On June 30, 2010, Yasheng ECO-Trade Corp.’s Board of Directors approved a name change from “Yasheng ECO-Trade Corporation” to “ECO-Trade Corporation.” Also approved by the Board was a reverse split of the Company’s common stock, with an exchange of 1 new share for every 100 shares owned, and a Joint Venture with CMARK (CMIT.PK). The implementation of the name change and reverse split is still subject to shareholder approval as well as completion of all appropriate filings with the SEC and FINRA.
William Lieberman, announced as acting President of Yasheng on June 22nd, commented on the situation, “We are entering a new era expanding our opportunities in the logistics and distribution business. Since we are no longer associated with the Yasheng Group, the Board felt we should drop Yasheng from our name and create our own brand in the marketplace which will be ECO-Trade Corporation.” Mr. Lieberman continued, “In order to best capitalize our company for future growth, the Board felt that initiating a reverse split at this time was in the best interest of shareholders going forward. It is imperative to understand that the planned reverse of 1:100 will not reduce the shareholders ownership interest in our company but will allow the Board to better manage our affairs.”
The Joint Venture with CMARK was addressed in a press release on July 8th following an 8-K YASH filed with the SEC on July 7th which stated, “…the purpose of creating a jointly owned company to be named “Government Logistics Financing Group” or such other acceptable name (“Newcorp”), that will assist in implementing and servicing an existing backlog of services provided by CMARK in the areas of construction, interior systems and hospitality operations primarily to the U.S. Federal government and U.S. Federal government prime contractors.” Presently, CMARK provides a wide array of services and products in the areas of construction, interior systems, and hospitality operations primarily to the Federal Government and US Federal government prime contractors.
Mr. Lieberman, regarding the new company and Joint Venture, commented, “This joint venture is a good opportunity for our company to expand our concept of a logistics center and be immediately involved in the distribution of goods. Our JV partner, CMARK, has established itself in the Government marketplace and currently has a sizable backlog that puts us to work immediately.”
CMARK, which did a voluntary ticker change to CMIT.PK in May of this year, provides a wide array of facility and logistic support services including construction, architectural design, food service, furnishings and maintenance and operation services with a primary focus on US federal facilities. The company operates out of six offices throughout the United States with support facilities in Europe and Asia. CMARK is an established Service-disabled Veteran-owned Small Businesses (SDVOSB) and has built a strong franchise to meet the federal procurement opportunity represented by the Veterans Benefits Act of 2003 (Public Law 108-183) which requires U.S. government agencies and prime contractors to earmark three percent of all federal procurement dollars to high quality SDVOSB firms.
It should go noted the we attempted to contact Mr. Lieberman, or even Yasheng ECO-Trade in general, through the phone number listed on their press releases. The contact number could be a typographical error, but it is the same as listed on previous press releases and is answered as a “wrong number” when dialed. The phone number on the SEC filings did not produce any results either. We placed a phone call to CMARK, but Mr. Charles Jones was in a meeting and it was requested that we follow up with an email to him which is being sent requesting information to contact Mr. Lieberman of YASH. We will report any further information at a later date.