AFBR news 3/1/01: Thursday March 1, 12:26 pm Eastern Time
Press Release
Asia Fiber Holdings Limited Announces Forward Stock Split
Company's Shares Split 2.5:1
LOS ANGELES--(BUSINESS WIRE)--March 1, 2001--Asia Fiber Holdings Limited (OTCBB:AFBR - news) today announced a 2.5 for 1 forward stock split of its common shares.
As a result of the forward stock split, total issued and outstanding shares of the company have increased to approximately 25,000,000 shares, and the public float has increased to approximately 2,500,000 shares. The company's objectives in effectuating the forward stock split include increasing the number of shares available to the public; enabling the company's share price to move into a more affordable range for individual investors; and creating a wider distribution of the company's stock, thereby meeting the requirements of institutional investors.
The company plans to further strengthen its market position in the People's Republic of China as a leading polyester producer by accelerating its expansion program through an aggressive acquisition campaign. In the short term, the company is aiming to more than double its annual production capacity through acquisitions of other production plants.
For the trailing twelve months as of Sept. 30, 2000, company sales were approximately US $67,600,000, with net income of approximately US $4,300,000.
About the Company
Asia Fiber Holdings Limited is incorporated in the state of Delaware. The company is the controlling shareholder of Harbin Asibao Chemical Fiber Co. Ltd. (``Asibao''), a major manufacturer and distributor of polyester fiber for use in apparel and industrial textiles, based in the People's Republic of China (``PRC'').
Asibao is a registered Sino-foreign joint venture, with the company owning 70% and the balance of Asibao's shares held by Heilongjiang Longdi Group Co. Ltd. (``HLG''), a China state-owned enterprise. Asibao's core business is to produce and sell products of polyester fiber. The main products of Asibao are polyester filament and polyester staple fiber, with annual production of approximately 10,000 tonnes and 44,000 tonnes respectively. It produces more than 70 different types of fiber and filament products to satisfy customers' different specifications and technical requirements.
Asibao products are sold to more than 300 manufacturers in more than 21 provinces and autonomous regions in the PRC. It is one of the top 500 largest foreign-invested enterprises in the PRC, and, together with its 30% shareholder, HLG, is the second largest consortium in the chemical fiber industry in China.
Statements made in this news release concerning predictions of performance and the company's plans and objectives are not historic facts and constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve important risks and uncertainties that may cause results to differ materially from those set forth in this news release. All forward-looking statements are subject to the successful completion of actions described in the news release. Readers should carefully review the company and publicly available filings thoroughly with their registered investment advisor or registered broker.
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Contact:
Asia Fiber Holdings Limited
Bernard Chan, 800/791-5777
