JILIN, China, May 18 /Xinhua-PRNewswire/ -- Global Pharmatech, Inc. , a company develops, manufactures and markets proprietary drugs and nutritional supplements that are based on modernized Chinese medicine and bio-pharmacy, announced that, on April 28, 2006, it has completed the sale of 5,000,000 shares of the company’s common stock to Mr. Z.Y. Zhang, a single, non-U.S. and unaffiliated investor for gross proceeds of $5 million. Proceeds from the financing will be used to provide the Company with additional working capital to expand its R&D facilities and further develop distribution channels in China. Westminster securities Corporation acted as placement advisor for this transaction.
Dr. Xiaobo Sun, President and CEO of Global Pharmatech commented: ''We welcome the investment to our company. After Mr. Zhang visited our facility and conducted a thorough two-month due diligence, he was pleased with this investment opportunity. With the additional capital, we will be able to strengthen our R&D capabilities and build up a stronger distribution network in the fast growing pharmaceutical market in China.’'
About Global Pharmatech
Global Pharmatech, through its subsidiaries, develops, manufactures and markets proprietary drugs that are based on Traditional Chinese Medicine using modern facilities and advanced R&D technologies. The company offers a full range of start-to-finish biotech services, from research and testing to manufacture and sale of liquid and solid dose products. The Company employs unique proprietary extraction methods and also licenses patents and technologies for botanical/biological drug products. Global Pharmatech’s operations are currently based in the People’s Republic of China with sales distribution centers in China, Malaysia, Singapore and Indonesia. For more information, please visit http://www.global-pharmatech.com
About Westminster Securities Corporation
Westminster Securities Corporation, headquartered in New York City, was founded in 1971. It provides comprehensive financial services for a large number of individual and institutional clients. For more information, please visit http://www.westminstersecurities.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the ''safe harbor’’ provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including our ability to successfully develop and commercialize products, competitive products in our key markets, changes in consumer demand for our products, legislative, regulatory and competitive developments and general economic conditions. Our SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
For more information, please contact: Zhuojun Li Investor Relations Global Pharmatech, Inc. Tel: +1-888-846-4257 Email: zhuojunli@global-pharmatech.com
Global Pharmatech
CONTACT: Zhuojun Li, Investor Relations of Global Pharmatech, Inc.,+1-888-846-4257 or zhuojunli@global-pharmatech.com
