VANCOUVER, British Columbia, Feb. 15, 2005 (PRIMEZONE) -- Further to our previous announcement, effective November 15, 2004, George Tsafalas, Byron Cox and John Thornton resigned as directors and/or officers of the Corporation and were replaced with Anish Somani and Margaret Patricia Hunt. Mr. Somani was appointed as the Corporation's President to fill the vacancy created by the resignation of Mr. Tsafalas.
On November 22, 2004 the board of directors of the Corporation approved the consolidation of the authorized, issued and outstanding common shares at a ratio of 25 to 1 and an increase in the authorized share capital to 100,000,000 (the "Amendment"). Shareholder approval to the Amendment was sought and received at a shareholders' meeting held December 31, 2004 and was effected with the Nevada Secretary of State on January 27, 2005 by the filing of Articles of Amendment.
As a result, all of the authorized 50,000,000 common shares with a par value of $0.001, of which 50,000,000 common shares are issued and outstanding were consolidated into 2,000,000 common shares with a par value of $0.001, of which 2,000,000 common shares are issued and outstanding, every twenty-five (25) common shares with a par value of $0.001 prior to such consolidation being consolidated into one (1) common share with a par value of $0.001 after consolidation, with any fractional shares arising as a result of such consolidation being adjusted to the next whole share. The authorized share capital of 2,000,000 common shares with a par value of $0.001 was increased to 100,000,000 common shares with a par value of $0.001 by the creation of an additional authorized 98,000,000 common shares with a par value of $0.001.
The Amendment is effective as of February 10, 2005 with the OTC Bulletin Board under the new stock symbol FCHL. The Corporation's new CUSIP number is 303719 30 6.
The principal executive offices of the Corporation are now situated at Suite 602, 595 Hornby Street, Vancouver, BC, Canada V6C 1A4 and their new telephone number is 604.688.6050.
Forward-Looking Statements
The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements by their nature involve substantial risks and uncertainties as described by Fairchild International's periodic filings. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: changes in worldwide general economic conditions, worldwide competition, and Fairchild's ability to raise capital. Additional information with respect to the risks and uncertainties faced by Fairchild may be found in its filings with the Securities and Exchange Commission.