XI'AN, China, Sept. 20 /Xinhua-PRNewswire-FirstCall/ -- Cyber Group Network Corporation, a publicly traded Nevada corporation (''CGPN'') has entered into a definitive agreement to acquire Skystar Bio-Pharmaceutical Company Co., Ltd., a Cayman Islands Company ("Skystar").
The CGPN Preferred Shares issued to Skystar shall be convertible, in the aggregate, into a number of shares of CGPN common stock that would equal to 89.5% of total outstanding shares of CGPN common stock, if the CGPN Shares were to be full converted at the time of completion.
Skystar is mainly owned by the shareholders of Xian Tianxing Bio-Pharmaceutical Co., Ltd. (hereafter ''Xian Tianxing''), a Chinese company located in Xi'an China, which was established in July 1997. Skystar will enter into a set of agreements with Xian Tianxing to manage all of Xian Tianxing's businesses and to control Xian Tianxing.
After 8 years of research and development, Xian Tianxing is now a high-tech bio-pharmaceutical enterprise, engaged in research, development, and production of bio-pharmaceutical products. Xian Tianxing's principal products comprise of veterinary drugs, fodder additive, microorganism preparation products and it has a veterinary bio-pharmaceutical research and development center located in Xi'an, China.
Mr. Weibing Lu, Chairman and CEO of Xian Tianxing and Skystar, and will be the Chairman and CEO of CGPN, upon closing, is confident about the future development of CGPN, ''I believe that our Chinese company will become one of the largest veterinary bio-pharmaceutical companies in Northwest China, and CGPN will be a fast growing company in the veterinary bio-pharmaceutical industry.''
Safe Harbor Act Notice
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Some of these include, but are not limited to, the successful closing of the acquisition of Skystar by CGPN, political occurrences and events in China, the economy of China, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements. CGPN and Skystar undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks described in other documents CGPN files from time to time with the Securities and Exchange Commission.
Skystar Bio-Pharmaceutical Company LimitedCONTACT: Mr. Steve Zhu, the attorney of Skystar, +86-1381-826-8633, or+852-29198929
