March 18th 2010 PR:
NEW BOARD ASSUMES CONTROL OF U.S. SHANGHAI CHEMICAL CORPORATION
Mar 18, 2010
OTC Disclosure & News Service
Sciota, PA -
New Board Gains Control of U.S. Shanghai Chemical Corporation
After two years, U.S. Board legally recovers the books and records
of U.S. Shanghai Chemical Corporation from Chinese Principals!
Sciota, PA - March 17, 2009 -- In August, 2004 U.S. Shanghai Chemical Corporation, a New Jersey corporation formerly known as Axxexs Capital, Inc. was acquired by a Chinese chemical company in a reverse merger. Principals of the Chinese company were elected to the Board of Directors at that time. In April, 2005, it was disclosed that these same principals were arrested in China for violations of the Chinese Foreign Currency Act. Since then, the company has been without a management team or Board of Directors.
Under New Jersey corporate law, any shareholder of any New Jersey corporation that has lost its management team or Board of Directors due to unforeseen circumstances may call a Special Meeting of the Shareholders to elect a new Board. In August, 2007, a Special Meeting of the Shareholders was convened and a new Board of Directors
was elected. The shareholders instructed the Board of Directors to reacquire all the books and records of the Company and bring all filings current.
"We are now charged with bringing current all the regulatory filings, financial statements and tax returns before we even think about the future", said Louis Perosi, Jr. Chairman of the Board.
In November, 2007 the new Board filed suit in Superior Court in the State of New Jersey to reacquire the books and records from the Chinese principals and/or the transfer agent. The Board followed the protocol described in the Hague Convention and provided certified Chinese translations of all English documents to the principals in China. After two years of litigation and negotiation, the new U.S. Board successfully re-acquired the books and records of the company. "We are now in the process of bringing all the filings of the Company current including those required by the
Securities & Exchange Commission and State Regulators. We are also preparing all back tax returns and
financial statements", said Louis perosi, Jr. President and Chairman of the Board.
U.S. Shanghai Chemical Corporation ("USCJ"), trades in the NQB-Pink Sheets. The stock can be seen at www.pinksheets.com. Enter the symbol USCJ and click "GO". The recent price of the stock as of the date of this release was $0.10 per share.
"We can't speak about the future of USCJ until we clean up the past. We will, however, continue to keep the shareholders updated regarding our progress and our intentions. At this time, a purchase of the stock would be highly speculative and can only be based on the anticipated future acts of the Board", said Perosi.
For more information please contact Mr. Louis Perosi, Jr., Chairman of the Board at 1-888-282-2802 or write to the Company at U.S. Shanghai Chemical Corporation, P.O. Box 207. Sciota, PA 18360.
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.
