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8-K - Shengtai Pharmaceutical, Inc. | v205037_8k.htm |
Weifang
Shengtai Pharmaceutical Inc. held an unveiling ceremony
for a joint R&D program with Hubei University of Technology
for a joint R&D program with Hubei University of Technology
Shengtai
Pharmaceutical, Inc. (SGTID.OB) (“the Company”) announced today that Weifang
Shengtai Pharmaceutical, the Company’s subsidiary in Changle, Shandong, China
(“the Shandong Subsidiary”), held an unveiling ceremony for the “Joint
University-Business Community Program” between the Company’s Shandong subsidiary
and the Hubei University of Technology (“HUT”) in Changle, Shandong, China on
December 4, 2010. The ceremony officially kicked off the joint
research and development program between the Company and HUT. Based
on the principles of mutual complementarity, equality and voluntary cooperation,
the joint program represents a win-win opportunity for both the Company and HUT
in terms of technology transformation by HUT and utilization of new technology
by the Company.
One of
the leading universities in Hubei, China, HUT is a source of strength for
technology and talent. Its resources, especially those in aspects of
education, training and research in biological engineering technology, are
complementary to the Company’s resources and leading position in the industry in
China. HUT’s strength in the area of biological engineering
technology sets it apart from many other universities in China and creates an
opportunity for cooperation between HUT and the Company from the perspective of
“mutual benefits, mutual complementarily and common
development.” Under the joint program, new ideas, promotion and use
of new technology, development of new products and solutions to technical
problems will all be cooperatively implemented or carried out. HUT
and the Company will work to seek breakthroughs in areas such as cost reduction,
waste recycling, technological development of existing products and their
derivatives and the development of new products.
The
Company, HUT and the local government all have a high regard for the joint
R&D program. Seven people from HUT, numerous government officers
(led by the Deputy Director of the Technology Bureau of Weifang City and the
Governor of Changle County) and many business VIPs attended the
ceremony. Mr. Qingtai Liu, the CEO and Chairman of the Company,
addressed the participants at the ceremony, and Mr. Shijie Dong, the
Vice-Chancellor of HUT also made a speech. They exchanged letters of appointment
and signed an agreement on building up the Company’s research and development
capabilities. In addition, a funding contract for technology
development was signed, in which Mr. Liu was appointed as the Director of the
Management Committee of the fund. By the end of 2010, 500 thousand
RMB will be paid to HUT in the first phase of the research and development
program, and another 500 thousand RMB will be paid before Jun 2011 in the second
phase of the research and development program. Both the Company and
HUT agreed to try and obtain grants from the national, provincial and municipal
governments through their funding programs for technology
advancement.
In his
address to the ceremony, Mr. Liu said that the Company continues to focus on
operation and management and looks to take full advantage of technological
progress. In the past, the Company’s competitiveness has been
increased through various joint research and development programs in production
and products. Going into the future, the Company will continue to
actively seek opportunities for cooperation with universities and academics in a
broad range of areas, such as the development of new products and promotion of
technology innovation. The Company expects to greatly benefit from
its commitment to research and development and continuous use of new
technology.
Forward
Looking Statements
Certain
statements in this press release and oral statements made by the Company
constitute forward-looking statements concerning the Company's business and
products. These statements include, without limitation, statements regarding the
Company’s ability to prepare for growth, the Company's planned capacity
expansion and predictions and guidance relating to the Company's future
financial performance. The Company has based these forward-looking statements
largely on its current expectations and projections about future events and
financial trends that it believes may affect its financial condition, results of
operations, business strategy and financial needs, but they involve risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements, which may include, but are not limited to, such
factors as unanticipated changes in product demand especially in the
pharmaceutical industry, pricing and demand trends for the Company's products,
changes to government regulations, risk associated with operation of the
Company's new facilities, risk associated with large-scale implementation of the
Company's business plan, the ability to attract new customers, ability to
increase its product's applications, cost of raw materials, downturns in the
Chinese economy, and other information discussed from time to time in the
Company's filings and future filings with the United States Securities and
Exchange Commission. Investors are urged to consider these factors carefully in
evaluating the forward-looking statements herein and are cautioned not to place
undue reliance on such forward-looking statements, which are qualified in their
entirety by this cautionary statement. The forward-looking statements made
herein speak only as of the date of this press release and the Company
undertakes no duty to update any forward-looking statement to conform the
statement to actual results or changes in the Company's
expectations.
For more
information, please contact:
Shengtai
Pharmaceutical, Inc.
Mr. Hu
Ye
Chief
Financial Officer
Tel: +86-139-1157-3505
Email:
shengtaicfo@hotmail.com
Shengtai
Pharmaceutical, Inc.
Ms. Yukie
Ying Gao
Investor
Relations Manager
Tel: +86-0536-6295802
Email:
guaipaipai@hotmail.com
Investor
Relations
DME
Capital LLC
Mr. David
Elias
Tel: +1-516-967-0205
Email:
dave@dmecapital.com