|By PR Newswire||
|December 24, 2012 08:00 AM EST||
SHENZHEN, China, Dec. 24, 2012 /PRNewswire/ -- Uni Core Holdings Corporation (OTC Bulletin Board: UCHC), a Hong Kong-based holding company, regrettably informs its shareholders that it has filed for bankruptcy protection for its Shenzhen Factory of the APT Paper Group ("APT"), one of UCHC's subsidiaries. The Shenzhen facility was negatively impacted by the downturn of the Chinese and worldwide economy coupled with a shortage of required cash flow to meet current production needs. APT Shenzhen has been struggling for a long time and management has decided to close it down.
UCHC's Board believes that this move will allow the company to devote the expected cash savings to bolster the healthier APT Group's Qingdao and Suzhou factories, which remain fully operational.
UCHC's management's goal is to turn the remaining APT operations profitable within six (6) months.
UCHC plans to soon initiate a Valuation Report and an Audit of Prosperous Agriculture Company Limited, its farm business, in order to consolidate their financial results with the Group.
UCHC recently appointed a New York-based investment advisor to aid in the business restructuring and an investment banker to potentially raise capital.
James Wu, CEO of UCHC, commented that, although the above-announced recent moves will provide short term pain, the results should ultimately prove positive.
About Uni Core Holdings Corporation (UCHC.OB)
Uni Core through its subsidiaries develops, manufactures and distributes environmental friendly paper and agricultural products based upon its proprietary technology and supply chains. The Company was founded in 1998 and is headquartered in Hong Kong.
APT Paper Group, a wholly owned subsidiary, headquartered in Shenzhen, Guangdong, China, was founded in November 1993. UCHC acquired 100% of APT in June 2010. Based upon proprietary technology, production, marketing and global supply chains, APT is one of the leaders of the modern environmentally friendly packing and honeycomb paper products industry in China. APT's products are produced from recycled materials and are recyclable. APT's products include honeycomb paper pallets, honeycomb paper panels, honeycomb paper cartons, honeycomb paper coffins, honeycomb paper cushions, paper slip-sheets, paper corner protectors and corrugated paper products. APT holds patents throughout the world on many of its products. Some of APT's customers include Wal-Mart, Costco, Sam's Club, Sony, Nokia, DHL, Haier, Hisense, among others.
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 has also established 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.
Safe Harbor Statement:
This press release is neither an offer to sell, nor a solicitation of offers to purchase securities.
The sales of any private securities mentioned above were made in reliance upon Rule 506 of Regulation D and Section 4(2) of the Securities Act of 1933, as amended (the "Act") and such securities have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements concerning product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future performance, are sometimes identified by words of condition such as "should," "could," "expects," "may," or "intends," and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: that financings will be insufficient for the Company's needs; that the economy may worsen; that the market will not respond positively to our business model or decisions; challenges arising from competition; problems encountered in commercializing our products; roadblocks experienced in sales and marketing activities; longer than expected sales processes; difficulties in recruiting knowledgeable and experienced personnel, and problems securing the necessary financing to continue operations should revenues not be sufficient to offset expenses. 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 annual report on Form 10K and quarterly reports on form 10Q. 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:
SOURCE Uni Core Holdings Corporation
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