NANTONG, CHINA -- (Marketwire) -- 09/24/08 -- Sinobiopharma, Inc. (the "Company") (OTCBB: SNBP) is pleased to announce that on September 22, 2008, the Company completed the Share Exchange Agreement, dated August 19, 2008, entered into between the Company, DongYing Pharmaceutical Co, Limited ("DongYing BVI") and all the shareholders of DongYing BVI (the "Share Exchange Agreement") whereby the Company acquired 100% of the issued and outstanding shares in the capital of DongYing BVI, in exchange for the issuance of 40,000,000 (post forward split) shares of our common stock in aggregate to the shareholders of DongYing BVI on a pro rata basis in accordance with each DongYing BVI shareholders' percentage of ownership in DongYing BVI. As a result of the completion of the Share Exchange Agreement, DongYing BVI became a wholly-owned subsidiary of the Company.
DongYing BVI is the sole shareholder of Big Global Limited, a company organized under the laws of Hong Kong, and Big Global Limited is the sole shareholder/registered owner of 100% of the capital of DongYing (Jiangsu) Pharmaceuticals Co., Ltd. ("DongYing China"), a company organized under the laws of China, which is in the business of the research, production and development of biopharmaceutical products.
Concurrent with the completion of the Share Exchange Agreement, the Company also completed the Share Purchase Agreement, dated August 20, 2008, entered into between the Company and Ms. Tiffany Walsh, the Company's former President, CEO, CFO, Secretary, Treasurer and director, whereby the Company sold and Ms. Walsh acquired all of the issued and outstanding capital of Buzz Media Ltd. ("Buzz Nova Scotia"), a wholly-owned subsidiary of the Company incorporated in the Province of Nova Scotia, Canada, in exchange for the payment of ten dollars (US$10.00) to the Company. Buzz Nova Scotia is no longer a subsidiary of the Company.
In addition, concurrently with the completion of the Share Exchange Agreement, by a letter agreement entered into on August 19, 2008 (the "Letter Agreement"), and by an amended letter agreement entered into on September 8, 2008 (the "Amended Letter Agreement") between DongYing BVI and Mr. Jianguo Wang, the Company's current Secretary and director and former President, CEO, CFO and Treasurer, Mr. Wang has agreed to cancel 60,100,500 shares of the 62,500,500 shares of common stock of the Company registered in his name within ten (10) days of the completion of the Share Exchange Agreement. After the cancellation of shares by Mr. Jianguo Wang, the issued and outstanding shares of common stock in the Company will be 79,900,000 shares.
In connection with the closing of the Share Exchange Agreement, Mr. Jianguo Wang resigned as the President, CEO, CFO and Treasurer of the Company and Dr. Lequn Lee Huang was appointed as the President, CEO, CFO, Treasurer and a director of the Company, Mr. Xuejun Chen was appointed as the Senior Vice President and a director of the Company, Mr. Yuanwei Chen was appointed as a director of the Company and Mr. Martin Shen was appointed as a director of the Company. Mr. Wang remains as the Secretary and a director of the Company.
Dr. Lequn Lee Huang was one of the founders of DongYing China and has been the Chairman, CEO and a director of DongYing China since 2004. Since 2004, Dr. Huang has been a professor at the Medical School at Nanjing University in China. From 1991 to 2004, Dr. Huang worked at the Bayer Research Center in New Haven, Conn., U.S., for Bayer Co., where he became the Principal Research Scientist and Head of the MS Lab. At the Bayer Research Center, Dr. Huang's group was responsible for analysis of drug discovery. In 1981, Dr. Huang received his B.S. in Organic Chemistry from Nanjing University in China and, in 1987, he received his Ph.D. in Analytical Chemistry from Iowa State University. Dr. Huang is not an officer or director of any other reporting issuer.
