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Ever-Glory International 10-to-1 Reverse Stock Split Becomes Effective

Add: 2007   Update: 2009/03/21

NANJING, China, Dec. 3 /Xinhua-PRNewswire-FirstCall/ -- Ever-Glory International Group, Inc. (OTC Bulletin Board: EVGY) ('Ever-Glory,' the 'Company'), a leading apparel manufacturer in the People's Republic of China ('PRC'), announced its 10-to-1 reverse stock split is now effective.

The 10-to-1 reverse stock split automatically converts 10 shares of the Company's common stock into one share of common stock and affects all shares of the Company's common stock issued and outstanding at the close of business on the record date of November 20, 2007. In conjunction with the reverse split, Ever-Glory's common stock symbol has changed from EGLY to EVGY, and shares are now trading on a split-adjusted basis. With the reverse split now effective, approximately 11.4 million shares are now outstanding.

'The board of directors approved the reverse split in order to better position our company to apply for listing on a major exchange,' said Mr. Yihua Kang, Chief Executive Officer of Ever-Glory. 'We believe the reverse split will help to attract even greater investor interest in our stock.'

About Ever-Glory International Group, Inc.

Ever-Glory International Group (OTC Bulletin Board: EVGY) is a U.S. publicly-traded company engaged in international garment manufacturing for well-known middle- to high-grade casual, outer, and sportswear brands. The company's U.S. headquarters is based in Los Angeles, CA, although Ever-Glory also has three subsidiaries, Goldenway Nanjing Garments Co. Ltd., Nanjing New- Tailun Garments Co, Ltd. and Nanjing Catch-Luck Garments Co., Ltd. Ever-Glory has strategic business partners in countries including China, Europe and the U.S. The Company cooperates with well-respected garment retailer chains such as Itochu, Shinko, Debenhams, Next, C&A, Itoyokado and others in handling high- and middle-grade casual wear and sportswear. The company entered into production and sales cooperation agreements with a number of internationally famous brands such as Matalan, Eddie Bauer, Best-Seller, BB Dakota and others. Ever-Glory employs more than 2,000 people. At present, the market distribution is segmented as 15 % in Japan, 54% in Europe, 27 % in United States and 3% in China. For more information about Ever-Glory International Group, please visit: http://www.everglorygroup.com .

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding the following: the reverse stock split and the impact and effects of the reverse stock split. These statements are subject to risks and uncertainties that may cause actual results and events to differ materially. A detailed discussion of other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Ever-Glory's most recent filings with the Securities and Exchange Commission. Ever-Glory undertakes no obligation to update forward- looking statements to reflect events or circumstances occurring after the date of this press release.

SOURCE Ever-Glory International Group, Inc.

Source: PR Newswire (December 3, 2007 - 9:02 AM EST)

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