Hubei Minkang Pharmaceutical Co., Ltd. Signs an MOU with Henan Wanlong Pharmaceutical
29 Febrero 2012 - 1:18PM
Marketwired
Hubei Minkang Pharmaceutical Ltd. (OTCBB:HBMK) ("Hubei Minkang" or
the "Company") is pleased to announce that its Chinese subsidiary,
Hubei Minkang Pharmaceutical Co., Ltd. ("Hubei PRC") has recently
signed a Memorandum of Understanding with Henan Wanlong
Pharmaceutical Co., Ltd. ("Henan Wanlong") of Zhengzhou, Henan,
China with respect to a proposal for Hubei PRC to acquire 51% of
Henan Wanlong to expand distribution and increase sales growth.
The proposed transaction with Henan Wanlong would result in the
Company indirectly acquiring 51% of Henan Wanlong through a share
exchange, a modest capital injection by the Company into Henan
Wanlong to support business expansion and provide the Company with
access to Henan Wanlong's extensive sales network allowing for
wider distribution of Hubei Minkang's products to generate
substantial sales growth.
Henan Wanlong is a sales distribution company focused on
supplying injection drugs to hospitals throughout China. Current
turnover is estimated at RMB 700 million to 800 million (US $111
million to $127 million). For the past five years, Henan Wanlong
has been the sole distributor for Hubei Minkang's flagship drug,
Yinxing Damo Zhusheye. The contract was recently renewed for
another three years.
According to Hubei Minkang's President, CEO and Director, Lee
Tong Tai, the MOU with Henan Wanlong is another key step in Hubei
Minkang's ongoing strategic plan to expand its distribution network
throughout China.
"We know the market for injectable drugs is continuing to
expand," said Mr. Lee. "Collaborating with Henan Wanlong creates an
opportunity to access hospitals throughout China and take advantage
of that growth."
About Hubei Minkang
Hubei Minkang Pharmaceutical Co., Ltd. is a modern
pharmaceutical enterprise that produces and markets Traditional
Chinese Medicines and some chemical pharmaceuticals in China as
well as markets its products to the US, Japan, Canada, Singapore,
Malaysia, Thailand and Hong Kong among other countries. Hubei
Minkang's main facilities are located in Yichang, Hubei, China.
FORWARD-LOOKING STATEMENTS This news release may include
"forward-looking statements" regarding Hubei Minkang Pharmaceutical
Ltd., and its subsidiaries, business and project plans. Such
forward looking statements are within the meaning of Section 27A of
the Securities Act of 1933, as amended, and section 21E of the
United States Securities and Exchange Act of 1934, as amended, and
are intended to be covered by the safe harbor created by such
sections. Where Hubei Minkang Pharmaceutical Ltd. expresses or
implies an expectation or belief as to future events or results,
such expectation or belief is believed to have a reasonable basis.
However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results
to differ materially from future results expressed, projected or
implied by such forward-looking statements. Hubei Minkang
Pharmaceutical Ltd. does not undertake any obligation to update any
forward looking statement, except as required under applicable
law.
Contacts: Hubei Minkang Pharmaceutical Ltd. +65-6747-7883
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