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Axm Pharma, Inc. (AXJ) Enters Into Agreement To Acquire Controlling Interest In Leading Chinese Pharmaceutical Distributor
5/16/2006 12:43:51 PM
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--May 16, 2006--AXM Pharma, Inc. (AMEX: AXJ - News), a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, announced today that it has entered into an Equity Interest Transfer Agreement, under which it will to acquire 51% interest of Liaoning Ming Cheng Medical & Pharmaceutical Co., Ltd. ("Ming Cheng") in exchange for 3.7 million shares of AXM Pharma's common stock. Founded in 2000, Ming Cheng is a leading distributor of pharmaceutical and other medical products in China. Ming Cheng's 2005 revenue was $44 million and the company was profitable. It expects to increases 2006 sales by approximately 15%. The acquisition is expected to close on or before June 30, 2006. Upon completion of the transaction, AXM will consolidate the results of Ming Cheng for financial reporting purposes.
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