HANGZHOU, China, Sept. 15 /PRNewswire-FirstCall/ -- China Biopharma, Inc. (OTC Bulletin Board: CBPC) announced today that it has filed with the Secretary of State of the State of Delaware an amendment to its Certificate of Incorporation to effect a 1 for 100 reverse stock split. China Biopharma's common stock ("Common Stock") will begin trading on a reverse-split basis on September 15, 2008 under the new symbol CHBO.
By unanimous written consent dated July 3, 2008 the Board of Directors adopted an amendment to the Company's Certificate of Incorporation (the "Amendment") to effect a 1 for 100 reverse stock spit of the Company's outstanding Common Stock. The holders of a majority of the outstanding shares of Common Stock by written consent subsequently approved the filing of the Amendment and the reverse split contemplated thereby.
As a result of the reverse stock split, each 100 outstanding shares of Common Stock, par value $.0001 per share will be combined into one share of Common Stock; provided, however, that upon such combination, the Corporation shall not issue fractional shares or pay cash in respect thereof, but shall instead issue to each stockholder the aggregate number of shares resulting from the Reverse Stock Split rounded up to the next higher whole number of shares based upon the preceding calculation. The Reverse Split shall have no effect on the number of authorized shares of Common Stock. The reverse stock split affects all shares of common stock, stock options and warrants of China Biopharma outstanding immediately prior to the effective time of the reverse stock split. China Biopharma's Common Stock currently outstanding is approximately 650 million.
Stockholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares. Stockholders of record who hold share certificates will receive a letter of transmittal requesting that they surrender their old stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split. Continental Stock Transfer & Trust Company, China Biopharma's transfer agent, will act as the exchange agent for purposes of implementing the exchange of stock certificates.
About China Biopharma, Inc.
China Biopharma Inc. is a biopharmaceutical company based in China. Through its operating subsidiaries, the company develops and distributes biopharmaceutical and pharmaceutical products throughout the world's most populated country, China. Products include human vaccines and other pharmaceutical drugs. Leveraging its local presence and the relationship with local Chinese bio-pharmaceutical companies and international biopharmaceutical companies, China Biopharma is building a highly-competitive platform for growth in China as well as new world markets, including the U.S. and Europe. For more information, visit its website at http://www.chinabiopharma.net.
Safe Harbor Statement
Some of the statements here discuss future events and developments,
including the Company's future business strategy and its ability to
generate revenue, income and cash flow, and should be considered
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These "forward-looking" statements can
generally be identified by words such as "expect," "anticipate," "believe,"
"estimate," "intend," "plan," and similar expressions. These statements
involve a high degree of risk and uncertainty that exists in the Company's
operations and business environment and are subject to change based on
various factors that could cause actual Company results, performance,
plans, goals and objectives to differ materially from those contemplated or
implied in these forward-looking statements. Actual results may be
different from anticipated results for a number of reasons, including the
Company's new and uncertain business model, uncertainty regarding
acceptance of the Company's products and services and the Company's limited
China Biopharma, Inc.
Tel: +1 (609) 651-8588
|SOURCE China Biopharma, Inc.|
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