MONTREAL, Sept. 14, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Wuhan General Group (China), Inc. (OTC PINK: WUHN) (the "Company"), a Nevada investment company focused on the industrial technology and other emerging market space, is pleased to announce its completion of the first stage in the reorganization of the Company's share structure. This restructuring, consistent with the Company's strategic growth plans, will serve to increase shareholder value and enhance the Company's growth potential.
The company has reduced its outstanding common shares from 100 million to approx. 39.7 million. All canceled shares have been returned to the company treasury to be used in future acquisitions as well as to raise funds by means of private placements for present and future projects. This action will allow the Company to increase its cash flow without increasing the authorized number of shares.
"We are excited about achieving this milestone on our roadmap planned for 2018 and next year," said CEO, Ramy Kamaneh. "As we continue evaluating our Company operations, we will continue building a strong foundation to create a successful company that benefits all shareholders. We are excited about achieving this goal and are in the process of doing so with what is to come."
About Wuhan General Group (China) Inc
Wuhan General Group (China), Inc., based in Nevada, is an investment company focused in the areas of Cryptocurrency mining operations and infrastructure. In addition to its strong commitment in facilitating the development and adoption of cryptocurrency mining operations, Wuhan continues to pursue distinct investment decisions based on emerging markets that reflect the highest business, technical, and legal standards.
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Source: Wuhan General Group (China), Inc