VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2012) - Huaxing Machinery Corp. (TSX VENTURE:HUA) ("Huaxing" or the "Company") (formerly Samurai Capital Corp. (TSX VENTURE:SMU.P)) is pleased to announce the results of the Company's special meeting (the "Meeting") held on Friday, November 9, 2012. At the Meeting, disinterested shareholders of the Company approved the settlement of the indebtedness in the aggregate amount of CDN$4,899,205 owed to Gold Rhino International Investment Limited ("GRIL") by the issuance of a total of 18,145,200 Series A Convertible Preferred Shares (the "Series A Shares") of the Company at a deemed price of $0.27 per Series A Share and approved the settlement of the indebtedness in the aggregate amount of CDN$600,000 owed to GRIL by the issuance of a total of 2,222,222 Series A Shares at a deemed price of $0.27 per Series A Share. The settlement of the indebtedness to GRIL and the issuance of the Series A Shares has received final approval of the TSX Venture Exchange.
At the Meeting, shareholders also approved an amendment to the Articles of Company amending the special rights and restrictions of the preferred shares of the Company by deleting the provisions which gave the holders of preferred shares preference over the holders of common shares in the event of dissolution or winding up. A copy of the Amended Articles of the Company is available under the Company's profile on SEDAR at www.sedar.com.
About Huaxing Machinery Corp.
Huaxing is engaged in the business of machinery manufacturing, and became listed on the TSX.V on January 21, 2011 upon completing the Qualifying Transaction with Samurai Capital Corp., a CPC. Through its wholly owned subsidiary Gold Rhino Limited, Huaxing holds an 80% controlling equity interest in Shandong Gold Rhino Huaxing Machinery Corp., the operating entity that holds the manufacturing facilities located in Boxing County, Shandong province, China. Its main products are stone cutting, polishing and processing machinery and equipment for the building and construction industry, and Robotic Welding System for the steel structure industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.