Mr. Xuejun Chen has been the Executive Vice President of Sales and a director of DongYing China where he is responsible for sales since 2006. From 2005 to 2006, Mr. Chen was the Vice President of Sales for Nanjing Langkun Medicine Co., Ltd., a company in the business of pharmaceuticals where he was responsible for sales. From 2004 to 2005, Mr. Chen was the Marketing Director for the Province of Jiangsu for Medicine Co., Ltd., a company in the business of pharmaceuticals, where he was responsible for sales. From 2003 to 2004, Mr. Chen was the Sales director for the Province of Jiangsu for Xiamen Beidazhilu Biotech Co., Ltd., a company in the business of pharmaceuticals, where he was responsible for regional sales. In 1998, Mr. Chen received his B.S. from Lanzhou University in China and, in 2007 he received his M.B.A from Nanjing University in China. Mr. Chen is not an officer or director of any other reporting issuer.
Mr. Yuanwei Chen has been the General Manager of China Gateway Pharma Products (Chengdu) Co. Ltd., a company in the business of pharmaceutical research, and the Vice President of Medicinal Chemistry of Shanghai ChemPartner Co., a company in the business of pharmaceutical research since March of 2008. As the Vice President of Medicinal Chemistry of Shanghai ChemPartner Co., Mr. Chen is responsible for managing the operations of his department, allocating resources, managing projects and recruiting employees. From February, 2005, to March, 2008, Mr. Chen was the Chief Scientific Officer of Egret Pharma (Shanghai) Ltd. in Shanghai China were he was responsible for establishing the company's drug discovery platform, implementing the company's research strategy, managing finances and recruiting employees. From December, 1998, to February, 2005, Mr. Chen worked with Bayer Healthcare in West Haven, Connecticut, U.S. At Bayer Healthcare, Mr. Chen worked in the Pharmaceutical Division as a Senior Research Scientist I, Senior Research Scientist II and as a Senior Lab Head. As a Senior Lab Head, Mr. Chen was responsible for proposing and implementing research and development strategies for various projects and supervising and training research staff. In 1983, Mr. Chen received his B.S. in Organic Chemistry and, in 1986 he received his M.S. in Organic Chemistry from Sichuan University in China. In 1993, Mr. Chen received his Ph.D. in Organic Chemistry from the University Lausanne in Switzerland and, in 1995 he completed his Postdoctoral Fellowship with the Scripps Research Institute in La Jolla, U.S. Mr. Chen is not an officer or director of any other reporting issuer.
Mr. Martin Shen has been the Controller and Chief Financial Officer of R. Wales and Son, a private Canadian manufacturer engaged in refurbishing mining equipment parts for local and international mines, since 2003. Mr. Shen is a Certified Public Accountant (Colorado) with special expertise in international accounting and taxation. He has held multiple positions in PriceWaterhouseCoopers' (PwC) Vancouver, Hong Kong and Singapore offices, serving variously as Tax Manager from 1998 to 2002 and as a Senior Accountant and Senior Associate from 1995 to 1998. In addition to holding a B.Sc. from the University of British Columbia, Mr. Shen has extensive tax training, including US Intermediate Tax Training (PwC, Tampa, Florida); US Tax Technical Training (PwC, Charleston, South Carolina); and Asia Region Tax Technical Training (Singapore). Mr. Shen is also a director of Uranium 308 Corp. (OTCBB: URCO), a Nevada corporation, which is a reporting issuer in the United States and is involved in uranium exploration in Mongolia.
The business of the Company will be conducted through its subsidiary, DongYing BVI, which, in turn, will conduct its business through it subsidiary, Big Global Limited, which, in turn will conduct its business through DongYing China.
DongYing China is engaged in the research, development, manufacture and marketing of biopharmaceutical products in China. DongYing China has developed new methods for synthesis of active pharmaceutical ingredient (API) and innovative drug delivery (new formulation) that dramatically reduces the time and cost of drug development. DongYing China's current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs. DongYing China's R&D focus is new, innovative methods of synthesizing compounds more rapidly at lower cost, and/or improved drug formulation with enhanced usability.
For further information please refer to the Company's filings with the SEC on EDGAR available at www.sec.gov.
FORWARD LOOKING STATEMENTS
This news release may include "forward-looking statements" regarding Sinobiopharma, Inc., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiopharma, Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiopharma, Inc. does not undertake any obligation to update any forward looking statement, except as required under applicable law.
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