XI'AN, China, Sept. 5 Huifeng Bio-Pharmaceutical Technology, Inc (OTC Bulletin Board: HFGB) (the "Company"), aleading developer and producer of plant extracts and pharmaceutical rawmaterials for use in pharmaceutical, nutraceutical and food production inXi'an, China, is pleased to announce a Letter of Intent to enter into acontractual arrangement with Xi'an Qinba Xintong Medical Ltd. ("Qinba").Under the proposed terms of this arrangement, Huifeng will take overoperational control of Qinba and will receive a management fee equal to all ofQinba's profit.
"As a manufacturer of finished medical devices, Qinba will give Huifengimmediate access to pharmacy and medicine buyers," stated Huifeng's CEO andfounder Jing'An Wang. "With this Letter of Intent, Huifeng has taken the firststep toward positioning itself for synergistic growth beyond its core revenuebase."
Mr. Wang further noted that Huifeng is now commencing a verticalintegration strategy intended to transform the company from a producer of rawmaterials for the Traditional Chinese Medicine industry to a full-scalepharmaceutical company supplying end products to consumers worldwide.
"With this Letter of Intent, we have proven our ability to attractaccretive deals within the People's Republic of China," continued Mr. Wang."Moving forward, we hope to close on several larger strategic partnerships."
Huifeng is maintaining its guidance for $18M in revenue and $4M of netincome.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People'sRepublic of China, develops and produces plant extracts and pharmaceutical rawmaterials for use in pharmaceutical, nutraceutical and food production. It isthe leading Chinese producer of rutin and related plant-derived chemicals in aclass called flavonoids, with medicinal and other beneficial properties inXi'an China. Founded in 2002, Huifeng uses proprietary patented processes toextract rutin more efficiently than traditional extraction techniques. TheCompany is diversifying its product lines through internal development,acquisition and cooperation with scientific research organizations.http://www.hfgb.cn/
This press release may contain forward-looking statements. Thesestatements are based on the current expectations or beliefs of the Company'smanagement and are subject to a number of factors and uncertainties that couldcause actual results to differ materially from those described in the forward-looking statements, including but not limited to the fluctuation of prices ofraw materials, the market demand for our products, changes in governmentalregulations and/or economic policies and our ability to penetrate new markets.For more information, please contact: Dan Carlson, Primary Capital LLC Email: [email protected]
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SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.