VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/17/13 -- Huaxing Machinery Corp. (TSX VENTURE: HUA) ("Huaxing" or the "Company") wishes to announce that Gold Rhino International Investment Limited ("Gold Rhino") has completed a control distribution whereby Gold Rhino sold an aggregate of 18,240,000 common shares to thirty-nine purchasers in private transactions (collectively, the "Transaction"). As a result of the Transaction, Gold Rhino's shareholdings in the Company were reduced from 23,065,000 common shares to 4,825,000 common shares. Gold Rhino also continues to hold 25,892,422 Series A convertible preferred shares of the Company. Pursuant to the Transaction, Ping Sun ("Sun") acquired a total of 6,000,000 common shares of the Company from Gold Rhino, representing 18% of the current issued and outstanding common shares. On completion of the Transaction, Sun became an insider of the Company, and Gold Rhino ceased to be a control person of the Company.
About Huaxing Machinery Corp.
Huaxing is engaged in the business of machinery manufacturing. 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 processing machinery 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.
Huaxing Machinery Corp.
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