August 9, 2010 - The board of directors of Dragonite International Limited is announced the Company will change its name from "Ruyan Group (Holdings) Limited" to "Dragonite International Limited", with three dragons representing the past, present, and future of the Company.
Prior to consolidation of the Company under the Ruyan banner in 2007, the Company was operating as a health care and pharmaceutical products company known as the Golden Dragon Group. The electronic cigarette business, including the SBT ("Substitute for Tobacco") group, which had been operating as an affiliate of Golden Dragon, was then consolidated into the listed company and the name was changed to "Ruyan Group (Holdings) Limited" in November 2007 with three major business divisions: health care, pharmaceutical and electronic cigarettes.
The new English and Chinese names symbolize the rebirth of the Company as provided by the capital restructuring program under way now for more than three months. Prior to restructuring earlier this year, the Company had been burdened by approximately HK$183,000,000 in debt. As of this date, the Company is almost debt free and operating with a healthy cash flow. The Company is also planning to raise at least an additional HK$400 million in the forthcoming Capital Reorganization and Rights Issue as stated in the Company's public announcement dated 21 July, 2010 providing the opportunity for all shareholders to participate in the future growth of the Company.
Meanwhile, in the same press note, the company said that its patent application for the electronic atomization cigarette (commonly known as the electronic cigarette or e-cigarette) had been granted by the US Patent and Trademark Office (USPTO patent application number 10/587,707). The patent covers the company's core invention: all key components and the functionality of the electronic cigarette in respect of the battery, vaporization mechanism, activation switch, and flavor cartridge. Dragonite's core invention patent has already been granted in countries including all EU states, Russia and the former Soviet republics, China, Malaysia, Taiwan, India, Mexico, Singapore, and Israel.
"As the inventor of the electronic cigarette, product quality has always been our top priority,” said Wong Yin Sen, chairman of the company. “This patent approval will help eliminate inferior product imitations and ensure high quality and safe products in global markets.
Reference: Dragonite International Limited (Formerly Ruyan Group (Holdings) Limited) (Hong Kong Stock Code: 329) -- Change of Company Name and Capital Reorganization, SOURCE Dragonite International Limited, PRNewswire-Asia, 8/6/2010.
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