NF Energy Saving Corp. Completes Reverse Stock Split
SHENYANG, China, Sept. 16 /PRNewswire-Asia/ -- NF Energy Saving Corp. (OTC Bulletin Board: NFEC) ("NF Energy" or the "Company"), a leading energy saving services provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today announced a 2.5-for-1 reverse split of its common stock that will take effect with the opening of the stock market on September 16, 2010.
The split is part of NF Energy's efforts to pursue an exchange listing for its common stock for which an application has been submitted. Following the reverse stock split, NF Energy will have 5,326,195 shares of common stock outstanding, excluding unexercised options and warrants and subject to a rounding up adjustment for fractional shares. The Company's ticker symbol will be unchanged by this action.
"We are excited to have successfully completed our reverse stock split, which we view as a precursor to listing on an exchange," commented Mr. Gang Li, NF Energy's CEO. "We believe that listing our shares on a major exchange will provide a better trading platform for our investors and is an important part of our overall commitment to enhancing shareholder value."
About NF Energy Saving Corporation
NF Energy Saving Corporation (OTCBB: NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control equipment and energy efficiency projects. For more information, visit http://www.nfenergy.com .
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The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.
For more information, please contact:
Company Contact:
Ms. Lihua Wang, Director & CFO
NF Energy Saving Corp.
Phone: +86-24-8563-1159
Email: [email protected]
Web: http://www.nfenergy.com
Investor Relations Contact:
Mr. Mark Collinson, Partner
CCG Investor Relations
Phone: +1-310-954-1343
Email: [email protected]
Web: http://www.ccgirasia.com
SOURCE NF Energy Saving Corporation
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