Axm Pharma, Inc. (AXJ) Announces Acquisition Of Leading Chinese Research Institute
2/5/2007 1:12:14 PM
DIAMOND BAR, Calif.--(BUSINESS WIRE)--AXM Pharma Inc. (OTC: AXMP) a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, announced today that its wholly-owned subsidiary AXM Shengyang entered into an Acquisition Restructure and Technology Transfer Agreement (the "Agreement") with Beijing Yuhuatang Biological Sci-Tech Development Co., Ltd. ("Yuhuatang"), a leading Chinese research institute. Pursuant to the Agreement, AXM will issue approximately 4.5 million shares of the Company's common stock and RMB 1 million to Yuhuatang in exchange for all the common stock and technology of Yuhuatang. Yuhuatang will become a wholly owned subsidiary of AXM. The Company believes that the Agreement will allow it to expand its product lines. The technology of Yuhuatang was granted innovative funds for Small and Medium Enterprises from State Science and Technology Ministry.
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