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:11/27/2015)... Angeles, CA (PRWEB) , ... November 27, 2015 , ... ... study carried out by the University of Toronto and the University of British Columbia ... of hospitalizations for head injuries. The article explains that part of the reason for ...
(Date:11/27/2015)... ... November 27, 2015 , ... A team of Swiss doctors ... treat it. Surviving Mesothelioma has just posted the findings on the website. Click ... analyzed the cases of 136 mesothelioma patients who were treated with chemotherapy followed by ...
(Date:11/27/2015)... ... , ... Lizzie’s Lice Pickers just announced a special promotion that will run ... purchase of lice treatment product. In addition, customers will receive a complimentary head Check ... lice is a sure way to ruin the holidays, so we encourage all of ...
(Date:11/27/2015)... ... ... MPWH, the No.1 Herpes-only dating community in the world, revealed that over 50% of its ... 3.7 billion people under the age of 50 – or 67% of the population - ... estimates of HSV-1 infection . , "The data shocks us highly!" said Michelle Li, ...
(Date:11/27/2015)... ... ... A simply groundbreaking television series, "Voices in America", which is hosted by Hollywood legend, ... that are presently affecting Americans. Dedicated to providing the world with a wide variety ... consumers focus on, one episode at a time. , In the latest installment ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... 26 november 2015 AAIPharma Services ... geplande investering aan van ten minste $15,8 ... en het mondiale hoofdkantoor in ... resulteren in extra kantoorruimte en extra capaciteit ... groeiende behoeften van de farmaceutische en biotechnologische ...
(Date:11/26/2015)... , November 26, 2015 3D bioprinting ... 2022, according to a new report by Grand View Research ... Disease (CKD) which demands kidney transplantation is expected to boost ... effective substitute for organ transplantation. --> 3D bioprinting ... 2022, according to a new report by Grand View Research ...
(Date:11/26/2015)... November 26, 2015 ... universitetssjukhus ser potential att använda SyMRI för ... för patienter med multipel skleros (MS) ... med SyntheticMR AB för att kunna använda ... sjukhuset. Med SyMRI kan man generera flera ...
Breaking Medicine Technology: