SOURCE: Citisource, Inc.

June 13, 2006 12:19 ET

Citisource, Inc. Completes Due Diligence of Shandong Zhaoyuan Shuangji Group, Ltd.

KENT, OH -- (MARKET WIRE) -- June 13, 2006 -- Citisource, Inc. (PINKSHEETS: CTSO) has completed the due diligence phase and is going forward with the business reorganization of China Shuangji Cement Holding Ltd. and Shandong Zhaoyuan Shuangji Group, Ltd. ("Shuangji").

As a first step in the completion of the transaction, the Board of Directors and majority shareholders have agreed to a reverse common stock split of one (1) common share for every 5.80 common shares and a name change to China Shuangji Cement Corporation, to be effective as of June 28, 2006.

The Board of Directors has authorized special treatment to certain stockholders of Citisource in order to preserve round lot holders (i.e., holders owning at least 100 shares) after the Reverse Stock Split. Therefore, the stockholders of Citisource holding 580 or fewer shares of common stock but at least 100 shares of common stock will receive 100 shares of common stock after the Reverse Stock Split, and persons holding less than 100 shares of common stock are not affected and continue to hold and own the same number of shares as before the Reverse Stock Split.

The Board of Directors also approved the appointment of a new Transfer Agent:

Florida Atlantic Stock Transfer, Inc.
7130 Nob Hill Road
Tamarac, FL 33321.
Phone: (954) 726-4954
Fax: (954) 726-6305

Statements made in this press release regarding the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; uncertainties of completing business transactions; uncertainties of raising necessary capital; no control over long-term pricing; possible reductions in demand for our products and services due to competition or changes in industry conditions or political environment; changes in the nature of regulation in the United States and other countries; political risk; currency exchange risk; changes in business strategy; the successful integration of newly acquired business; the impact of technological change; reliance on management and management contracts; and other risks that may be referenced from time to time in the Company's public disclosure.

Contact Information

  • Contact Information:

    Michael Drew
    Director
    Citisource, Inc.
    330.474.1685