Attached files
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8-K - Jiangbo Pharmaceuticals, Inc. | v180705_8k.htm |
Exhibit 99.1
For
Immediate Release
Contact:
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Jiangbo
Pharmaceuticals, Inc.
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CCG
Investor Relations
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Ms.
Elsa Sung, CFO
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Ms.
Lei Huang, Account Manager
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Phone:
(954) 903-9378 ex 2
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Phone:
(646) 833-3417
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E-mail:elsasung@jiangbo.com
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E-mail:
lei.huang@ccgir.com
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http:// www.jiangbopharma.com
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http://www.ccgirasia.com
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Mr.
Crocker Coulson, President
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Phone:
(646) 213-1915
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E-mail:
crocker.coulson@ccgir.com
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Jiangbo
Pharmaceuticals Announced Amendment to the October 2009 Land Contract
Eliminating Standard Investment Requirements
Laiyang, China, April 12, 2010
– Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO) (the “Company” or
“Jiangbo”), today announced that Laiyang Jiangbo Pharmaceuticals, Co.,
Ltd., the Company’s operating entity in China, has recently entered into an
amended agreement with the Land and Resources Bureau of Laiyang City to
eliminate the investment requirements on the contract for land use right
transfer which was signed by the two parties on October 27, 2009 (“the October
2009 Contract”).
Pursuant
to the October 2009 Contract, Jiangbo has purchased the right to use a 385,800
square meter parcel of state-owned construction land for a period of 50-years at
a purchase price of RMB115,764,000 (approximately US$16,983,000). The
Company plans to build a new factory in this area for the production of future
new self-developed and acquired drugs. On March 31, 2010, the October 2009
Contract was amended to eliminate the previous standard requirements that (i)
total investment shall be no less than RMB868,200,000 (approximately
US$127,365,000 ); and (ii) the investment intensity shall be no less than
RMB3,000 per square meter. All the other provisions of the October 2009 Contract
remain unaffected and in full force.
“We are
happy to announce the elimination of the investment requirements in the October
2009 Contract and appreciate the support of the Land and Resources Bureau
of Laiyang City for Jiangbo’s future plans in the region. The amended
terms provide the Company with much more financial flexibility in our
construction and investment plans, as well as reduce our over all
capital expenditure commitment in the coming years,” commented
Mr. Wubo Cao, the Company’s Chief Executive Officer. “Planning for the new
land is underway and we look forward to providing an update in the coming
quarters.”
About
Jiangbo Pharmaceuticals, Inc.
Jiangbo
Pharmaceuticals is engaged in the research, development, production, marketing
and sales of pharmaceutical products in China. The Company’s operations are
located in Eastern China in an Economic Development Zone in Laiyang City,
Shandong Province. Jiangbo produces both western and Chinese herbal-based
medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup)
form. For additional information, please visit the Company’s website
(www.jiangbopharma.com).
Safe
Harbor Statement
Certain
statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause the
Company's actual results and financial position to differ materially from those
included within the forward-looking statements. Forward-looking statements
involve risks and uncertainties. Actual results may differ materially from
anticipated or predicted results, and reported results should not be considered
as an indication of future performance. The potential risks and uncertainties
include, among others, the Company's ability to obtain raw materials needed in
manufacturing, anticipated sales volume growth of the medicines, the continuing
employment of key employees, the failure risks inherent in testing any new drug,
the possibility that regulatory approvals may be delayed or become unavailable,
patent or licensing concerns that may include litigation, direct competition
from other manufacturers and product obsolescence. More information about the
potential factors that could affect the Company's business and financial results
is included in the Company's filings, available via the United States Securities
and Exchange Commission.
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