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Bio-Bridge Science, Inc. Signs an Equity Sale and Purchase Agreement with Xinheng Baide Biotechnology Co. Ltd.



5/1/2008 8:41:10 AM

OAK BROOK, Ill.--(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. has entered into a sale and purchase agreement (the "Agreement") with 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 has agreed to purchase newly issued shares of Seller. After the equity issuance, BGES shall control 51% of the outstanding capital stock of the Seller for a total cash purchase price of RMB 6 million (approximately US$ 865,000). The source of the cash to be used for subscribing to the new shares issued by the Seller will be from working capital of BGES. 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. The sale and purchase agreement and related documents are subject to Chinese governmental approval. BGES expects to close the deal at the end of May 2008.

Read at BioSpace.com


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