in the neighborhood of 50,000 shares. Waitedg
Jbob - I'm playing this one for some short term trading profits. If you want to follow my strategies, your choice. This is a very corrupt nasty situation. I will hopefully play the game their way. If you do sell, and have some dry powder, I will post what I buy and when. Generally I would sell about the middle of the second day of the start of a hype like this.
Later,if you are interested, I will share with you privately a really good penny stock. The risk is heavy in this world. How low will WTFS go? Don't know.Probably buy in at the retest of a double bottom. But people that would do this to their fellow man are not the type I want to associate with for long. Waitedg
Good post back at ya Userj13! Im bailing tommorow for sure. Hopefully in the green, lol. This has gone on long enough!
Your right on Waitedg, Ive held long enough. Im planning on getting out tommorow. The worst part is I could of sold at .16 awhile back when i bought at .09. Got cought away from my phone at work when the dump happened and ended up holding. Now its time to get out for sure. I just might buy back in later who knows.
Thanks for the advice, it helped in my deciding factor of selling tommorow!
Jbob - I would suggest selling your entire position by 10:30 in the morning which I think will likely be the high for the day. I think you will see nickel shares again not too far down the road.
If management of this company is closely tied in with this nasty market manipulation, I would have no long term interest in this company. But--Murphy Analytics was contracted to make another recommendation down the road. I may contact them to find out when this might occur. Buying in when the dismay of the corruption here sets in might be a trader's opportunity. I might touch this stock short term for that reason. But I don't like long term association with ugly people. Makes a person sort of sick to one's stomach to abuse one's brother this way. Waitedg
Good post! I hope you got out.
The pump April 17 brought in new buyers at the $.125 range, so basically what is going on, is that those that have sold during market open April 17 & 18 effectively collapsed the share price and prevented a rally.
The primary sellers were most likely insiders and promoters that knew the P&D was coming.
If you lost money on this, that means it's in the pockets of unscrupulous promoters like Damn Good Penny Picks who was compensated to manipulate the share price for their own gain. And it's being done at the expense of new traders, the longs, and the chart pattern which is going to forever reflect this volatility. Remember that a paid promoter is not objective or generous.
"None the less, this pump appears to be being run to get current bag holders out, instead of increasing share value if you look at the chart since April 15."
Works for me!!! Been holding awhile now.
There are now 14 promoters with 31 newsletters total
http://stockpromoters.com/News-Letters.aspx?symbol=wtfs
The thing is...how are they pumping this?
Seems like 4 of the newsletters were posted during trading today.
So either they promoted for today, or for tomorrow.
This may bring in new buyers in pre-market or early trading, but then a sell-off again IMO.
However, it's clear the promotions are not working as we finished low of the day, and lowest since day 1 of the promotion. Pretty bad, as this is being orchestrated by Damn Good Penny Picks, who has a reputation for losing their members money lately.
None the less, this pump appears to be being run to get current bag holders out, instead of increasing share value if you look at the chart since April 15.
Market sentiment is obviously down with everything else today. If market picks up tomorrow in this whip saw, could we see higher pps??
Good post--and you thoroughly cover the reality. Think we may even drop back to the .05 level. But, and a big but, this stock could still be a winner for those who can avoid the hype traps, and see a long term hold here. Waitedg
Stock is holding nice and steady. If it were to flop it would have done it by now. I believe there is more news to come and this stock will rise again tomorrow...
Stock rose by promoter manipulation.
To those who are long this position, here is some information to help you understand what's going on with your stock, and why their is abnormal volatility.
The stock is on the last day of a multi-day promotion, which is aimed to bring in buyers to buy higher priced shares from promoters so that promoters can sell at huge profit levels.
On 4/15, the stock was promoted by 123 Stock Alerts, Penny Stock Club, Stock Market Quote, and Penny Stock Circle.
On 4/16, the stock was promoted by Penny Stock Doctor, Penny Trader Publisher, 123 Stock Alerts, Penny Stock Club, Penny Stock Circle, and Stock Market Quote.
On 4/17, the stock was promoted by The Market Caliber Team, Stock Digest Report, Pick Penny Stocks, and Damn Good Penny Picks.
On 4/18, the sock was promoted by Penny Stock Prophet and the Market Caliber Team.
There may be more. All of this information is available here:
http://stockpromoters.com/News-Letters.aspx?symbol=wtfs
Just so I've said it, none of these promoter companies are the ones associated with NSRS. That is a different promoter, and they are promoting a different stock right now.
The primary paid promoter behind this dump off and fleecing of investors is the notorious Damn Good Penny Picks. This promoter is to be avoided as all of their picks tank on day 1-2.
