Hubei Minkang Pharmaceutical Ltd. Signs a MOU With Hubei Merryclin Pharmaceuticals
28 Marzo 2012 - 2:15PM
Marketwired
Hubei Minkang Pharmaceutical Ltd. ("Hubei Minkang" or the
"Company") (OTCBB:HBMK) is pleased to announce that it has recently
signed a Memorandum of Understanding with Hubei Merryclin
Pharmaceuticals Co., Ltd. ("Hubei Merryclin") of Hubei, China with
respect to a proposal for the Company to acquire a 30% to 51%
interest in Hubei Merryclin and gain use of GMP certified
production facilities to expand production.
MOU with Hubei Merryclin
The proposed transaction with Hubei Merryclin would provide the
Company with immediate use of production facilities that meet the
most stringent GMP standards enabling the Company to expand
production quickly. The Company would be able to acquire a 30% to
51% interest in Hubei Merryclin for a modest capital injection into
Hubei Merryclin. In exchange for use of the production facilities,
the Company would transfer several production permits held by the
Company's indirect subsidiary, Hubei Minkang Pharmaceutical Co.,
Ltd., to Hubei Merryclin. Chinese regulations require each
production facility to have a production permit for each product
produced.
The MOU with Hubei Merryclin is another key step in the
Company's strategic plan to increase production in order to expand
distribution throughout China, according to Hubei Minkang's
President, CEO and Director, Lee Tong Tai.
"This is a win-win for Hubei Minkang and Hubei Merryclin," Mr.
Lee said. "We obtain immediate new GMP production capacity, and
they receive valuable production permits. We both benefit from
Hubei Merryclin's strategic location for distribution."
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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