Huayang International Holdings, Inc. Rescinds Acquisition of Jiahe Medicine Group.Business Editors/Real Estate Writers/Health/Medical Writers SHENYANG, China--(BUSINESS WIRE)--April 11, 2003 Huayang International Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : HIHI), announced today it has rescinded the acquisition of Jiahe Medicine Group (Jiahe) and cancelled the 1,900,000 restricted shares of HIHI's common stock issued in connection with the acquisition. In September 2002, HIHI reached an agreement with a third party, a citizen and resident of China, to acquire a 100% interest Jiahe, a pharmaceutical company organized in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, in exchange for 1,900,000 restricted shares of HIHI's common stock. The agreement requires the third party to satisfy certain contingencies prior to December 31, 2002. In March 2003, the Company decided to rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. the agreement on the ground that Jiahe did not satisfy certain outstanding contingencies. On April 2, 2003, all of the 1,900,000 shares were returned to and cancelled by the Company. ABOUT HUAYANG INTERNATIONAL HOLDINGS, INC. Organized in Nevada, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Huayang International Holdings, Inc. is a real estate development company operated in China. In addition to real estate development, the Company also seeks to invest in biotechnology, tele-medicine and other high growth sectors in China. The Company is committed to leverage its management, technology and market expertise to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the rapid growth of the Chinese market. For more information about the company, please visit http://www.hihi.us "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. " CAUTIONARY STATEMENT This press release contains "forward-looking statements" regarding future business opportunities and activities. Such forward-looking information involves important risks and uncertainties that could significantly affect future results. These risks and uncertainties include, but are not limited to, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc economic, political, legal and social conditions in the People's Republic of China, dependence upon key management personnel, competition, material factors relating to the operations of the business, and domestic and global general economic conditions. |
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