KBS Fashion Group Limited Announces Date for Special Meeting of Shareholders
SHISHI, CHINA / ACCESSWIRE / January 23, 2017 / KBS Fashion Group Limited ("KBS" or the "Company") (KBSF), a leading fully-integrated casual menswear company in China, today announced that it will hold a special meeting of shareholders on February 3, 2017 at 9 a.m., local time, at the Company's headquarters, Xin Fengge Building, Yupu Industrial Park, Shishi City, Fujian Province 362700, People's Republic of China. KBS shareholders of record at the close of business on January 6, 2017 are entitled to receive notice of and to vote at the special meeting.
At the special meeting, shareholders will consider and vote on a proposal to grant discretionary authority to the Board of Directors of the Company to (i) amend the Amended and Restated Articles of Incorporation of the Company to effect one or more combinations of issued and outstanding shares of common stock, par value $0.0001 of the Company ("Common Stock") at a ratio within the range from one-for-two up to one-for-twenty (the "Reverse Stock Split") and (ii) determine whether to pay in cash the fair value of fractions of a share of Common Stock as of the time when those entitled to receive such fractions are determined, or to entitle shareholders to receive, in lieu of any fractional share, the number of shares of Common Stock rounded up to the next whole number (the "Reverse Split Proposal").
If the shareholders approve the Reverse Split Proposal, the Board of the Directors of the Company will have the authority, but not the obligation, in its sole discretion, and without further action on the part of the shareholders, to adopt resolutions selecting one of the approved reverse stock split ratios and affect the approved Reverse Stock Split by filing the an amendment to the Amended and Restated Articles of Incorporation of the Company (the "Amendment") with the Registrar of Corporations of the Republic of the Marshall Islands at any time after the approval of the proposal. The Reverse Split will become effective as of the beginning of the business day after the filing of the Amendment.
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 60 KBS stores and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Mr. Themis Kalapotharakos
Ms. Lisa Tu
Chief Financial Officer
T: +86 15859722469
SOURCE: KBS Fashion Group Limited