Last sentence:
OraLabs Holding Corp. Begins Trading on NASDAQ Stock Market
January 04, 2007 OraLabs Holding Corp. announced that it has begun trading on the NASDAQ Stock Market under the symbol CPSL. Partner Success Holdings Limited Completes Reverse Takeover of OraLabs Holding Corp.; Proposes Name Chage
December 28, 2006 OraLabs Holding Corp. announced that it was acquired by Partner Success Holdings Limited, a British Virgin Islands international business company (PSHL), in a reverse takeover on December 28, 2006. Under the terms of the Stock Exchange Agreement, and as amended on July 20, 2006 and as further amended on October 21, 2006, OraLabs has issued 25,363,001 shares of its common stock to the shareholder of PSHL and his designees in exchange for all of the outstanding shares of PSHL. By way of this transaction, PSHL has become a wholly-owned subsidiary of OraLabs Holding Corp. As part of the transaction, the business of OraLabs, Inc., the wholly-owned subsidiary of OraLabs Holding Corp., will continue to be operated as a private company and will be wholly-owned by OraLabs Holding Corp.'s President. In addition, OraLabs Holding Corp. redeemed 3,629,350 shares of the Company's common stock held by its President in exchange for the issuance of all of the shares of OraLabs, Inc. held by OraLabs Holding Corp. As a result, the Company now has outstanding approximately 26,981,916 shares of common stock issued and outstanding on a fully-diluted basis. OraLabs Holding Corp. has ceased all of its prior business operations and has adopted and implemented PSHL's business plan. The Company has changed its name to China Precision Steel, Inc. and is expected to commence trading on the Nasdaq Capital Market under its new trading symbol 'CPSL' on December 29, 2006. OraLabs Holding Corp. Announces Amendment To Material Definitive Agreement With Partner Success Holdings Limited
July 25, 2006 OraLabs Holding Corp. announced that on July 20, 2006 it had entered into a First Amendment, (the Amendment) to the Stock Exchange Agreement dated March 31, 2006 (the Agreement) with Partner Success Holdings Limited (PSHL) and Mr. Wo Hing Li, sole shareholder of PSHL (the Shareholder). The material terms of the Amendment provide that OraLabs, Inc. (the Subsidiary) will pay certain tax liabilities that result to the company from the transfer to Gary H. Schlatter of the Subsidiary in consideration for the redemption by the company of all its shares of common stock owned by Mr. Schlatter. The payment will be made by the Subsidiary's purchase of up to 100,000 shares of common stock from the company for cash, plus any additional funds necessary to cover the specified tax liability. A separate Tax Indemnity Agreement, which is attached as an exhibit to the Amendment, will govern all matters concerning determinations of the amount of the Spinoff Tax Liability (as defined in the Amendment) that occur after the closing. OraLabs, PSHL and the Shareholder agree to reincorporate the company's domicile from Colorado to Delaware upon approval by the shareholders of the company. In connection with reincorporation the parties agree, upon obtaining shareholder approval, to increase the company's authorized shares of common stock from 25,000,000 to up to 200,000,000.
