SW China Imports, Inc. (SWCI) Cancellation of 24 Million Shares
April 16 2013 - 5:30PM
Marketwired
SW China (OTCQB: SWCI) is pleased to announce that the President
and CEO has formally cancelled his 24 million shares that were
originally registered in a S1/A Registration Statement. He
commented that "in following through on my commitment as previously
stated not to sell any of my shares, I have filed a 'Post-Effective
Amendment' officially with the SEC to remove from registration the
24,000,000 shares of SW China's common stock." The filing can be
found at the SEC's official website at http://www.sec.gov. With
this action, there are approximately roughly 40 million shares in
the tradable float (i.e., registered and freely tradable shares).
The President and CEO further stated that "there appears to be
some misunderstanding concerning the applicable laws among some
people who believe that restricted stock of SWCI is currently, or
will become, freely trading at some point in the future, without
the filing of a Registration Statement with the SEC. As a 'shell
company,' stock of SWCI may only become freely trading upon the
filing an S1 Registration Statement and declaration of
'effectiveness' by the SEC, as far as I am aware. There are NO
exemptions, that I am aware of, that would make even a single share
of the approximately 460 million issued but RESTRICTED common stock
of SWCI eligible to become freely trading without filing of a S1
Registration Statement and 'Notice of Effectiveness' granted by the
SEC."
SWCI is a development stage company with nominal operations and
minimal assets, which makes us a "shell" company as defined in Rule
12b-2 of the Exchange Act, as amended. Investing in our common
stock is highly speculative and involves an extremely high degree
of risk, with a great degree of risk of losing your entire
investment. The public should read all of the public filings made
with the SEC and other regulatory agencies in order to gain a
fuller picture of the risks associated with potentially investing
in the stock of SWCI. The Private Securities Litigation Reform Act
of 1995 provides a "safe harbor" for forward-looking statements.
Certain information included in this press release contains
statements that are forward-looking, such as statements relating to
the future anticipated direction of the beauty supply and/or
hairpiece industry, plans for future expansion or acquisition,
various business development activities, planned capital
expenditures, future funding sources, anticipated sales growth, and
prospective dealings and joint venture projects. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of
SW China.
Seon Won Email Contact
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