HONG KONG, Dec. 1, 2010 (GLOBE NEWSWIRE) -- Man Shing Agricultural Holdings, Inc. (OTCBB:MSAH) ("Man Shing" the "Company," "we," "us," or "our"), one of the largest Chinese exporters of fresh ginger to Japan, the United Kingdom, and the Netherlands, located in the Shandong Province of China, today announced that Mr. Shili Liu, Chairman and President of Man Shing, has agreed to cancel all of the 3,358,250 preferred shares of Man Shing registered in his name.
In connection with amendments dated November 14, 2010 to certain securities purchase agreements, Mr. Shili Liu agreed to cancel 3,358,250 preferred shares of Man Shing that were convertible into a total of 33,582,500 shares of common stock of Man Shing. These preferred shares represent equity that was held by Mr. Shili Liu when Man Shing became a public company. As a result of the cancellation, the Company's fully diluted shares outstanding will be reduced by approximately 33 million shares from approximately 72.4 million diluted shares reported immediately prior to the cancellation. Based on the Company's previously announced net income guidance of $8 million for fiscal year 2011, the cancellation will have a favorable impact on the fully diluted earnings per share.
"Within the last few weeks, Man Shing has taken several important initiatives to enhance our corporate image and instill confidence with investors as a U.S. publicly listed company," stated Mr. Shili Liu, Chairman and President of Man Shing. "In order to simplify Man Shing's capital structure, I have advised the Company of my decision to cancel the preferred shares, thereby substantially decreasing our fully diluted shares outstanding. This decision, along with the engagement of our new auditor, BDO Limited, should provide investors with confirmation that we are dedicated to the public markets. To further support this, we are at the beginning stages of implementing a corporate governance strategy that adheres with best public company practices," concluded Mr. Shili Liu.
About Man Shing Agricultural Holdings, Inc.
Man Shing Agricultural Holdings, Inc., through its operating subsidiary in Shandong of China, is focused on the production and processing of fresh vegetables, including mainly ginger and others such as onion and garlic. The Company produces high quality ginger which meets the requirements of the British Retail Consortium Global Food Standard. The Company focuses on customers located in countries such as Japan and the European Union which are food safety oriented. For further information about Man Shing Agricultural Holdings, Inc., please visit the Company's website at http://www.msaginger.com/
Forward Looking Statement:
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations of signing new customers and contracts, developing new products, projected revenues and earnings, and the success of new products. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Man Shing Agricultural Holdings, Inc. undertakes no obligation to update the forward-looking information contained in this press release.
CONTACT: Man Shing Agricultural Holdings, Inc. Mr. Kenny Chow, CFO +86-536-464-4888 firstname.lastname@example.org http://www.msaginger.com/ HSC Global, an affiliate of HC International, Inc. Investor Contact: Alan Sheinwald, Managing Director (914) 669-0222 Alan.email@example.com www.hcinternational.net