ALHAMBRA, Calif., June 16, 2006 (PRIMEZONE) -- Mr. Fang Zhong, the Chief Executive Officer and President of Xerion EcoSolutions Group, Inc. (OTCBB:XECO), today announced that Xerion held its Special Meeting of Shareholders on June 16, 2006, and that the shareholders approved the following proposals:
1) Approved the reincorporation of the Corporation from the State of Colorado to the State of Nevada, including the change of our corporate name to "SINO-American Development Corporation" and a change in the par value of its preferred stock to $.001 par value per share from no par value, and the change of our authorized shares of common stock from 300,000,000 to 150,000,000;
2) Approved a one-for-eight (1-for-8) reverse split of the currently issued and outstanding Common Stock of the Corporation;
3) Elected members to the Board of Directors of the Corporation consisting of five persons: Mr. Fang Zhong, Mr. Yang Jeongho, Mr. Fang Wei Feng, Mr. Fang Wei Jun, and Mr. Dick R. Lee;
4) Approved the 2006 Stock Option, SAR and Stock Bonus Plan; and
5) Approved the appointment of Murrell, Hall, McIntosh & Co., PLLP as the registered independent public accounting firm of the Corporation for its fiscal year ending December 31, 2006.
As a result, the name of Xerion EcoSolutions Group, Inc. has been changed to SINO-American Development Corporation; its trading symbol on the NASD over-the-counter Electronic Bulletin Board (OTC-BB) market has been changed to "SOAD"; and the 1-for-8 reverse stock split of its outstanding common stock will be effective Monday morning, June 19, 2006.