Bio-Bridge Science Signs an Equity Sale and Purchase Agreement with Xinheng Baide Biotechnology Co. Ltd.OAK BROOK, Ill. -- Bio-Bridge Science, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BGES BGES Belgian Group for Endoscopic Surgery ), a biotechnology company engaged in the commercial development of vaccines for the prevention and treatment of human infectious diseases infectious diseases: see communicable diseases. announced today that its wholly-owned subsidiary, Bio-Bridge Science (HK) Co., Ltd. has entered into a sale and purchase agreement (the "Agreement") with Xinheng Baide Biotechnology Co. Ltd. (the "Seller" or "Xinheng Baide"), a serum manufacturing company organized under the laws of the PRC, pursuant to which BGES has agreed to purchase newly issued shares of Seller. After the equity issuance In financial markets, an Equity Issuance is the sale of new equity or "stocks" by a firm to investors. Equity Issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to , BGES shall control 51% of the outstanding capital stock of the Seller for a total cash purchase price of RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 6 million (approximately US$ 865,000). The source of the cash to be used for subscribing to the new shares issued by the Seller will be from working capital of BGES. Xinheng Baide, located in the city of Huhhot in Inner Mongolia Inner Mongolia Chinese Nei Mongol or Nei-meng-ku Autonomous region (pop., 2002 est.: 23,790,000), China. Stretching some 1,800 mi (2,900 km) across north-northeastern China, it has an area of 454,600 sq mi (1,177,500 sq km); its capital is Hohhot. of the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, manufactures and distributes bovine serum and other related products primarily in China. Bovine serum is used in vaccine production as well as scientific research. The sale and purchase agreement and related documents are subject to Chinese governmental approval. BGES expects to close the deal at the end of May 2008. Dr. Liang Qiao, Chairman 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 Bio-Bridge said, "We are happy to see the execution of the sale and purchase agreement between Xinheng Baide and Bio-Bridge. I expect Xinheng Baide to grow significantly in the future from the synergies of both parties as well as the expected increase in the demand for serum in China. Xinheng Baide will fit into our strategic plan by providing a potential steady, while growing, source of revenues to us, as well as providing a new distribution channel for our products. I believe the cooperation will be beneficial for both parties." This press release contains 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. . Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Please refer to the Company's SEC filings for additional information. |
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