Shale Oil International, Inc. Announces Successful Merger and Name Change to Pacific Conquest Holdings, Inc.
Shale Oil International (OTC: PCHK) today announced that the company has successfully merged with Conquest Resources Ltd., a Hong Kong company specializing in the farming, processing, R&D, and sales of castor oil derivative products. The company has officially changed its name to Pacific Conquest Holdings, Inc.
On January 23, 2019, the Board of Directors of the Shale Oil International resolved to effect:
- a reverse stock split of the common and Series A preferred shares of stock on the basis of 1 share for each 50 shares issued, rounding to a minimum of 100 common shares per shareholder,
- a name change to Pacific Conquest Holdings Inc., and
- an increase in the number of authorized shares of the common stock of the Issuer to 1,000,000,000 shares of common stock, par value $0.0001 and 50,000,000 shares of Preferred stock, par value $0.0001.
On February 18, 2019, Shale Oil entered into a Share Exchange Agreement with Conquest Resources Ltd. (“Conquest”) whereby Shale Oil would acquire 100% of the shares of stock of Conquest, its business and assets in exchange for 42,100,000 post-split shares of Shale Oil’s common stock.
On March 4, 2019, Shale Oil filed the name change and the increase in authorized capital with the State of Nevada.
On June 17, 2019, Shale Oil received approval from FINRA for the stock split.
About Pacific Conquest Holdings, Inc.
Pacific Conquest Holdings, Inc. (“Conquest”) is an integrated agribusiness specializing in the farming, processing, R&D, and sales of castor oil derivative products. The company, based in Hong Kong, operates plantations in Xinjiang, China and, due to strong demand growth for its products, is expecting aggressive expansion into other provinces in China as well as ASEAN and African countries. Conquest operates approximately 7,400 acres (3000 hectares) of castor plantation for castor oil extraction. Conquest is laying its strategic plans to become China’s largest castor oil producer.
About Castor Oil
Castor oil and its derivatives have vast and varied applications in manufacturing of consumer and industrial products such as pharmaceuticals, skin care products, lubricants, and plastics. Castor oil is unique in that it has no synthetic substitute. Castor is one of the world’s top ten oil-seed crops and is highly competitive in the agriculture commodities environment. According to Radiant Insights, Inc., a global market research firm, castor oil and its derivatives markets may be worth over US$1.8 billion by 2020.
Safe Harbor Statement: Except for historical information contained herein, the statements in this news release are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company’s actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectation.