SHENZHEN, China / ACCESSWIRE / March 24, 2014 / Uni Core Holdings Corporation (OTCQB: UCHCD), a Shenzhen based holding company, recently carried out a review of the business performance and regrettably informed their shareholders that the bad performance was the result of a poor investment, APT Paper Group, which is currently under liquidation.
The Board of UCHC is anxiously waiting for the clearance of the investment on APT Paper Group and to put in new projects to rebuild UCHC.
Furthermore, Hong Kong office of UCHC was closed down and relocated back to Shenzhen. The move was a measure to reduce the administration work and costs associated with the company restructure.
Strategically, the recent reverse split was executed in order to ensure a manageable number of outstanding shares, which helps attract new investors and projects.
Mr. Frank Peng, CEO of UCHC, believes that, with the long history of UCHC and the extensive experience of the Board in managing investment projects, UCHC can be rebuilt and become profitable in the very near future.
About Uni Core Holdings Corporation (UCHC)
Uni Core through its subsidiaries develops, manufactures and distributes agricultural products based upon its proprietary technology and supply chains. The Company was founded in 1998 and is headquartered in Shenzhen, China.
Prosperous Agriculture, 51% of which is owned by UCHC, is headquartered in Xi'an, Shaanxi Province, China. Prosperous Agriculture manufactures and distributes agricultural brands and also establishes a national agricultural resources chain direct sales platform through the opening and acquiring of agricultural resources direct sales outlets and dealers, and by working with well-known manufacturers of agricultural products. Prosperous Agriculture integrated more than 2,000 agricultural resources.
The Joint Venture between Shaanxi Prosperous Agriculture and Jewon Mining - "Phyllite" was formed in February 2013. Jewon Mining is the mining company of Phyllite in Korea, a substance originated from a mountain in Kunsan, Korea. Phyllite, having been proved effective in decontaminating nuclear radiation, can have various applications, such as a substitute of artificial/chemical agricultural medicine, agricultural water purifier and as animal feeding material. Shaanxi Prosperous Agriculture has the knowledge of applying Phyllite in their various farm products and is awarded an exclusive agent agreement to sell Phyllite in China for 3 years.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning business arrangements, product development activities, sales, customers, and development activities. Such forward-looking statements are sometimes identified by words of condition such as "should," "may," or "intends," and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: Impacts arising from competition, difficulties experienced in product development, roadblocks experienced in sales and marketing activities, longer than expected sales processes, difficulties in recruiting knowledgeable and experienced personnel, possible geological problems, the possibility that little or no interest will be shown in the Company or its business by financial markets, potential problems in protecting the Company's intellectual property, and problems securing the necessary financing to continue operations. Further information concerning these and other risks is included in the Company's filings with the Securities and Exchange Commission, including the Company's most recent Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2013. The Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances occurring after the date of this press release.
For more information, please contact:
Mr. Zhang Jun Feng
SOURCE: Uni Core Holdings Corporation