CELLULAR TELECOMMUNICATIONS INC. & TECHNOLOGIES SIGNS LETTER OF INTENT TO ACQUIRE CHINA BIOMEDICAL INC.NEW YORK--(BUSINESS WIRE)--Feb. 22, 1995--Cellular Telecommunications & Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Bulletin Board:CTLT CTLT Cadet Troop Leader Training (Army ROTC) CTLT Center for Teaching and Learning and Technology ) today announced that it has signed a Letter of Intent to acquire all of the issued and outstanding stock of C.B. Marketing & Investment Limited aka China Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Inc. in exchange for 2,700,000 shares of CTLT. The net result will be a change in control of CTLT. As part of the conditions of closing, CTLT effect a 1 for 2 reverse split of its common stock prior to closing. Part of the agreement and plan of reorganization would require CTLT's directors to resign and China biomedical's designees would be elected. Such transactions are subject to shareholder vote; but members of CTLT holding in excess of 50% of the issued and outstanding shares of CTLT have indicated their intention to vote in favor of such a proposal. China Biomedical Inc. (CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. ) is a diverse European Biomedical company. CBI has established the first specialist medical market research company in Mainland China, potentially the largest pharmaceutical market in the world. Richard Poulden, chairman of CBI said, "The Chinese economy is growing at 10% while the Healthcare sector is growing at nearly 25% per annum Per annum Yearly. in the major cities." The company is just completing a multi-client study providing an overview of the healthcare market in China. Both Smith Kline Beecham and Glaxo have signed up as customers for the study. CBI has also established a company to manufacture and market in China, a revolutionary new intra uterine device (IUD IUD Definition An IUD is an intrauterine device made of plastic and/or copper that is inserted into the womb (uterus) by way of the vaginal canal. One type releases a hormone (progesterone), and is replaced each year. ) contraceptive, that is effective on women immediately after childbirth. Poulden, also said, "The total number of women of childbearing age is approximately 180 million, and at any one time almost all of these will be using some form of contraception, especially with China's policy of restricting its families to one child each." The product was developed and tested in Europe and China, in collaboration with the World Health Organization. CBI is a 75% partner in the IUD project, with the Chinese Government's Family Planning family planning Use of measures designed to regulate the number and spacing of children within a family, largely to curb population growth and ensure each family’s access to limited resources. Commission holding a 25% stake. CONTACT: Cellular Telecommunications & Technologies, Inc. Adam C. Schild, 516/420-5600 |
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