EVCI CAREER COLLEGES HOLDING CORP. (EVCI) PROVIDES SHAREHOLDER UPDATE AND ANNOUNCES CHANGE OF CONTROL

Rhea-AI Summary

EVCI Career Colleges Holding Corp. (OTC: EVCI) has completed a change of control with Zhejiang Dashang Media Co., Ltd., acquiring voting control through preferred shares from Synergy Management. Following this transition, Wei Li becomes Chairman and President, while Yingying Li takes on the role of CFO. The company is shifting its business model to focus on technology and plans to submit a name and symbol change to FINRA. EVCI aims to enhance shareholder value without pursuing a reverse split as part of its growth strategy.

Positive

• Change of control with Zhejiang Dashang Media Co., Ltd. indicates strategic partnership.
• Shift to technology sector may drive future growth.
• Appointment of experienced management from Dashang could enhance corporate leadership.
• Plans to update investors on growth strategy to potentially create shareholder value.

Negative

• No specific revenue or financial metrics provided to assess immediate impact.
• Benjamin Berry's resignation could indicate instability within the management team.

Sheridan, WY, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Publicly-held EVCI Career Colleges Holding Corp. (OTC: EVCI) announces the completion of a change of control with Zhejiang Dashang Media Co., Ltd. in which Zhejiang Dashang Media Co., Ltd. acquired voting control in a private transaction through all outstanding classes of preferred shares from Synergy Management and confirmation of EVCI’s business model shift to the Technology sector. As part of the transaction Wei Li was appointed as Chairman of the Board and President and Yingying Li was appointed Chief Financial Officer. As part of the transaction Benjamin Berry resigned all positions with the company.

“The focus and strategy going forward in the coming weeks will be to update OTC Markets, the Colorado Secretary of State, and company’s transfer agent” stated Wei Li, Chairman. “Once these obligatory items are finished, we have plans to update investors on our growth and strategy plan that I believe will help to add shareholder value”.

EVCI Career Colleges Holding Corp. is underway compiling the initial change of control information needed. The company also plans to submit a name and symbol change to FINRA in the coming weeks. The company has no plans for a reverse split and hopes to add shareholder value with their strategy for growth.

About Zhejiang Dashang Media Co., Ltd.  

Zhejiang Dashang Media Co., Ltd. (“Dashang”) focuses on the research and development and operation of short video social products in the 5G era. " Dashang Short Video" developed and operated by Dashang is a short video application that integrates short video recording, publishing, sharing and other functions. Dashang's management team members are all from first-tier companies such as Alibaba Group and Microsoft.

As a professional short video platform, Dashang uses advanced artificial intelligence technology and big data technology to realize efficient and intelligent distribution of high-quality short video content while encouraging users to create and watch short video content and realize profit through advertising revenue. In the business ecosystem centered on high-quality content and accurate advertising, the Internet celebrity anchors have increased the attention of fans, the merchants have increased the sales of their products, the brand has expanded its popularity, and users have gained benefits while enjoying leisure and entertainment, which is also reflected in the rewards. It is a business model that achieves a win-win situation for all parties in a dynamic balance.

Website: http://web.tokshine.com/

Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although EVCI Career Colleges Holding Corp. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, EVCI Career Colleges Holding Corp. is unable to give any assurance that its expectations will be attained. Factors or events that could cause our actual results to differ may emerge, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:
Alvin Wang
Investor Relations
awang@focalpointchina.com

FAQ

What is the recent change in EVCI's management structure?

EVCI Career Colleges Holding Corp. has appointed Wei Li as Chairman and President, and Yingying Li as CFO following a change of control with Zhejiang Dashang Media Co., Ltd.

How will EVCI's business model change after the acquisition?

EVCI is shifting its focus to the technology sector, particularly in short video social products, aiming to enhance growth.

Are there plans for a reverse stock split for EVCI?

EVCI has confirmed that there are no plans for a reverse split.

What steps will EVCI take following the change of control?

EVCI plans to update OTC Markets and the Colorado Secretary of State, and also intends to submit a name and symbol change to FINRA.