Bio Bridge Science (CE) (USOTC:BGES)
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Bio-Bridge Science, Inc. (OTCBB:BGES), a biotechnology company engaged
in the commercial development of vaccines for the prevention and
treatment of human infectious diseases announced today that its
wholly-owned subsidiary, Bio-Bridge Science (HK) Co., Ltd. has entered
into a sale and purchase agreement (the "Agreement") with Xinheng Baide
Biotechnology Co. Ltd. (the “Seller”
or “Xinheng Baide”),
a serum manufacturing company organized under the laws of the PRC,
pursuant to which BGES has agreed to purchase newly issued shares of
Seller. After the equity issuance, BGES shall control 51% of the
outstanding capital stock of the Seller for a total cash purchase price
of RMB 6 million (approximately US$ 865,000). The source of the cash to
be used for subscribing to the new shares issued by the Seller will be
from working capital of BGES. Xinheng Baide, located in the city of
Huhhot in Inner Mongolia of the People’s
Republic of China, manufactures and distributes bovine serum and other
related products primarily in China. Bovine serum is used in vaccine
production as well as scientific research. The sale and purchase
agreement and related documents are subject to Chinese governmental
approval. BGES expects to close the deal at the end of May 2008.
Dr. Liang Qiao, Chairman and CEO of Bio-Bridge said, “We
are happy to see the execution of the sale and purchase agreement
between Xinheng Baide and Bio-Bridge. I expect Xinheng Baide to grow
significantly in the future from the synergies of both parties as well
as the expected increase in the demand for serum in China. Xinheng Baide
will fit into our strategic plan by providing a potential steady, while
growing, source of revenues to us, as well as providing a new
distribution channel for our products. I believe the cooperation will be
beneficial for both parties.”
This press release contains forward-looking statements. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and
other statements that are other than statements of historical facts.
These statements are subject to uncertainties and risks including, but
not limited to, product and service demand and acceptance, changes in
technology, economic conditions, the impact of competition and pricing,
government regulation, and other risks defined in this document and in
statements filed from time to time with the Securities and Exchange
Commission. All such forward-looking statements, whether written or
oral, and whether made by or on behalf of the company, are expressly
qualified by these cautionary statements and any other cautionary
statements which may accompany the forward-looking statements. In
addition, the company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after the
date hereof. Please refer to the Company's SEC filings for additional
information.