Altachem Pharma Ltd. To Purchase 75% Equity To Own 100% Of Hua Goa Pharmaceutical Pellet Core Company Located In Shanghai, China.Business Editors & Health/Medical Writers BIOWIRE2K EDMONTON, Alberta--(BW HealthWire)--June 20, 2002 Mr. Warren Jackson, President and 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 Altachem Pharma Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:AAF AAF abbr. Army Air Forces ), is pleased to announce the signing of an equity assignment contract to purchase the 75% ownership of Shanghai Hua Gao Pharmaceutical Pellet Core Co. Ltd. from our partners, Shanghai Jaingwan Industrial and Commercial Company. Upon receiving all the necessary approvals from the various Chinese authorities, Altachem Pharma Ltd. will own 100% of Shanghai Hua Gao Pharmaceutical Pellet Core Co. Ltd. (SHGP), which will be classified as a 100% foreign owned company in the Peoples Republic of China. The consideration for the 75% equity is $4,500,000 renminbis, which is equivalent to approximately $875,000 CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. . Currently, SHGP has approximately $1,100,000 CDN of depreciated Depreciated may refer to:
Mr. Jackson stated, "With China joining the World Trade Organization it creates a great opportunity for Altachem Pharma and our shareholders as well as the companies in China." Altachem Pharma Ltd. is a publicly traded (AAF: TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. ) Alberta-based pharmaceutical company committed to the development and commercialization of new pharmaceutical products to enrich and prolong the lives of people. The Corporation is developing a multi-tiered, integrated approach for the treatment of HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome and Cancer. The lead products of the Corporation are based on its two proprietary drugs: ACP- HIP and HB. The Corporation's manufacturing facility is certified compliant with internationally recognized quality systems standards, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002:1994, ISO 13488:1996 and EN 46002:1997. Certain information contained in this press release may be forward-looking and is subject to unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. This is neither an offer to buy or sell a security. For informational purposes only, from sources deemed to be reliable. "TSX Venture Exchange has neither approved nor disapproved of the information contained herein." |
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