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Wuhan Blower Companies Go Public in Reverse Merger and Complete ...
WUHAN, China, Feb. 8 /PRNewswire/ -- United National Film Corporation ("UNFC") (OTC Bulletin Board: UNTF.OB - News) announced today the closing of a share exchange transaction which resulted in the parent company of Wuhan Blower Co., Ltd., a manufacturing company located in the People's Republic of China, going public by succeeding to UNFC's public company status. UNFC will change its name to Wuhan General Group (China), Inc. and intends to apply for listing on NASDAQ in the near future. UNFC's shares are currently listed on the Over- the-Counter Bulletin Board ("OTCBB") under the symbol "UNTF.OB". The companies will operate on a consolidated basis, executing upon the current business plan of Wuhan Blower and its subsidiary, Wuhan Generating Equipment Co., Ltd. Immediately following the consummation of the share exchange transaction, UNFC closed a private placement of its convertible preferred stock through which it received approximately $24 million in gross offering proceeds, before payment of commissions and fees.
New measure encourages telling IRS of tax cheats
The Internal Revenue Service estimates that the difference between what Americans owe in federal taxes and what they actually pay every year is about $345 billion annually. To close this huge "tax gap," Congress and President Bush enacted a measure in December designed to give people more motivation to tattle on dishonest employers, employees, co-workers, acquaintances and former spouses. But the enhanced incentives -- higher cash rewards to those who blow the whistle on tax cheats -- will go only to those informants who provide specific, useful information. "Evidence and analysis is what we are looking for rather than hearsay and speculation," said Stephen Whitlock, director of the IRS' new Whistleblower Office. "People who come in with hearsay, speculation and a motive tend to be less reliable.
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