Axm (AMEX:AXJ)
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From Jun 2019 to Jun 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 has
entered into an Equity Interest Transfer Agreement, under which it
will to acquire 51% interest of Liaoning Ming Cheng Medical &
Pharmaceutical Co., Ltd. ("Ming Cheng") in exchange for 3.7 million
shares of AXM Pharma's common stock. Founded in 2000, Ming Cheng is a
leading distributor of pharmaceutical and other medical products in
China. Ming Cheng's 2005 revenue was $44 million and the company was
profitable. It expects to increases 2006 sales by approximately 15%.
The acquisition is expected to close on or before June 30, 2006. Upon
completion of the transaction, AXM will consolidate the results of
Ming Cheng for financial reporting purposes.
"We are pleased that we were able to enter into an Equity Interest
Transfer Agreement with a leading distributor of pharmaceutical
products in China," said Wang Weishi, CEO of the Company. "With more
than 13,000 customers, Ming Cheng will allow us to market our
innovative pharmaceutical products to an expanded customer base."
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.