Stroudsburg, PA (PRWEB) December 11, 2009
In August, 2004 U.S. Shanghai Chemical Corporation, a New Jersey corporation formerly known as Axxexs Capital, Inc. was acquired by a Chinese chemical company in a reverse merger. Principals of the Chinese company were elected to the Board of Directors at that time. In April, 2005, it was disclosed that these same principals were arrested in China for violations of the Chinese Foreign Currency Act. Since then, the company has been without a management team or Board of Directors.
Under New Jersey corporate law, any shareholder of any New Jersey corporation that has lost its management team or Board of Directors due to unforseen circumstances may call a Special Meeting of the Shareholders to elect a new Board. In August, 2007, a Special Meeting of the Shareholders was convened and a new Board of Directors was elected. The shareholders instructed the Board of Directors to reacquire all the books and records of the Company and bring all filings current.
In November, 2007 the new Board filed suit in Superior Court in the State of New jersey to reacquire the books and records from the Chinese principals and/or the transfer agent. The Board followed the protocol described in the Hague Convention and provided certified Chinese translations of all English documents to the principals in China. After two years of litigation and negotiation, the new U.S. Board successfully re-acquired the books and records of the company.
"We are now in the process of bringing all the filings of the company current including those required by the Securities & Exchange Commission and State Regulators. We are also preparing all back tax returns and financial statements", said Louis Perosi, Jr. Chairman of the Board.
U.S. Shanghai Chemical Corporation ("USCJ"), trades in the NQB-Pink Sheets. The stock can be seen at http://www.quote.com. Enter the symbol USCJ and click "GO". The recent price of the stock as of the date of this release was $0.10 per share.
"We can't speak about the future of USCJ until we clean up the past. We will, however, continue to keep the shareholders updated regarding our progress and our intentions. At this time, a purchase of the stock would be highly speculative and can only be based on the anticipated future acts of the Board", said Perosi.
For more information please contact Mr. Louis Perosi, Jr., Chairman of the Board at 1-888-282-2802, Extension 19.