Bio-Bridge Science Completes Acquisition of Xinheng Baide Biotechnology Co. Ltd.
01 August 2008 - 12:01AM
Business Wire
Bio-Bridge Science, Inc. (OTCBB:BGES), a biotechnology company
engaged in the commercial development of vaccines for the
prevention and treatment of human infectious diseases announced
today that its wholly-owned subsidiary, Bio-Bridge Science (HK)
Co., Ltd. closed the acquisition of 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
purchased newly issued shares of Seller. BGES now controls 51% of
the outstanding capital stock of the Seller. The total cash
purchase price for the shares is RMB 6 million (approximately US$
881,047). Xinheng Baide, located in the city of Huhhot in Inner
Mongolia of the People�s Republic 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. Subsequent to the closing today, audited
financials of Xinheng Baide will be filed with the Securities and
Exchange Commission within the time frame stipulated. �We are
pleased to see the completion of the acquisition of Xinheng Baide,�
said Dr. Liang Qiao, Chairman and CEO of Bio-Bridge Science. �We
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 fits 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. The acquisition of Xinheng Baide represents our
dedication to our strategic plan and to bringing value to our
shareholders.� This press release contains forward-looking
statements. 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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