Navigation Links
New Board Gains Control of U.S. Shanghai Chemical Corporation

After two years, U.S. Board legally recovers the books and records of U.S. Shanghai Chemical Corporation from Chinese Principals!

(PRWEB) December 11, 2009 -- In August, 2004 U.S. Shanghai Chemical Corporation, a New Jersey corporation formerly known as Axxexs Capital, Inc. was acquired by a Chinese chemical company in a reverse merger. Principals of the Chinese company were elected to the Board of Directors at that time. In April, 2005, it was disclosed that these same principals were arrested in China for violations of the Chinese Foreign Currency Act. Since then, the company has been without a management team or Board of Directors.

Under New Jersey corporate law, any shareholder of any New Jersey corporation that has lost its management team or Board of Directors due to unforseen circumstances may call a Special Meeting of the Shareholders to elect a new Board. In August, 2007, a Special Meeting of the Shareholders was convened and a new Board of Directors was elected. The shareholders instructed the Board of Directors to reacquire all the books and records of the Company and bring all filings current.

In November, 2007 the new Board filed suit in Superior Court in the State of New jersey to reacquire the books and records from the Chinese principals and/or the transfer agent. The Board followed the protocol described in the Hague Convention and provided certified Chinese translations of all English documents to the principals in China. After two years of litigation and negotiation, the new U.S. Board successfully re-acquired the books and records of the company.

"We are now in the process of bringing all the filings of the company current including those required by the Securities & Exchange Commission and State Regulators. We are also preparing all back tax returns and financial statements", said Louis Perosi, Jr. Chairman of the Board.

U.S. Shanghai Chemical Corporation ("USCJ"), trades in the NQB-Pink Sheets. The stock can be seen at Enter the symbol USCJ and click "GO". The recent price of the stock as of the date of this release was $0.10 per share.

"We can't speak about the future of USCJ until we clean up the past. We will, however, continue to keep the shareholders updated regarding our progress and our intentions. At this time, a purchase of the stock would be highly speculative and can only be based on the anticipated future acts of the Board", said Perosi.

For more information please contact Mr. Louis Perosi, Jr., Chairman of the Board at 1-888-282-2802, Extension 19.


Read the full story at

Source: PRWeb
Copyright©2009 Vocus, Inc.
All rights reserved  

Related medicine news :

1. UHW Announces: Antelope Valley Hospital Caregivers and Board Vote to Ratify First Union Contract With SEIU UHW-West
2. Richard Greco Joins Mediware Board
3. Arrow International Urges Shareholders To Vote for Approval of the $45.50 Teleflex Inc. Merger and for the Current Board of Directors
4. Award-winning QUITPLAN(R) Services Billboard Debuts in Rogers
5. Montana Health Care Leader Elected Board Chair of National Association
6. Genaera Announces Formation of Scientific Advisory Board for Obesity Drug Candidate Trodusquemine (MSI-1436)
7. China Holdings Appoints Ronald Shon Chairman of Advisory Board to Its Wholly-Owned Subsidiary China Power, Inc.
8. Glass Lewis Recommends Arrow Shareholders Vote on the White Proxy Card for Merger With Teleflex and for Current Board of Directors at Arrow Annual Meeting
9. STERIS Corporation Board of Directors Names Walter M. Rosebrough Jr. President and Chief Executive Officer
10. Patient Safety Authority Board of Directors Names Infection Advisory Panel
11. William Moore Appointed to IRIDEX Board of Directors
Post Your Comments:
Related Image:
New Board Gains Control of U.S. Shanghai Chemical Corporation
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton Memorial Library ... City Observer , brings up a new, often overlooked aspect of head lice: the parasite’s ... for fumigation is not a common occurrence, but a necessary one in the event that ...
(Date:6/25/2016)... ... June 25, 2016 , ... First Choice Emergency Room , ... Sesan Ogunleye, as the Medical Director of its new Mesquite-Samuell Farm facility. , ... our new Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical Director of First ...
(Date:6/25/2016)... Oklahoma City, Oklahoma (PRWEB) , ... June 25, ... ... to helping both athletes and non-athletes recover from injury. Recently, he has implemented ... for the Oklahoma City area —Johnson is one of the first doctors to ...
(Date:6/25/2016)... ... 2016 , ... Conventional wisdom preaches the benefits of moderation, whether it’s a ... the bar too high can result in disappointment, perhaps even self-loathing. However, those who ... , Research from reveals that behind the tendency to set ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Those who have ... these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as ... Michigan, has released tools for healthy coping following a traumatic event. , Trauma sufferers ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... 2016 One of Australia,s successful ... of a new biotechnology company, Noxopharm Limited [ABN 50 608 966 ... and to list on the ASX. Noxopharm is a ... enter a Phase 1 clinical study later this year. ... of the biggest problems facing cancer patients - the ability of ...
(Date:6/26/2016)... , June 27, 2016 Jazz Pharmaceuticals ... waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of ... acquisition of Celator Pharmaceuticals, Inc. ("Celator"; Nasdaq: ... p.m. (Eastern Daylight Time). As previously announced ... into a definitive merger agreement under which Jazz Pharmaceuticals ...
(Date:6/26/2016)... June 27, 2016  VMS Rehab Systems, Inc. ( ... take whatever measures required to build a strong and ... is currently listed on the OTC Markets-pink current trading ... and CEO, "We are seeing an anomaly in market ... not only by the Company, but shareholders and market ...
Breaking Medicine Technology: