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 within the 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 in Xi'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. Fo
|SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.|
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