Jiangbo Pharmaceuticals Announced Amendment to the October 2009 Land Contract Eliminating Standard Investment Requirements
Date : 04/12/2010 @ 1:17PM
Source : PR Newswire
Stock : Jiangbo Pharms (BB) (JGBO)
Quote : 9.1 1.55 (20.53%) @ 1:40PM
Jiangbo Pharmaceuticals Announced Amendment to the October 2009 Land Contract Eliminating Standard Investment Requirements
Jiangbo Pharmaceuticals Announced Amendment to the October 2009 Land Contract Eliminating Standard Investment Requirements
PR Newswire
LAIYANG, China, April 12
LAIYANG, China, April 12 /PRNewswire-Asia-FirstCall/ --
Jiangbo
Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) (the "Company" or "Jiangbo"),
today announced that Laiyang Jiangbo Pharmaceuticals, Co., Ltd., the Company's
operating entity in China, has recently entered into an amended agreement with
the Land and Resources Bureau of Laiyang City to eliminate the investment
requirements on the contract for land use right transfer which was signed by
the two parties on October 27, 2009 ("the October 2009 Contract").
Pursuant to the October 2009 Contract, Jiangbo has purchased the right to
use a 385,800 square meter parcel of state-owned construction land for a
period of 50-years at a purchase price of RMB115,764,000 (approximately
US$16,983,000). The Company plans to build a new factory in this area for the
production of future new self-developed and acquired drugs. On March 31, 2010,
the October 2009 Contract was amended to eliminate the previous standard
requirements that (i) total investment shall be no less than RMB868,200,000
(approximately US$127,365,000 ); and (ii) the investment intensity shall be no
less than RMB3,000 per square meter. All the other provisions of the October
2009 Contract remain unaffected and in full force.
"We are happy to announce the elimination of the investment requirements
in the October 2009 Contract and appreciate the support of the Land and
Resources Bureau of Laiyang City for Jiangbo's future plans in the region. The
amended terms provide the Company with much more financial flexibility in our
construction and investment plans, as well as reduce our over all capital
expenditure commitment in the coming years," commented Mr. Wubo Cao, the
Company's Chief Executive Officer. "Planning for the new land is underway and
we look forward to providing an update in the coming quarters."
About Jiangbo Pharmaceuticals, Inc.
Jiangbo Pharmaceuticals is engaged in the research, development,
production, marketing and sales of pharmaceutical products in China. The
Company's operations are located in Eastern China in an Economic Development
Zone in Laiyang City, Shandong Province. Jiangbo produces both western and
Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and
electuary (sticky syrup) form. For additional information, please visit the
Company's website ( http://www.jiangbopharma.com ).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause the
Company's actual results and financial position to differ materially from
those included within the forward-looking statements. Forward-looking
statements involve risks and uncertainties. Actual results may differ
materially from anticipated or predicted results, and reported results should
not be considered as an indication of future performance. The potential risks
and uncertainties include, among others, the Company's ability to obtain raw
materials needed in manufacturing, anticipated sales volume growth of the
medicines, the continuing employment of key employees, the failure risks
inherent in testing any new drug, the possibility that regulatory approvals
may be delayed or become unavailable, patent or licensing concerns that may
include litigation, direct competition from other manufacturers and product
obsolescence. More information about the potential factors that could affect
the Company's business and financial results is included in the Company's
filings, available via the United States Securities and Exchange Commission.
For more information, please contact:
Jiangbo Pharmaceuticals, Inc.
Ms. Elsa Sung, CFO
Phone: +1-954-903-9378 x2
Email: elsasung@jiangbo.com
Web: http:// www.jiangbopharma.com
CCG Investor Relations
Ms. Lei Huang, Account Manager
Phone: +1-646-833-3417
Email: lei.huang@ccgir.com
Web: http://www.ccgirasia.com
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
SOURCE Jiangbo Pharmaceuticals, Inc.
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