China Direct, Inc. Announces the Change of its NASDAQ Trading Symbol to CDII Effective January 26, 2009, as Board Approves Name
January 14 2009 - 7:53AM
PR Newswire (US)
New Corporate Name to More Accurately Reflect Company's New Focus
on its China Operating Subsidiaries DEERFIELD BEACH, Fla., Jan. 14
/PRNewswire-FirstCall/ -- China Direct, Inc. (NASDAQ:CDS), a U.S.
company that manages a portfolio of Chinese entities, announced
today it has received approval from NASDAQ to change its trading
symbol from CDS to CDII effective on Monday, January 26, 2009. In
addition, the Company's board of directors has approved a change of
the Company's name to China Direct Industries, Inc., subject to
approval of its shareholders at the Company's annual shareholder
meeting which is expected to take place in May 2009. The change in
the Company's name to China Direct Industries, Inc. will more
accurately reflect its new direction in focusing on operating its
magnesium and basic industry subsidiaries in China. Starting in the
fourth quarter of 2006, the Company began its evolution from
exclusively providing advisory services to small and medium sized
companies in China to acquiring majority control of growing Chinese
businesses, mainly in the areas of magnesium production and
distribution and basic industries. Over the course of 2007 and
2008, the Company has devoted a substantial majority of its
resources in both capital and personnel toward building these
operations. In 2008 the Company derived the vast majority of its
revenues from its China operating subsidiaries and management
intends to continue to focus its efforts in this area. As a result,
the board of directors has approved the change of the Company's
corporate name to China Direct Industries, Inc. and will seek
shareholder approval to amend the Company's articles of
incorporation to reflect this change. Management intends to call
for a shareholder vote on the proposed amendment at its next annual
shareholders meeting expected to take place in May, 2009.
Commenting on the Company's new focus, Dr. James Wang Chairman and
CEO of China Direct stated "It has become apparent to management
and the board of directors that China Direct's future success
hinges on our ability to grow our operating subsidiaries in China
as we seek to become the leading producer and distributor of
magnesium in the world and build our presence in other basic
industry groups. It is increasingly important in this challenging
world economy to focus on those areas which we believe provide the
best potential for sustainable long term growth and profitability.
We believe that our new name is more reflective of our current
operations and conveys a clear message to the investment community
about our new focus." About China Direct, Inc. d/b/a China Direct
Industries, Inc. China Direct, Inc., d/b/a China Direct Industries,
Inc. (NASDAQ:CDS), is a U.S. owned, rapidly growing holding company
operating in China in two core business segments, pure magnesium
production and distribution of basic materials in China. The
Company also provides advisory services to Chinese based companies
to assist them in competing in the global economy. Headquartered in
Deerfield Beach, Florida, China Direct operates 10 subsidiaries
throughout China. This infrastructure creates a platform to expand
business opportunities globally while effectively and efficiently
accessing the U.S. capital markets. For more information about
China Direct, please visit http://www.cdii.net/. 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
expectations about the focus of our business, our ability to grow
our operating subsidiaries in China and our efforts to become a
leading producer and distributor of magnesium in the world and
build our presence in other basic industry groups. 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 Industries, Inc.
CONTACT: Richard Galterio, or Lillian Wong, , Investor Relations,
China Direct Industries, Inc., +1-877-China-57 Web site:
http://www.cdii.net/
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