As the largest malt producer and one of the leading beer producers in Shandong Province, we benefit from economies of scale and a broader distribution network than our local competitors. Additionally, by internally producing the malt for our beer, we are able to keep costs low and offer attractive incentives to our beer distributors. Our malt is now distributed to breweries across three provinces, our beers are distributed by retailers in seven provinces, and we look forward to further expanding our footprint in the coming months and years. Lastly, as we further increase our capacity utilization we expect to benefit from significant operating leverage and thereby increase profitability as we continue to raise our production levels.
On November 23, 2010, holders of 97,413,559 shares of our common stock, constituting 76.8% of the our issued and outstanding shares of common stock, gave their written consent to a resolution adopted on November 23, 2010, by our Board of Directors, to amend and restate our Certificate of Incorporation by filing an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State so as to:
Change the name of our company from "Sabre Industrial, Inc." to "Tsingyuan Brewery Ltd." -- Effect a reverse split of our common stock in a ratio of not more than 1-for-8 and not less than 1-for-20, such ratio to be determined by our Board of Directors, in its sole discretion. -- Reduce the authorized shares of our common stock from 300,000,000 shares to 90,000,000 shares.
Despite approval of the Name Change, the Reverse Split and the Authorized Shares Reduction, our Board of Directors may, in its sole discretion, determine not to effect, and to abandon, any of such corporate actions without further action by our shareholders. On January 14, 2011, our Board of Directors determined to only effectuate the Name Change at that time. On January 18, 2011 we received an approval from the Financial Industry Regulatory Authority (FINRA) clearing our name change effective as of January 19, 2011. Concurrently with the name change, our trading symbol was changed from "SBRD" to "BEER".
As of the date of this report, no further action has been taken with respect to the Reverse Split or the Authorized Shares Reduction. However, in the future our Board of Directors, in its sole discretion, may decide to file another amendment to our Certificate of Incorporation to effectuate the Reverse Split and the Authorized Shares Reduction, without requiring further approval by our shareholders.