August 16th 2010 PR:
US Shanghai Chemical Corporation Anounces Reverse Merger with American DebtWorks, Inc.
Aug 16, 2010
OTC Disclosure & News Service
Sciota, PA -
American DebtWorks, Inc.
U.S. Shanghai Chemical Corporation News Release
U.S. Shanghai Chemical Corporation Announces
Reverse Merger Agreement with
American DebtWorks, Inc.
Sciota, Pennsylvania – August 16, 2010 – U.S. Shanghai Chemical Corporation (“USCJ”), a United States company incorporated in the State of New Jersey and trading in the NQB Pink Sheets at www.quote.com, symbol USCJ, announced today that it has signed a “Plan and Agreement of Reverse Merger” with American DebtWorks, Inc. (“ADW”), One Linden Court, P.O. Box 187, Sciota, PA 18354. ADW will be the surviving company after the reverse merger.
ADW is a financial services company with five separate business operations.
· The basic business of the Company is check and other forms of debt collections. The Company has operated as such for eight years.
· In addition, ADW has developed an anti-fraud identification system at a point of sale using a consumer’s driver license. The driver license is also linked to the consumer’s bank account and can be used to pay for goods and services instead of writing a paper check.
· SoftBill is a billing program that allows a professional, medical practitioner, veterinarian, and other retail businesses to offer an extended payment program that is managed by ADW. The program allows the business professional to use on-line software to establish an electronic payment plan, plus interest, with a consumer.
· ADW has also developed an on-line training site for cashiers and other corporate employees to learn about counterfeit money and bad checks. The site automatically certifies the student after taking a final exam. The training program can be customized for an employer.
· A subsidiary of ADW, Casino Acceptance Corporation, has developed a concept for Charitable Donation Machines, (“CDM”). The CDM is a specialty kiosk that will be placed in casinos for the collection of vouchers, tokens, cash or player credits. Players holding penny vouchers may especially be interested in donating those pennies to charity before leaving the casino. The CDM can also be placed in outside locations like malls, arenas, airports and theme parks. The Company believes this business could be franchised.
A Closing Date of September 15, 2010 has been set for completion of the reverse merger between the companies. After the Closing there will be 18,331,901 shares issued and outstanding with 4,390,403 shares of common stock in the public float and 13,941,498 restricted. ADW is currently conducting a private placement of common stock at $0.25 per share. The capital will be used for the marketing and sales of its current financial products.
For more information on ADW you may contact Mr. Louis Perosi, Jr., CEO at 1-888=282=2802 Ext. 19 or email Mr. Perosi at smallstock@verizon.net. To be placed on the ADW mailing list, please contact the Company at americandebtworks@verizon.net.
This press release is not an offer to sell or a solicitation to buy the shares of USCJ or ADW, which offer to sell or solicitation to buy can only be made through prospectus or offering memorandum. For more information, contact ADW and the contact person shown above.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
