03:35 PM EST - Yalian Steel Corporation : announced that it has completed its previously announced agreement with Jiangsu Tongyu Steel Pipe Group Co., Ltd. whereby Tongyu agreed to withdraw its original paid-in capital of $5.7 million U.S. and relinquish its 15% equity interest in Yangzhou Yalian Steel Pipe Co. Ltd. a subsidiary of Yalian that owns all the assets of the Company's facility in Yangzhou, Jiangsu Province, China. In addition, the Company has received its business license reflecting the change in ownership. With the receipt of the license and completion of the agreement, Yalian now owns 100%, and has full operational control, of Yangzhou Yalian. Under a separate transaction, Tongyu has subscribed for 5,700,000 common shares of Yalian at a price of $1.00 U.S. ($1.21) per share in a private placement. Yalian Steel Corporation
shares V.YL are trading even at $1.99.
