AXM Pharma Completes Acquisition of Controlling Interest in Chinese Pharmaceutical Distributor.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- AXM AXM Astonishing X-Men (comic) AXM Authorized Cross Memory Pharma, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AXMP), a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, announced today that it has completed the acquisition of a 51% interest in Liaoning Ming Cheng Medical & Pharmaceutical Co., Ltd. ("Ming Cheng") through the issuance of 3.7 million shares of AXM Pharma's common stock. Founded in 2000, Ming Cheng is Zheng Yi (鄭一, pinyin: Zhèng Yī, Cantonese: Jihng Yāt; d. 1807, also romanised as Cheng I) was a pirate along the Chinese coast during the 18th century. Legend had it that he was a pederast. He captured Cheung Po Tsai at age 15 and made him his young lover. a distributor of pharmaceutical and other medical products in China. The acquisition closed on July 1, 2006. AXM will consolidate the results of Ming Cheng for financial reporting purposes beginning in the Company's third quarter. Founded in 2002, Ming Cheng is located in Shenyang, a key pharmaceutical distribution center in northeastern China, and is mainly engaged in the distribution of patented Chinese Medicines, antibiotics, biochemical medicines and healthcare products. Ming Cheng's sales are primarily in Beijing, Tianjin and the provinces of Hebei, Liaoning, Jilin and Heilongjiang. Ming Cheng distributes over 5,000 products and has exclusive distribution rights to approximately 100 products. The company has approximately 100 employees and sells to approximately 13,000 wholesalers and retail outlets. "We are pleased that we were able to complete the acquisition of a majority interest in Ming Cheng," said Wang Weishi, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AXM Pharma. "Ming Cheng's large customer will allow us to market our innovative pharmaceutical products to an expanded customer base. In addition, its broad range of innovative products, including many proprietary products, will allow us to penetrate new markets and further expand the customer base. We believe this transaction should enable the company to significantly increase revenue during the second half of the year, and improve its operating results." About AXM Pharma, Inc. AXM Pharma, Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , AXM Pharma Shenyang, Inc. ("AXM Shenyang"), is a manufacturer of proprietary and generic pharmaceutical products, which include injectables, capsules, tablets, liquids and medicated medicated /med·i·cat·ed/ (med´i-kat?id) imbued with a medicinal substance. medicated contains a medicinal substance. skin products for export and domestic Chinese sales. AXM Shenyang is located in the City of Shenyang, in the Province of Liaoning, China. AXM Shenyang has an operating history of approximately 10 years. For additional information on AXM Pharma Inc., please visit http://www.axmpharma.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under securities law, including the statements regarding the Company's opportunities for future growth. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, obtaining regulatory approvals to market the Company's products, the uncertainties associated with distributing products in a developing country such as China, the availability of cash to meet near term requirements as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices. With respect to AXM, except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, AXM's extremely limited operating history, uncertainties related to the Company's access to additional capital, competition and dependence on key management. |
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