XIAN, China, July 12, 2005 (PRIMEZONE) -- Secured Data, Inc. (OTCBB:SCRE) and its subsidiary company, Huifeng Biochemistry Joint Stock Company (jointly referred to as the "Company"), announced today that the Company still has not received clearance from the United States Securities and Exchange Commission to send notification to its shareholders to describe the Company's transaction with Secured Data, Inc., a U.S. public company traded on the OTC Bulletin Board. This transaction was effected in December 2004.
The Company wishes to make it known to all of its shareholders and other interested parties that it is taking all action within its power to expedite the process with the SEC. The Company believes that it is in the best interest of the public and the Company's shareholders that the information regarding the transactions and the Company's approval of a name change and 1 for 18 reverse stock split be made as readily available as possible.
The SEC has informed the Company's legal counsel that it will not approve the mailing of an Information Statement to shareholders until all comments from the SEC on the Company's 10-KSB filing are adequately addressed by the Company. The Company already responded to the SEC's original 45 comments outstanding on the Company's 10-KSB filing for the year ended December 31, 2005 and the SEC has come back with 19 comments on the 10-KSB. The Company cannot predict with any degree of certainty when the SEC will clear all comments and allow the mailing of the Company's Information Statement.
The Company understands that the process has taken longer than expected to complete and is working along with its accountants and attorneys with all diligent speed to respond to the SEC's comments and to effectuate the Company's official name change to "Huifeng Bio-pharmaceutical Technology Inc."
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the Company and the actions of certain regulatory bodies, including the SEC. The Company's actual results could differ materially from expected results.