Axm Pharma, Inc. Completes Acquisition Of Controlling Interest In Chinese Pharmaceutical Distributor
Published: Jul 06, 2006
NEW YORK--(BUSINESS WIRE)--July 6, 2006--AXM Pharma, Inc. (OTC: AXMP - News), a manufacturer of proprietary and generic pharmaceutical and nutraceutical products for the Chinese and other Asian markets, announced today that it has completed the acquisition of a 51% interest in Liaoning Ming Cheng Medical & Pharmaceutical Co., Ltd. ("Ming Cheng") through the issuance of 3.7 million shares of AXM Pharma's common stock. Founded in 2000, Ming Cheng is a distributor of pharmaceutical and other medical products in China. The acquisition closed on July 1, 2006. AXM will consolidate the results of Ming Cheng for financial reporting purposes beginning in the Company's third quarter.