STROUDSBURG, Pa., Aug. 18 /PRNewswire-FirstCall/ -- Axxexs Capital, Inc.
("AXXC") (Pink Sheets: AXXC) (http://www.pinksheets.com), a Stroudsburg, PA-
based financial services company, announced today that it has completed a Plan
and Agreement of Reverse Merger with U.S. Shanghai Chemical Corporation,
("SHANGHAI"), of the Province of Shanghai, China.
SHANGHAI is a producer of fine, environmentally safe chemicals and sells
its products in the burgeoning Chinese markets and in other areas of the world
including Europe. As a result of the strong economic growth in China there
has been an increase in developing opportunities for chemical applications,
especially environmental protection applications. SHANGHAI had sales for the
fiscal years ended December 2002 and 2003 of $2.1 million and $3.8 million
(U.S. Dollars), respectively. Profits after taxes for the same periods were
approximately $305,000 and $513,000 (U.S. Dollars), respectively. The reverse
merger between the companies was completed on August 12, 2004.
There are 15,000,000 shares of Common Stock authorized; 7,841,379 common
shares issued and outstanding; and 684,200 shares of common stock in the
public float. SHANGHAI plans to file Form 10 with the Securities & Exchange
Commission and file for trading on the OTC Bulletin Board or NASDAQ SmallCap
Market under the new name U.S. Shanghai Chemical Corporation. The Company is
actively seeking a U.S. Investment Banker to conduct a $10 million offering of
its securities to expand the marketing and sales of its chemical products in
China, Europe and the United States. The Company has also incorporated a
wholly owned subsidiary in the State of New Jersey and has signed an agreement
to acquire property for commercial development in China valued at $20,000,000
US. The Company will use a combination of stock in the subsidiary and parent
company to fund the purchase. For more information on SHANGHAI you may
contact the Company's Financial Advisor, Mr. Nigel Huang, Senior Manager of
Sunrise Securities Group at 011-8621-5036-7666, fax 011-8621-5036-6568 or
email nigel@sunrise-securities.com. In the U.S. you may contact the Company's
Financial Consultant, Mr. Louis Perosi, Jr. at 1-888-282-2802 or email
pci@pnpa.net.
This press release is not an offer to sell or a solicitation to buy the
shares of AXXC, which offer to sell or solicitation to buy can only be made
through prospectus or offering memorandum. For more information, contact AXXC
and the contact person shown above.
SOURCE Axxexs Capital, Inc.
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CONTACT:
Mr. Nigel Huang, Senior Manager of Sunrise
Securities Group, 011-8621-5036-7666, fax: 011-8621-5036-6568,
nigel@sunrise-securities.com; or in the U.S.: Mr. Louis Perosi,
Jr., +1-888-282-2802, pci@pnpa.net
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