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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.
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