Sino Cement Inc. Announces Cancellation of 75% of Outstanding Shares
NEW YORK, NEW YORK--(Marketwire - Jan. 16, 2013) - Sino Cement Inc. (OTC PINK:OCEE). Mr. Marco Garduno, Director of Sino Cement Inc. and controlling shareholder today announced that he has returned to the treasury and cancelled 8,500,000 restricted common shares representing approximately 3 of every 4 shares outstanding for nil consideration. As a result, the outstanding common shares were reduced on January 16th,2012 from 11,250,030 to 2,750,030 or a reduction of 75.55%.
The reduction in the outstanding shares are part of a planned process whereby real estate assets are being purchased and share cancellations are being effected in order to reduce the overall outstanding shares and provide more value per share to the existing shareholders.
The company announced in a previous press release dated December 13th,2012 the agreement to purchase a commercial office building located in Lynbrook NY. Subsequent to this, the owner consummated an offer to sell the rights to put antennas on the roof for $ 3.3 million. Accordingly the company contemplates entering into a new purchase agreement that reflects this event, and will advise shareholders in due course.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," believe," "expect," "future," "may," will," "would," "should," "plan," projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of FIMA Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sino Cement, Inc.
Mr. Marco Garduno Chavez
Sino Cement, Inc.
Mr. Mack Frankel