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Jiangbo Pharmaceuticals Reports Results for the Second Quarter of its Fiscal Year 2010
Date:2/22/2010

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On February 15, 2010, the Company entered into an agreement with one of the holders of its convertible notes, Pope Investments LLC ("Pope"), whereby Pope agreed to waive certain provisions set forth in the November 2007 and May 2008 securities purchase agreements for the Company's debentures and convertible notes, provided that the Company has made the November 2009 interest payments to the holders of the Company's November 2007 debentures and May 2008 notes on or prior to February 25, 2010. If the interest payments are not made by February 25, 2010 all rights and remedies of Pope defined in the 2007 and 2008 Securities Purchase Agreements shall remain in full force and effect as if this waiver had not been granted.

The Company also agreed that in the event that its common stock has not been listed on the NASDAQ Stock Market on or prior to April 15, 2010, it will pay to the holders of the 2007 Notes and the 2008 Notes an amount equal to the difference between the interest on such Notes previously paid for the period from June 1, 2009 to November 30, 2009.


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SOURCE Jiangbo Pharmaceuticals, Inc.
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