SOURCE: China Shandong Industries, Inc.

January 21, 2010 08:35 ET

China Shandong Industries Announces Listing on OTC Bulletin Board

Company Reports New Name, Ticker Symbol and Forward Stock Split

LOS ANGELES, CA--(Marketwire - January 21, 2010) - China Shandong Industries, Inc. (OTCBB: CSNH), a leading producer and global marketer of straw-wicker products and furniture, is pleased to announce that it has closed a reverse acquisition.

The new company has changed its ticker symbol to "CSNH" and completed a fifteen-for-one forward stock split effective January 4. Following the stock split, the total number of common shares issued and outstanding has increased from 1,715,000 to 25,725,000.

The Company is led by Li Jinliang, Chief Executive Officer. Mr. Li Jinliang, 50, founded Shandong Industries in 2000. He has over 30 years experience in sales and production of handicrafts and furniture, and majored in Management at Shandong Agricultural University, China.

For the fiscal audited year ended December 31, 2008, Shandong Industries generated revenue of $43.3 million and net income of $5.9 million. For period ended December 31, 2008, the Company reported total shareholders equity of $24.7 million and working capital of $33.4 million. For the unaudited twelve months ended June 30, 2009, revenue grew to $53.7 million and net income grew to $7.7 million. For period ended June 30, 2008, the Company reported total shareholders equity of $29.3 million and working capital of $34.7 million. Audited financials for the year ended December 31, 2008, and unaudited financials for the six months ended June 30, 2009, can be found in its SEC report filed on Form 8-K dated November 6, 2009.

Prior to its reverse merger, the company traded under the symbol "MBPI" reflecting the underlying shell company Mobile Presence Technologies, Inc.

About China Shandong Industries, Inc.

Based in Shandong Province, China, China Shandong Industries believes it is a leading producer and global marketer of straw-wicker products, wooden crafts and solid wooden furniture. It employs approximately 1,500 employees primarily at its factory and headquarters campus covering 1.2 million square feet on 49 acres of property. The Company sells 20,000 different products through over 300 distributors and retailers in more than 30 countries in North America, Middle East, Europe and Asia. Its products are sold by well known mass market retailers including Wal-Mart, ABM Group, Argos Limited, IKEA, Zara and others.

Safe Harbor

This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and partners; raw materials prices; currency fluctuations; an uncertain regulatory climate in China; economic conditions; consumer demand and competition.

Additional considerations and risk factors are set forth in our Nov. 6, 2009 report filed on Form 8-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.

Contact Information

  • Contacts
    Li Jinliang
    Tel: 86 0530 3431658
    Fax: 86 0530 3431221