HFGB .65 up .09..well, it looks like at least a few people looked into what is happening with this play and bot it. I have repeatedly stated that folks should look at their numbers and then buy...it's all there. Plus now this coming acq is going to contribute to the top and bottom lines....making the play all the more powerful--->
Shangqiu Kexin Rutin Processing Ltd. 09/09 07:31 CDT Huifeng Bio-Pharmaceutical Technology, Inc. Announces the Acquisition of Shangqiu Kexin Rutin Processing Ltd. XI'AN, China, Sept. 9 XI'AN, China, Sept. 9 /PRNewswire-Asia-FirstCall/ -- Huifeng Bio-Pharmaceutical Technology, Inc. (OTC Bulletin Board: HFGB) ("Huifeng" or the "Company"), specializing in developing and producing botanical extracts and other raw materials for pharmaceuticals and food additives, today announces a definitive agreement under which Huifeng will acquire 90% of the equity ownership of Shangqiu Kexin Rutin Processing Ltd. ("Kexin"), a local leading Rutin manufacturer in Henan Province, at a price of $1.75 million. As a result of the acquisition, Kexin will be a wholly-owned subsidiary of Huifeng
. According to the Acquisition Agreement, the Company will acquire 90% of the equity ownership of Kexin by issuing 2,300,000 restricted shares of the Company's common stock at the basis of $0.7 per share and paying $140,000 in cash to Kexin. The average annual net income of Kexin is expected to be $650,000 in the following three years.
"We are proud to include Kexin as part of the Huifeng family. Kexin has a strong reputation for crude rutin and some high quality rutin series products that deliver value to pharmaceuticals plants and healthcare professionals around the world," said Jing'an Wang, the Chief Executive Officer of Huifeng Bio-Pharmaceutical Technology, Inc. "The experience and technology of Kexin are critical to the development of our markets."
Mr. Wang continued, "With the addition of Kexin's diverse rutin products, Huifeng will be able to offer a full range of rutin series products to our customers, which will definitely leverage Huifeng's brand recognition as the largest Rutin producer in China and a prominent generic pharmaceutical company in many other markets. We believe Kexin will contribute to our long-term success."
Huifeng expects to complete the transaction within one month.
About Shangqiu Kexin Rutin Processing Ltd.
Shangqiu Kexin Rutin Processing Ltd. is a local leading Rutin manufacturer, based in Shangqiu City, Henan Province. Kexin is engaging in developing, manufacturing and distributing rutin series products, such as crude rutin and some high quality rutin series products.
About Huifeng Bio-Pharmaceutical Technology, Inc. Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. More information can be found on the company's web site at: hfgb.cn . Forward-Looking Statements |
