Company to Acquire Controlling Interest in Zhejiang University Pharmaceutical, Co., Ltd. and Concurrently Spin out Its Subsidiary E-Trend Networks, Inc. on a 1-for-1 Basis
LOS ANGELES--(BUSINESS WIRE)--Feb. 26, 2004-- Wilmington Rexford, Inc. (OTCBB:WREXE - News) today announced that it completed its agreement with China Merchants DiChain Investment Holdings Limited to acquire a controlling interest in Zhejiang University Pharmaceutical, Co., Ltd. (“Zheda Pharmacy”) a company incorporated in China. The plan of reorganization consists of the spinout dividend of current subsidiary, E-Trend Networks, a 20-old-for-1-new-share reverse, name change and Zheda Pharmacy acquisition. The reorganized company, China Pharmaceuticals Corporation, will be positioned to become a leader in China’s fast-growing pharmaceutical industry.
Current company CEO and President, Garrett Krause, tendered his resignation and the company appointed Dr. Fan Di as the company’s new CEO and Mr. Aaron Zhu the company’s new executive director. Dr. Fan and Mr. Zhu will immediately take over the company’s Board of Directors and handle the adopted plan of reorganization and final acquisition, which is set to be competed by March 25, 2004.
About Wilmington Rexford / China Pharmaceutical Corporation
Wilmington Rexford, Inc. prior to this acquisition operated as a strategic venture development company that acquired and managed a portfolio of related businesses. Operating in a diverse set of business activities, Wilmington Rexford sought to make investments and or acquisitions that met its portfolio criteria, then pursue pre-defined strategies for liquidity designed to support the operating management and enhance the value of these companies. For additional information on this reorganization, please visit www.eAngels.com/ChinaPharmaceuticals
Statements in this release are made pursuant to the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties including, without limitation, continued acceptance of the Company’s services, increased levels of competition for the Company and dependence on the performance of the Management of the Company.
Contact:
Wilmington Rexford, Inc. China Pharmaceuticals Aaron Zhu, 818-591-1330 Fax: 818-591-1403
Source: Wilmington Rexford, Inc./China Pharmaceuticals
