Primix Receives Notice from JV Partner of Need to Reorganize Under Chinese Law
03 Juillet 2007 - 11:13PM
Business Wire
Primix Corporation (Pink Sheets:PMXX) received notice from its
Chinese joint venture partner of the necessity to reorganize under
Chinese law. Qingdao Maple Leaf Environmental Technologies, Inc.
(QMLET), Primix�s joint venture company in Qingdao, China failed to
meet certain financial and reporting requirements. Although the
previous joint venture is being dissolved, we expect to continue
our relationship in a similar form with Yuan Qiang of Qingdao
Yuantie Investment Management Inc. In the interim, manufacturing of
the PrimixTie in China can be continued through Qingdao Yuantie
Investment Management Inc. Primix is continuing to pursue its sales
prospects in India and South America. Sample crossties were
delivered to India from the Primix China plant in June 2007.
Additional samples are expected to be shipped to a company in South
America in the near future. This press release contains
forward-looking statements identified by words such as "believe,"
"expect," "anticipates" and similar expressions. Actual results
might differ materially from those projected in, expressed in or
implied by the forward-looking statements. Primix Corporation
cautions investors not to place undue reliance on forward-looking
statements, which speak only as to management's expectations on
this date. Some paragraphs of this press release, particularly
those describing Primix's strategies, operating expenses reductions
and business plans, contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1993, as amended
and Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. While Primix is
working to achieve those goals, actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of factors, including difficulties in
marketing its products and services, need for capital, competition
from other companies and other actors, any of which could have an
adverse effect on the business plans of Primix, its reputation in
the industry or its expected financial return from operations.
Factors such as these could have an adverse effect on Primix's
results of operations. In light of significant uncertainties not
included in the forward-looking statements herein, the inclusion of
such information should not be regarded as a representation by
Primix that it will be achieved.
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