Axm (AMEX:AXJ)
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From Oct 2019 to Oct 2024
AXM Pharma, Inc. (AMEX:AXJ), a manufacturer of
proprietary and generic pharmaceutical and nutraceutical products for
the Chinese and other Asian markets, announced today that it received
notification from the Shenyang Municipal Government that it has been
approved for a 10 million RMB grant, worth approximately $1.2 million.
The proceeds are expected to be available to the Company in three to
five months. The proceeds are expected to be used to expand existing
operations as well as for working capital and other general corporate
purposes.
"We are pleased that the Shenyang Municipal Government has
recognized the important role that our operations play in the local
economy by granting us this funding," said Wang Weishi, CEO of the
Company. "This funding will be useful in allowing us to secure
additional capital and will allow us to meet near-term capital
requirements. We believe that the market opportunity for our
innovative pharmaceutical products is substantial. We are working
diligently to ensure that the Company is able to realize this
potential."
About AXM Pharma, Inc.
AXM Pharma, Inc., through its wholly owned subsidiary, AXM Pharma
Shenyang, Inc. ("AXM Shenyang"), is a manufacturer of proprietary and
generic pharmaceutical products, which include injectables, capsules,
tablets, liquids and medicated skin products for export and domestic
Chinese sales. AXM Shenyang is located in the City of Shenyang, in the
Province of Liaoning, China. AXM Shenyang has an operating history of
approximately 10 years. For additional information on AXM Pharma Inc.,
please visit http://www.axmpharma.com
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this news release
include certain predictions and projections that may be considered
forward-looking statements under securities law, including the
statements regarding the Company's opportunities for future growth.
These statements involve a number of important risks and uncertainties
that could cause actual results to differ materially including, but
not limited to, the performance of joint venture partners, obtaining
regulatory approvals to market the Company's products, the
uncertainties associated with distributing products in a developing
country such as China, the availability of cash to meet near term
requirements as well as other economic, competitive and technological
factors involving the Company's operations, markets, services,
products and prices. With respect to AXM, except for the historical
information contained herein, the matters discussed in this news
release are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. Potential risks and
uncertainties include, but are not limited to, AXM's extremely limited
operating history, uncertainties related to the Company's access to
additional capital, competition and dependence on key management.