HANGZHOU, China, Sept. 15 China Biopharma, Inc.(OTC Bulletin Board: CBPC) announced today that it has filed with theSecretary of State of the State of Delaware an amendment to its Certificate ofIncorporation to effect a 1 for 100 reverse stock split. China Biopharma'scommon stock ("Common Stock") will begin trading on a reverse-split basis onSeptember 15, 2008 under the new symbol CHBO.
By unanimous written consent dated July 3, 2008 the Board of Directorsadopted an amendment to the Company's Certificate of Incorporation (the"Amendment") to effect a 1 for 100 reverse stock spit of the Company'soutstanding Common Stock. The holders of a majority of the outstanding sharesof Common Stock by written consent subsequently approved the filing of theAmendment and the reverse split contemplated thereby.
As a result of the reverse stock split, each 100 outstanding shares ofCommon Stock, par value $.0001 per share will be combined into one share ofCommon Stock; provided, however, that upon such combination, the Corporationshall not issue fractional shares or pay cash in respect thereof, but shallinstead issue to each stockholder the aggregate number of shares resultingfrom the Reverse Stock Split rounded up to the next higher whole number ofshares based upon the preceding calculation. The Reverse Split shall have noeffect on the number of authorized shares of Common Stock. The reverse stocksplit affects all shares of common stock, stock options and warrants of ChinaBiopharma outstanding immediately prior to the effective time of the reversestock split. China Biopharma's Common Stock currently outstanding isapproximately 650 million.
Stockholders who hold their shares in brokerage accounts or "street name"will not be required to take any action to effect the exchange of their shares.Stockholders of record who hold share certificates will receive a letter oftransmittal requesting that they surrender their old stock certificates fornew stock certificates reflecting the adjusted number of shares as a result ofthe reverse stock split. Continental Stock Transfer & Trust Company, ChinaBiopharma's transfer agent, will act as the exchange agent for purposes ofimplementing the exchange of stock certificates.
About China Biopharma, Inc.
China Biopharma Inc. is a biopharmaceutical company based in China.Through its operating subsidiaries, the company develops and distributesbiopharmaceutical and pharmaceutical products throughout the world's mostpopulated country, China. Products include human vaccines and otherpharmaceutical drugs. Leveraging its local presence and the relationship withlocal Chinese bio-pharmaceutical companies and international biopharmaceuticalcompanies, China Biopharma is building a highly-competitive platform forgrowth in China as well as new world markets, including the U.S. and Europe.For more information, visit its website at http://www.chinabiopharma.net.
Safe Harbor Statement
Some of the statements here discuss future events and developments,including the Company's future business strategy and its ability to generaterevenue, income and cash flow, and should be considered forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 1995. These "forward-looking" statements can generally be identified bywords such as "expect," "anticipate," "believe," "estimate," "intend," "plan,"and similar expressions. These statements involve a high degree of risk anduncertainty that exists in the Company's operations and business environmentand are subject to change based on various factors that could cause actualCompany results, performance, plans, goals and objectives to differ materiallyfrom those contemplated or implied in these forward-looking statements. Actualresults may be different from anticipated results for a number of reasons,including the Company's new and uncertain busines