Published:
Huifeng Bio-Pharmaceutical (HFGB) Enters into Letter of Intent with Xi'an Qinba Xintong Medical Ltd.
XI'AN, China, Sept. 5 /Xinhua-PRNewswire-FirstCall/ -- Huifeng Bio-
Pharmaceutical Technology, Inc (OTC Bulletin Board: HFGB) (the "Company"), a
leading developer and producer of plant extracts and pharmaceutical raw
materials for use in pharmaceutical, nutraceutical and food production in
Xi'an, China, is pleased to announce a Letter of Intent to enter into a
contractual arrangement with Xi'an Qinba Xintong Medical Ltd. ("Qinba").
Under the proposed terms of this arrangement, Huifeng will take over
operational control of Qinba and will receive a management fee equal to all of
Qinba's profit.
"As a manufacturer of finished medical devices, Qinba will give Huifeng
immediate access to pharmacy and medicine buyers," stated Huifeng's CEO and
founder Jing'An Wang. "With this Letter of Intent, Huifeng has taken the first
step toward positioning itself for synergistic growth beyond its core revenue
base."
Mr. Wang further noted that Huifeng is now commencing a vertical
integration strategy intended to transform the company from a producer of raw
materials for the Traditional Chinese Medicine industry to a full-scale
pharmaceutical company supplying end products to consumers worldwide.
"With this Letter of Intent, we have proven our ability to attract
accretive deals withinthe People's Republic of China," continued Mr. Wang.
"Moving forward, we hope to close on several larger strategic partnerships."
Huifeng is maintaining its guidance for $18M in revenue and $4M of net
income.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located inXi'an,People's
Republic of China, develops and produces plant extracts and pharmaceutical raw
materials for use in pharmaceutical, nutraceutical and food production. It is
the leading Chinese producer of rutin and related plant-derived chemicals in a
class called flavonoids, with medicinal and other beneficial properties in
Xi'an China. Founded in 2002, Huifeng uses proprietary patented processes to
extract rutin more efficiently than traditional extraction techniques. The
Company is diversifying its product lines through internal development,
acquisition and cooperation with scientific research organizations.
http://www.hfgb.cn/
This press release may contain forward-looking statements. These
statements are based on the current expectations or beliefs of the Company's
management and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in the forward-
looking statements, including but not limited to the fluctuation of prices of
raw materials, the market demand for our products, changes in governmental
regulations and/or economic policies and our ability to penetrate new markets.
For more information, please contact:
Dan Carlson, Primary Capital LLC
Email: DCarlson@PrimaryLLC.com
Kelly Black, CEO Premier Media Services, Inc.
Tel: +1-480-649-8224
Email: kblack@premiermediaserice.com
SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: ,BIO,MTC,SPM,FOD,OTC,ASI,CON,HFGB-LOI-Xintong
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