MediaReady, Inc. Changes Name to China Logistics Group, Inc. to Reflect Its New Business Focus, Effects a 1-40 Reverse Stock Split
FORT LAUDERDALE, Fla., March 12, 2008 (PRIME NEWSWIRE) -- MediaReady, Inc. announced today it has changed its name to China Logistics Group, Inc. China Logistics Group, Inc. operates two segments: international freight forwarder and logistics management and a supplier of broadband products, services and content. The name change will be effective as of close of business on March 11, 2008. As a result of the name change, the company's trading symbol on the OTC Bulletin Board will change to "CHLO" effective at market open on March 12, 2008 and the new CUSIP number for its common stock will be 39986A103. Our common stock will trade on a post-split basis at market open on Wednesday, March 12, 2008.
At the close of business on March 11, 2008 every 40 shares of common stock outstanding immediately prior thereto will be equal to one share of common stock. No cash will be paid or distributed as a result of the reverse stock split and no fractional shares will be issued. All fractional shares which would otherwise be required to be issued as a result of the stock split will be rounded up to the nearest whole share. The split will be recorded on our stock transfer records in the form of book entry. As such, following the name change and reverse split the share certificates representing the pre-split shares bearing the name "MediaREADY, Inc." will continue to be valid with the adjustment for the number of shares owned being made on our stock transfer records. In the future, certificates representing post-split shares and the corporate new name will be issued in due course as old share certificates are tendered for exchange or transfer to our transfer agent.
Management believes the new name more accurately reflects the company's business operations today and on a going forward basis. On December 31, 2007 the company acquired a 51% interest in Shandong Jiajia International Freight & Forwarding Co., Ltd.
Commenting on the name change V. Jeffrey Harrell, CEO of China Logistics Group, Inc. stated "The name change more accurately reflects our new business direction, focusing on the vast opportunity in China. We have laid the foundation for future growth with the Jiajia acquisition and we are pleased with the traction we are seeing since they have been a part of our company. We believe 2008 will be a year of significant improvement in our operating results as we build the company to a profitable future.
About China Logistics Group, Inc.
China Logistics Group, Inc. operates in two business segments: international freight forwarder and logistics management and a supplier of broadband products, services and content company. As a freight forwarder and logistics management company, we act as an agent for international freight and shipping companies, selling cargo space and arranging land, maritime, and air international transportation for clients seeking to import or export goods from or into China.