Attached files
| file | filename |
|---|---|
| 8-K - BIRCH BRANCH INC | v185693_8k.htm |
| EX-2.1 - BIRCH BRANCH INC | v185693_ex2-1.htm |
Exhibit
99.1
Birch
Branch Signs Share Exchange Agreement With Shun Cheng Holdings
HongKong
LITTLETON,
CO – (PR Newswire) – 05/18/10 – Birch Branch, Inc. (“Birch Branch”) (OTC
Bulletin Board: BRBH) announced that it has entered into a Share Exchange
Agreement with the principal shareholders of Birch Branch, Shun Cheng Holdings
HongKong Limited (“Shun Cheng HK”), a Hong Kong company, and the shareholders of
Shun Cheng HK.
Closing
of the share exchange is subject to the satisfaction or waiver of several
conditions. The Share Exchange Agreement provides for the acquisition by Birch
Branch of 100% of the issued and outstanding capital stock of Shun Cheng HK from
the Shun Cheng HK shareholders. Upon completion of the share exchange, the Shun
Cheng HK shareholders will own approximately 95% of the issued and outstanding
shares of Birch Branch common stock and Shun Cheng HK will become a wholly-owned
subsidiary of Birch Branch.
Shun
Cheng HK, through a series of contractual arrangements among its Chinese
wholly-foreign owned enterprise subsidiary, Anyang Shuncheng Energy Technology
Co., Ltd., Henan Shuncheng Group Coal Coke Co., Ltd. (“SC Coke”) and SC Coke’s
shareholders, exercises management control over SC Coke. SC Coke produces coke,
refined coal and coal and coke byproducts in Henan Province in the central
region of the People’s Republic of China. SC Coke’s current principal products
are refined coal and metallurgical coke. SC Coke also sells medium coal and coal
slurry (which are byproducts produced from its refined coal process), tar,
ammonium sulfate, crude benzol and coal gas (which are byproducts produced from
its coke manufacturing process). SC Coke intends to substantially increase its
coke production capacity which will also substantially increase its production
of coke byproducts.
This
press release contains “forward-looking statements,” as that term is defined in
Section 27A of the United States Securities Act of 1933, as amended, and Section
21E of the United States Securities Exchange Act of 1934, as amended. Statements
in this press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Since the forward-looking statements relate to
future developments, results or events, these statements are highly speculative
and involve risks, uncertainties and assumptions that are difficult to assess.
You should not construe any of these statements as a definitive or invariable
expression of what will actually occur or result. Actual results, including the
successful closing of the share exchange and the realization of the potential
benefits of the share exchange could differ materially from those projected in
any forward-looking statements due to numerous factors. These forward-looking
statements are made as of the date of this news release and Birch Branch assumes
no obligation to update the forward-looking statements, or to update the reasons
why actual results could differ from those projected in the forward-looking
statements, except as required by law. Although Birch Branch believes that the
beliefs, plans, expectations and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans, expectations, or
intentions will prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk factors disclosed
in Birch Branch’s periodic reports filed from time to time with the Securities
and Exchange Commission which are available at http://www.sec.gov.