CHATSWORTH, Calif.–(BUSINESS WIRE)–CandleWealth International, Inc. (Pink Sheets:CWNN), announced today its corporate restructuring plans that include a new company name, a reverse split of its common stock and the creation of a holding company structure for its operations. These corporate restructuring plans are specifically as follows:
Effective June 15, 2007 the companyâ€™s new name is Promethean Corp. and a one (1) for five (5) reverse stock split of the companyâ€™s common stock will take effect. The record date for the reverse stock split is June 8, 2007.
Also on June 15, 2007, the companyâ€™s structure will change whereby all of the companyâ€™s operations will be transferred to a newly created wholly owned subsidiary and Promethean Corp. will be the publicly traded holding company for that subsidiary. The new subsidiary will be named CandleWealth International, Inc.
The companyâ€™s board of directors believes these changes will create a more rational capital structure for the Company, which in turn, will enable the company to raise additional capital and facilitate the Companyâ€™s strategy to grow and diversify its operations beyond the current CandleWealth International, Inc. operations.
The Company expects its CWNN trading symbol to change as a result of these transactions, and the Company intends to make an immediate press release once its new trading symbol has been confirmed.
About CandleWealth International, Inc.
CandleWealth is a direct seller of natural, soy-based candle wax, candle making supplies and other related products. Its home-based independent distributors make and sell these candles as well as build teams of other candle makers who do the same. Soy wax is a cleaner alternative to petroleum-based paraffin wax, burning cooler and longer, without the residues inherent in paraffin wax smoke. CandleWealth’s success will be driven by the zeal and excitement of its distributors in spreading the benefits of natural wax and Candlewealth’s other innovative products.
Safe Harbor Statement
Some of the information presented in this letter constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the company’s judgment regarding future events, and are based on currently available information. Although the company believes it has a reasonable basis for these forward-looking statements, the company cannot guarantee their accuracy and actual results may differ materially from those the company anticipated due to a number of known and unknown uncertainties, of which the company is not aware. Factors which could cause actual results to differ from expectations include, among others, the company’s historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry.