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Article: Sun New Media Restructures Beverage Distribution Business: Retires 14.9 Million Shares Outstanding.
- Article from:
- PR Newswire
- Article date:
- November 21, 2006
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NEW YORK, Nov. 21 /PRNewswire-FirstCall/ -- Sun New Media Inc. (OTC Bulletin Board: SNMD), a Chinese Internet based marketing, information and transactional services company linking businesses with businesses, today announced the restructuring of its beverage distribution business and the corresponding retirement of 14.9 million common shares.
The Company has entered into an agreement with the owners of Zhengyuan, the business partner responsible for inventory management and revenue collection for Sun New Media's beverage distribution division. Pursuant to the agreement, the Company will exchange certain rights under its existing management services agreement ...