Business
CALCOL - CLCL - Completes US$3.0 Million Private Placement: Intends to Apply To The OTC Bulletin Board This Year
CALCOL - CLCL - Completes US$3.0 Million Private Placement: Intends to Apply To The OTC Bulletin Board This Year.
About this update from Calcol Inc
[{"type":"text","content":"CLEVELAND & BEIJING, China, June 4, 2004 /Pink Sheets New Service/ -- CALCOL INC. (Pink Sheets:CLCL) announced completion of the sale of a US$3.0 million private placement of CALCOL's securities with accredited, institutional and overseas investors in the form of common and preferred stock.\r\n \r\nThe USE OF PROCEEDS from the offering is the payment of the second and final payment of US$1.1 million on May 13, 2004 (total payment in full of US$2.1 million) of the buy-out of CALCOL's 20% minority partner China National Food Industry Group Corporation in the 80/20 joint venture Sanhe Meile Soft Drinks Co. Ltd. and for working capital for equipment, upgrading of computerized accounting systems to USGAAP, hiring of new accounting and bottling operations management staff, appraisals, key man life insurance and other insurance, and market entry of CALCOL's MALIBU-COLA, MALIBU SUNRISE ORANGE, MALIBU SURF'S UP LEMON LIME, MALIBU DIET DEE-LITE COLA, MALIBU LEMON SQUEEZE CARBONATED LEMONADE, MALIBU SPARKLE GREEN APPLE, and other products into an estimated 3000 retail store shelves in Beijing, Tianjin and Hebei Province this summer. CALCOL's products are currently sold in more than 500 retail stores in the area around Beijing. The joint venture is now being converted to a Wholly Owned Foreign Enterprise Company 100% owned by CALCOL INC.\r\n \r\nIn other news, CALCOL has announced CALCOL's intention, once CALCOL's internal accounting and external reporting system are fully upgraded to USGAAP, to release quarterly unaudited and certified audited consolidated annual financial reports in US GAAP, and to endeavour to apply for a listing on either the Over the Counter Bulletin Board or Nasdaq if and when CALCOL is able to meet the qualifications for such listing (which qualification cannot be assured at this time.). CALCOL INC. has appointed a new member to CALCOL's Board of Directors, Mr. Xiao Jian Gong, Vice President of Marketing and Operations of Sanhe Meile Soft Drinks Co. Ltd. to replace a Director who resigned; thus increasing the number of Board Members to seven. CALCOL's other officers and directors include Norman C. Kaplan, Chairman and President, Ji Jun, Vice President, David B. Orlean JD, Sr. Vice President, and Secretary Treasurer, Geoffrey Porter JD, Director, Lewis Sperber JD-CPA Director, William F. Kubicek DDS, Director. CALCOL ...