Stratabid.com, Inc. Announces Name Change to Bodisen Biotech, Inc., Stock Symbol Change to BBOI and Stock Dividend
FRIDAY , FEBRUARY 27, 2004 12:27 PM
NEW YORK, Feb 27, 2004 (BUSINESS WIRE) -- Stratabid.com, Inc., a Delaware corporation announced today that it declared a stock dividend of three shares on each share of its common stock outstanding. The stock dividend is payable on March 3, 2004 to all record holders on February 27, 2004. The company also announced that its name has been changed to Bodisen Biotech, Inc. effective as of March 1. The company's new ticker symbol is BBOI, and trading under the new symbol will begin on March 1.
The company recently entered into a merger agreement with privately held Bodisen International, Inc., a Delaware corporation, which is the parent corporation of Yang Ling Bodisen Biology Science and Technology Development Company, a company organized under the laws of the People's Republic of China. 3,000,000 shares of the company were issued to the shareholders of Bodisen International in accordance with the merger agreement prior to the issuance of the stock dividend. The stock dividend, name change and symbol change have been done in accordance with the merger agreement.
For the year ended December 31, 2003, Bodisen had U.S. GAAP audited revenue of $9,783,784 and net income of $1,970,361. As of December 31, 2003, the company had stockholders' equity of $8,367,574. Bodisen is a leading manufacturer and marketer of environmentally friendly organic fertilizers in China. The company is located in Shaanxi, China, an agriculturally oriented province in China, and markets its products throughout China via approximately 500 distribution centers. The company has a number of proprietary product lines from pesticides to crop specific, organic fertilizers for consumer and industrial use. Its products enjoy brand recognition and a price premium over its competitor's brands.
Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
SOURCE: Bodisen Biotech, Inc.
CONTACT: Bodisen Biotech Inc.
Qiong Wang, 86-29-87074958
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