SHANGHAI, CHINA--(MARKET WIRE)--Aug 9, 2007 -- Sinobiomed Inc. (“Sinobiomed”, or “the Company”) (OTC BB:SOBM.OB - News) is pleased to announce that its 82% owned subsidiary, Shanghai Wanxing Bio-pharmaceuticals Co., Ltd. (“Shanghai Wanxing”), signed a formal Equity Transfer Contract on August 6, 2007 with the equity owners of Suzhou Boai Medical Development Company (“Suzhou Boai”) to acquire a 90% interest in Suzhou Boai, a pharmaceutical distribution firm.
