CybeRelease: (OTC: TEDG) Signs Letter of Intent to Acquire China’s Largest Vaccine Distributor
(CybeRelease, June 21, 2006) - Lake Harmony, PA - Techedge Inc. (OTCBB: TEDG) announced that China BioPharma’s subsidiary Zhejiang Tianyuan Biotech Co., has signed a letter of intent to acquire Hainan CITIC Biopharmaceutical Development Co. (“Hainan CITIC”).
Under the agreement Zhejiang Tianyuan Biotech Co. would acquire over 90% interest in Hainan CITIC Biopharmaceutical Development Co., with the remaining interest being owned by China CDC (China’s Center for Disease Control).
Hainan CITIC is the largest vaccine distributor in China, with an extensive customer network in most major cities within the country. The company has established its ’cold chain’ for distribution logistics for most major parts of China. The Company was the distributor for major international vaccine suppliers, such as GSK and Chiron Vaccines.
“We are very excited about this acquisition,” Dr. Jean-Denis Shu, CEO of China Biopharma Limited stated, “this acquisition will bring us an effective platform and strong market position for promoting our vaccines and other related biopharmaceutical products in China.”
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