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OUG Holdings Have Shokuryu as Wholly Owned Subsidiary

September 24, 2008

OUG Holdings (OUGH) reached a decision to have Shokuryu join the company as a wholly owned subsidiary; a share exchange contract was concluded between the two companies on September 19, 2008.

The stock swap contract will be executed on November 1, 2008. This share exchange will allow Shokuryu, a consolidated subsidiary, to become a wholly owned subsidiary of OUGH. The stock exchange ratio of Shokuyu per common share is equal to 1.5 common shares of OUGH.

OUGH states: “the stock swap will cause little impact on consolidated performance.”

Original article publish on September 24, 2008

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