LU'AN CITY, China, Dec. 16, 2014 /PRNewswire/ -- China Electronics Holdings, Inc. (OTCQB: CEHD) today announced that on December 9, 2014 and December 15, 2014 the Company filed a PRE Schedule 14C and DEF Schedule 14C with the Securities and Exchange Commission with the decision to amend its Articles of Incorporation to change its name to China Crazy Buy Holdings.
The proposed name change, integral to the Company's strategy to expand into the e-commerce business in China, received consent from the Board of Directors and the holder of 11,556,288 of the issued and outstanding shares of common stock, representing 68.9% of the issued and outstanding shares, on December 2, 2014. The Consents adopted resolutions which authorized the Company to act on a proposal to amend its Articles of Incorporation to change the name of the Company from "China Electronics Holdings, Inc." to "China Crazy Buy Holdings, Inc." The Company anticipates the name change will be effective at and around January 6, 2015.
The Company's future business plan is to identify and invest in early-stage O2O (online to offline) and B2C (business to customers) e-commerce companies, focusing on sale of locally produced raw and packaged cooked food, beverage, fresh fruits and vegetables to domestic consumers in counties, towns and rural markets in Anhui Province. The Company plans to acquire or invest in companies that either at early stage or whose existing businesses require capital investment in order to achieve scale.
Mr. Hailong Liu, Chairman of China Electronics Holdings, Inc., commented, "While our current retail and wholesale business remains intact, we see significantly more opportunity in China's e-commerce business moving forward and are making inroads to strategically expand into this market. Our Company's name change to China Crazy Buy Holdings, Inc. is the first step of several in our initiative to bring greater revenue and opportunity to the Company, and value to shareholders."
For more information on the Schedule 14C on file with the Securities and Exchange Commission click here.
About China Electronics Holdings
China Electronics Holdings, Inc., through its subsidiaries, is engaged in the retail and wholesale of consumer electronics and appliances to rural areas in Anhui Province in the People's Republic of China. The Company primarily offers solar heaters, refrigerators, air conditioners, and televisions, and manufactures and sells private label brand refrigerators. As of September 30, 2014, the Company operated 1 company-owned store, 141 exclusive franchise stores under the Guoying brand name and 16 non-exclusive franchise stores in rural markets in Anhui Province. China Electronics Holdings, Inc. was founded in 2002 and is based in Lu'an City, Anhui Province, of the People's Republic of China.
Forward Looking Statements
This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, including, without limitation, anything relating or referring to plans for future business development activities, and are thus prospective, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as "expect," "believe," and "should." Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-electronics-holdings-inc-otcqb-cehd-files-14c-for-name-change-to-china-crazy-buy-holdings-inc-300009960.html
SOURCE China Electronics Holdings, Inc.