DEL MAR, Calif., Dec. 31, 2010 (GLOBE NEWSWIRE) -- American Diversified Holdings Corporation (Pink Sheets:ADHC) is in preparation to accommodate and formulate the merger with the Chinese based company; a Special Purpose Corporation is required in accordance with China laws.
The name of the new entity will be called American Diversified Holdings SPC, and the reason for this SPC is to facilitate a vend- in or a merger with China based entity which under Chinese law, a Special Purpose Corporation (SPC) is required to facilitate a merger with any USA/foreign based issuer. This is one of several required steps needed before the final merger announcement and merger can be completed.
More details on all merger developments will follow shortly.
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. American Diversified Holdings common stock currently trades on the over the counter "Pink Sheets" under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all the facts and circumstances regarding the business and financial condition and prospects of ADHC, and no inference has been made that this release contains all such information.
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