RMGG... News!
News Release just in from Annette Fakaro at RMGG
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NEWS RELEASE
Rocky Mountain Ginseng, Inc.'s China Acquisition
OTCBB: RMGG
June 18, 1998
A closing date of July 31, 1998 has been agreed upon for RMGG's acquisition of the Chinese pharmaceutical company, Fuzhou Fujiang Drugs Co., Ltd.
RMGG estimates its' gross revenue in China to be in excess of $4,000,000 for the 12 months following the acquisition. It is estimated that $3,000,000 of the revenue will be derived from sales of both field run and graded American ginseng as well as from value-added ginseng products that RMGG will produce in their China facilities. The balance of revenues are expected from contracts to supply Biofarm, a European pharmaceutical company, with raw materials from China for their production plant located in Hungary.
Registration of RMGG's value added ginseng products is in various stages of progress in several European countries. Product has been shipped to two European countries to date. Gross revenues in excess of $500,000 are anticipated in 1999. Orders have also been shipped to the Philippines, Bangladesh and China.
RMGG is presently negotiating for the distribution of their products in the USA and Japan.
For further information and updates, please send us your e-mail address to rlbell@direct.ca.
The statements made in this news release may contain certain forward looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the results achieved by the Company.
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