IMO, since today is the last day of the promotion, you will see a breakdown in the share price by EOD or tomorrow, and a return to the .07 range. Just my opinion of course, but it is already being discussed on this board.
The main issue is that these paid/unpaid promoters have already sold, having bought in in the sub .07 area prior to the promotion.
With all that said, I was rooting for this position to head to the .20 range today, but the morning sell off hurt any chance of a rally.
Best of luck to everyone here.
My take, if I were in the stock right now, would be to sell at .10--it's current price--with an objective of getting back in in 2 to 3 weeks--or less--at .05 to .07. Hard to figure here with "super hype"--one after another without too much info to affect current price.
I would wager we will close considerably below .10 by this time tomorrow at 4:00 PM. I could be dead wrong--but this is the way I would play this deal. These hyypers buy the stock for a week or two before they hype it, then make their money by selling into the excitement they create. Like the company still--but way too early to take off unless it can take off againt all the negatives Murphy Analytics points out. Would read his 22 page free report, news releases by company itself, and not get too excited. These hypers buy in at about an .05 level, unload at the .10 to .12 level as they short term drive the price up. Occasionally the hpye is in line with the reality--but don't think that is the case here.
My goal: consider buying at the .05 to .07 level in a couple of weeks--with a nibble. Would rather dollar cost average buying into this one as it is both Chinese and Pennyland. Waitedg
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Wasatch Food Services, Inc., ("Wasatch") was incorporated under the laws of the State of Nevada on December 20, 2006. On April 22, 2010, Wasatch Food Services, Inc. changed its name to Xinde Technology Company ("Xinde"). The principal activities of Xinde and subsidiaries (the "Company") are the design, development, manufacture, and commercialization of fuel injection pumps, injectors, multi-cylinder diesel engines and small generator units in the People's Republic of China (the "PRC") and overseas markets.
During April 2011, the Company (i) effected a 4-for-1 forward stock split of the Company's common stock; (ii) increased the number of authorized shares of common stock from 150,000,000 shares to 350,000,000 shares. As a result, all the amounts in the accompanying condensed consolidated financial statements as of March 31, 2011 and June 30, 2010 and for the three and nine months ended March 31, 2011 and 2010 have been restated to give effect to the 4-for-1 forward stock split.
Details of the Company as of March 31, 2011 are as follows:
Name |
| Place and Date of Establishment/ Incorporation |
| Relationships |
| Principal Activities |
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Jolly Promise Ltd. ("JPL") |
| British Virgin Island July 2, 2008 |
| Wholly-owned subsidiary of Xinde |
| Investment holding company |
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H.K. Sindhi Fuel Injection Co., Ltd ("HKSIND") |
| Hong Kong, PRC, June 7, 2004 |
| Wholly-owned subsidiary of JPL |
| Investment holding company |
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)
Name |
| Place and Date of Establishment/ Incorporation |
| Relationship |
| Principal Activities |
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Weifang Huajie Fuel Injection Co., Ltd. ("Huajie") |
| Shandong, PRC October 24, 2009 |
| Wholly-owned subsidiary of HKSIND |
| Investment holding company |
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Weifang Xinde Fuel Injection System Co., Ltd. ("Weifang Xinde") |
| Shandong, PRC October 29, 2007 |
| Wholly-owned subsidiary of Huajie |
| Investment holding company |
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Weifang Hengyuan Oil Pump & Oil Fitting Co., Ltd. ("Hengyuan") |
| Shandong, PRC, December 21, 2001 |
| Wholly-owned subsidiary of Weifang Xinde |
| Design, development, manufacture, and commercializing of fuel injection pump, diesel fuel injection systems and injectors |
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Weifang Jinma Diesel Engine Co., Ltd. ("Jinma") |
| Shandong, PRC December 19, 2003 |
| Wholly-owned subsidiary of Weifang Xinde |
| Manufacture and sale of multi-cylinder diesel engine and small generating units |
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Weifang Huaxin Diesel Engine Co., Ltd. ("Huaxin") |
| Shandong, PRC October 20, 2003 |
| Wholly-owned subsidiary of Weifang Xinde |
| Manufacture and sale of multi-cylinder diesel engine and small generating units |
Inter-company accounts and transactions have been eliminated in consolidation.
IMPORTANT INFORMATION REGARDING SHARE STRUCTURE AND EARNINGS:
During April 2011, the Company (i) effected a 4-for-1 forward stock split of the Company's common stock; (ii) increased the number of authorized shares of common stock from 150,000,000 shares to 350,000,000 shares. As a result, all the amounts in the accompanying condensed consolidated financial statements as of March 31, 2011 and June 30, 2010 and for the three and nine months ended March 31, 2011 and 2010 have been restated to give effect to the 4-for-1 forward stock split.
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