China Biopharma Signed LOI to Acquire All the Interest of a Chinese Regional Pharmaceutical Distribution Company- Acquisition Would Bring $3 Million Additional Revenue in 2007
PRINCETON, N.J., June 12, 2007 /PRNewswire-FirstCall/ -- China Biopharma, Inc. announced that its China operation subsidiary, Hainan CITIC Biopharmaceutical Development Co., Ltd. ("HCBP") has signed a letter of intent to acquire 100% of the interest of Beijing Tiancheng Haixin Pharmaceutical Co., Ltd. ("BTHP"), a regional distribution company headquartered in Beijing, China. The company believes that the acquisition will expand CBPC's presence in the Northern region of China with BTHP's well established distribution licenses and logistic facilities. The acquisition would also add direct distribution channels into 175 hospitals in the region. Currently, the main customers of HCBP are local Chinese CDCs. This acquisition would bring $3 million additional revenue in 2007 and $6 million in 2008 into HCBP's current revenue source.
According to the letter of intent, HCBP would use its internal available resource to complete the acquisition. "We are very happy to see this acquisition could take place," said Peter Wang, CEO of China Biopharma, Inc. "It would significantly improve our current distribution platforms and widen our product lines in the near future."
About China Biopharma Inc.
China Biopharma Inc. is a fast-growing biopharmaceutical company based in China. Through its operating subsidiaries, the Company develops and distributes biopharmaceutical and pharmaceutical products throughout the world's most populated country, China. Products include human vaccines against influenza, hemorrhagic fever, and Japanese Encephalitis. Leveraging its investment and ownership of local Chinese biopharmaceutical companies, and partnerships with international biopharmaceutical companies, China Biopharma is building a highly-competitive platform for growth in China as well as new markets, including the U.S. and Europe. For more information, visit its website at http://www.chinabiopharma.net .
CONTACT: China Biopharma, Inc. Attn.: George Ji Tel: +1 (609) 651-8588 firstname.lastname@example.org
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Some of the statements here discuss future events and developments, including the Company's future business strategy and its ability to generate revenue, income and cash flow, and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements can generally be identified by words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," and similar expressions. These statements involve a high degree of risk and uncertainty that exists in the Company's operations and business environment and are subject to change based on various factors that could cause actual Company results, performance, plans, goals and objectives to differ materially from those contemplated or implied in these forward-looking statements. Actual results may be different from anticipated results for a number of reasons, including the Company's new and uncertain business model, uncertainty regarding acceptance of the Company's products and services and the Company's limited operating history.
China Biopharma, Inc.
CONTACT: George Ji of China Biopharma, Inc., +1-609-651-8588, email@example.com
Web site: http://www.chinabiopharma.com.cn/
Ticker Symbol: (NASDAQ-OTCBB:CBPC)
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Posted: June 2007