China Direct, Inc. Set To Join Russell 3000 Index
June 16 2008 - 8:06AM
PR Newswire (US)
DEERFIELD BEACH, Fla., June 16 /PRNewswire-FirstCall/ -- China
Direct, Inc. (NASDAQ:CDS), a U.S. company that owns controlling
stakes in a diversified portfolio of Chinese entities and assists
Chinese businesses in accessing the U.S. capital markets, is set to
join the broad-market Russell 3000(R) Index when Russell
Investments reconstitutes its comprehensive set of U.S. and global
equity indexes on June 27, 2008 according to a preliminary list of
additions posted Friday on http://www.russell.com/. Annual
reconstitution of Russell's U.S. indexes captures the 4,000 largest
U.S. stocks as of the end of May, 2008 ranking them by total market
capitalization. Membership in the Russell 3000, which remains in
place for one year, means automatic inclusion for China Direct in
the small-cap Russell 2000(R) Index as well as the appropriate
growth and value style indexes. Russell determines membership for
its equity indexes primarily by objective, market-capitalization
rankings and style attributes. Commenting on the event, Marc
Siegel, President of China Direct, stated, "We are extremely
pleased to be a part of the Russell 3000 in its latest
reconstitution. We have worked diligently to build a world-class
organization and the addition of China Direct to the small-cap
Russell 2000(R) Index is another step forward in the growth of our
company. We believe this will expand our visibility to the
institutional community as we continue to build China Direct for
the future." The Russell 3000 also serves as the U.S. component to
the Russell Global Index, which Russell launched last year. Russell
indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for both passive and
active investment strategies. An industry-leading $4.4 trillion in
assets currently are benchmarked to them. These investment tools
originated from Russell's multi-manager investment business in the
early 1980s when the company saw the need for a more objective,
market-driven set of benchmarks in order to evaluate outside
investment managers. Real-time market analysis on the Russell 3000
and other Russell Indexes is available at
http://www.russell.com/Indexes/performance/real_time_market_analysis.asp
. About Russell Russell Investments aims to improve financial
security for people by providing strategic advice, world-class
implementation, state-of-the-art performance benchmarks, and a
range of institutional-quality investment products. With more than
$213 billion in assets under management, Russell serves individual,
institutional and advisor clients in more than 40 countries.
Russell provides access to some of the world's best money managers.
It helps investors put this access to work in corporate defined
benefit and defined contribution plans, and in the life savings of
individual investors. Headquartered in Tacoma, Wash., Russell has
principal offices in Amsterdam, Auckland, Johannesburg, London,
Melbourne, New York, Paris, San Francisco, Seoul, Singapore,
Sydney, Tokyo and Toronto. For more information on Russell indexes,
go to http://www.russell.com/. About China Direct, Inc. China
Direct, Inc. (NASDAQ:CDS) is a diversified management and advisory
services organization headquartered in the U.S. Our management
services division acquires a controlling interest in entities
operating in China. Our ownership control enables China Direct to
provide management advice, as well as financing to Chinese
entities. This infrastructure creates a platform to expand business
opportunities globally while effectively and efficiently accessing
the U.S. capital markets. Our advisory services division provides
comprehensive advisory and consulting services to Chinese entities
seeking to access the U.S. capital markets. As a direct link to
China, China Direct serves as a vehicle allowing investors to
directly participate in the rapid growth of the Chinese economy in
a diversified and balanced manner. For more information about China
Direct, please visit http://www.chinadirectinc.com/. DISCLOSURE
NOTICE: In connection with the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, China Direct,
Inc., is hereby providing cautionary statements identifying
important factors that could cause our actual results to differ
materially from those projected in forward-looking statements (as
defined in such act). Any statements that are not historical facts
and that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, indicated through the use of
words or phrases such as "will likely result," "are expected to,"
"will continue," "is anticipated," "estimated," "intends," "plans,"
"believes" and "projects") may be forward-looking and may involve
estimates and uncertainties which could cause actual results to
differ materially from those expressed in the forward-looking
statements. These statements include, but are not limited to, our
guidance and expectations regarding revenues, net income and
earnings. In addition, any such statements are qualified in their
entirety by reference to, and are accompanied by, the following key
factors that have a direct bearing on our results of operations:
our ability to identify and close acquisitions of operating
companies in China in a cost effective manner that enhance our
financial condition; our need for additional financing which we may
not be able to obtain on acceptable terms, the dilutive effect
additional capital raising efforts in future periods may have on
our current shareholders and the increased interest expense in
future periods related to additional debt financing; our ability to
effectively integrate our acquisitions and to manage our growth and
our inability to fully realize any anticipated benefits of acquired
business; the value of the equity securities we accept as
compensation is subject to adjustment which could result in losses
to us in future periods; the Investment Company Act of 1940 which
limits the value of securities we can accept as payment for our
business consulting services which may limit our future revenues;
our acquisition efforts in future periods may be dilutive to our
then current shareholders; our dependence on certain key personnel;
the lack various legal protections in certain agreements to which
we are a party and which are material to our operations which are
customarily contained in similar contracts prepared in the United
States; our ability to assure that related party transactions are
fair to our company. Chang Magnesium's chief executive officer is
also chief executive officer of a group of companies which directly
compete with Chang Magnesium; the risks and hazards inherent in the
mining industry on the operations of our basic materials segment;
the effect of changes resulting from the political and economic
policies of the Chinese government on our assets and operations
located in the PRC. The influence of the Chinese government over
the manner in which our Chinese subsidiaries must conduct our
business activities; the impact on future inflation in China on
economic activity in China; the impact of any recurrence of severe
acute respiratory syndrome, or SARS, or another widespread public
health problem; the limitation on our ability to receive and use
our revenues effectively as a result of restrictions on currency
exchange in China; our ability to enforce our rights due to
policies regarding the regulation of foreign investments in China;
our ability to comply with the United States Foreign Corrupt
Practices Act which could subject us to penalties and other adverse
consequences; our ability to establish adequate management, legal
and financial controls in the PRC; the provisions of our articles
of incorporation and bylaws which may delay or prevent a takeover
which may not be in the best interests of our shareholders; and the
adverse impact of various policies recently adopted by the PRC
which seek to minimize pollution by limiting the operation of
specific polluting agents commencing on June 1, 2008 in advance of
the Beijing Olympics to be held during August 2008. We caution that
the factors described herein could cause actual results to differ
materially from those expressed in any forward- looking statements
we make and that investors should not place undue reliance on any
such forward-looking statements. Further, any forward-looking
statement speaks only as of the date on which such statement is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances. New factors
emerge from time to time, and it is not possible for us to predict
all of such factors. Further, we cannot assess the impact of each
such factor on our results of operations or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. This press release is qualified in its entirety by the
cautionary statements and risk factor disclosure contained in our
Securities and Exchange Commission filings, including our Annual
Report on Form 10-K for the year ended December 31, 2007 and our
reports on Form 10-Q. DATASOURCE: China Direct, Inc. CONTACT:
Investors: Alan Sheinwald, HC International, LLC, +1-914-669-0222,
; or Richard Galterio, Executive Vice President of China Direct,
Inc., +1-877-China-57, Web site: http://www.chinadirectinc.com/
http://www.russell.com/
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