NANCHANG, China, April 13 /PRNewswire-FirstCall/ - SkyBridge
Technology Group, Inc. (SKGO; http://www.skybridgetechgroup.com/)
announced on April 1 2010 its plans
to proceed with a share reduction and or buyback program. The
targeted amount is 150 million shares.
Ms. Yang Yu Fang, CEO of SKGO
said "Many of our shareholders and followers do not relize the
potential and the unexplored value of SKGO. For example as the
acquisition of Jiangi Sanhe Technology Co. Ltd was not announced to
the public until January 2010, the
related year end numbers were not included in the year end results
for SKGO. Sanhe retained earnings as at Dec
31, 2009 is in the significant amount of $1,655,371 USD. These will be reflected in the Q1
2010 Balance Sheet as Shareholder Equity along with the complete
financial results for the Q1 2010 period. Our shareholders will be
pleasantly impressed.
As for our share price we are not happy where it currently sits.
I have remained in Toronto for a
few days following the appearance of the Shareholder and Business
Expo to meet with our advisors. We wish to explore various options
available to us as a company to restore some value to SKGO. We
believe this share buyback program is one of many steps we will
undertake to see this remedied. We also wish to use this
opportunity to thank Mr Barbee and the Shot In The Gas team for
their wonderful and powerful presentation at the Conference.
To our shareholders we say we are with you and once our
financials are posted plus some of the other measures we intend to
shortly undertake, by all accounts SKGO values should realign and
make a positive correction. We intend to post shortly our financial
work sheet followed by our financial statements.
Our previously announced China
based amalgamation plans continue.
We will report back to the markets in a timely manner"
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the company or its IR a message please click on the "INVESTOR
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Safe Harbor Statement
Information in this news release may contain statements about
future expectations, plans, prospects or performance of SkyBridge
Technology Group Inc. that constitute forward-looking statements
for purposes of the Safe Harbor Provisions under the Private
Securities Litigation Reform Act of 1995. The words or phrases "can
be", "expects", "may affect", "believed", "estimate", "project" and
similar words and phrases are intended to identify such
forward-looking statements. SkyBridge Technology Group Inc.
cautions you that any forward-looking information provided by or on
behalf of SkyBridge Technology Group Inc. is not a guarantee of
future performance. None of the information in this press release
constitutes or is intended as an offer to sell securities or
investment advice of any kind. SkyBridge Technology Group Inc.'s
actual results may differ materially from those anticipated in such
forward-looking statements as a result of various important
factors, some of which are beyond SkyBridge Technology Group Inc.'s
control. In addition to those discussed in SkyBridge Technology
Group Inc.'s press releases, public filings, and statements by
SkyBridge Technology Group Inc.'s management, including, but not
limited to, SkyBridge Technology Group Inc.'s estimate of the
sufficiency of its existing capital resources, SkyBridge Technology
Group Inc.'s ability to raise additional capital to fund future
operations, SkyBridge Technology Group Inc.'s ability to repay its
existing indebtedness, the uncertainties involved in estimating
market opportunities, and in identifying contracts which match
SkyBridge Technology Group Inc.'s capability to be awarded
contracts. All such forward-looking statements are current only as
of the date on which such statements were made. SkyBridge
Technology Group Inc. does not undertake any obligation to publicly
update any forward-looking statement to reflect events or
circumstances after the date on which any such statement is made or
to reflect the occurrence of unanticipated events.
CONTACT: For any investor relations matters, please contact
www.minamargroup.net/helpdesk
SOURCE SkyBridge Technology Group Inc.
