| Search by tag or site | Login to my blog ? Start my own blog |
 |
BioHealth InvestorBioHealth Investor (BHI) is a blog and journal focused on providing updated commentary and financial news from the biotech and medical technology industry. BHI's content is featured on Yahoo!Finance, Google Finance, TheStreet.com, SeekingAlpha.com and many other blogs and websites. BHI is also a proud member of The Business of Biotech Network, and the Investors Blog Network. |
Laiyang Jiangbo Pharma To Execute Reverse Merger
Posted on 10/03/2007 16:07:00 | Link | Post Comment
Richard Daverman, PhD
ChinaBio Today
Laiyang Jiangbo Pharmaceuticals Co., Ltd. of Shandong will effect a reverse merger with Genesis Technology Group (GTEC.OB). In its fiscal 2007 (ended June 30, 2007), Laiyang Jiangbo earned $22 million on $76 million of revenue. It has assets of $55 million, including cash totaling $17 million.
Genesis has been in the business of helping Chinese ventures go public with the help of capital from the West. During the past year, two companies completed the process, including Lotus Pharmaceuticals (LTUS.OB). Another company, Gold Horse International, a construction firm, merged with Speedhaul Holdings (SPEH.OB).
Genesis owns a 51% interest in a partnership that holds shares given in exchange for the services provided by the company in helping companies become publicly owned. Genesis currently has a market capitalization of $27 million.
The owners of the parent of Laiyang Jiangbo Pharma will be issued stock equivalent to 75% of the new Genesis Technology, making the transaction worth $81 million to them. They will be issued 5,995,780 shares of Series B Voting Convertible Preferred Stock and 597 shares of Genesis common stock. The shares of Series B Preferred Stock issued are convertible on a 50 to 1 basis, giving the Laiyang Jiangbo owners the equivalent of 299,789,000 shares of Genesis’s common stock. Combined with the stray 597 common shares, they own 75% of the outstanding shares.
Genesis said that Laiyang Jiangbo increased its revenues by an average of 187% over the past two years, while profits were up an average of 748%. Genesis, in its press releases and SEC filings, did not give any detail about the nature of Laiyang Jiangbo’s pharmaceutical business.
Once the transaction is complete, the present management and board of directors of Genesis will resign, to be replaced by the leadership of Laiyang Jiangbo Pharma.
ChinaBio Today is a regular contributor to BioHealth Investor
____________
ChinaBio Today
Laiyang Jiangbo Pharmaceuticals Co., Ltd. of Shandong will effect a reverse merger with Genesis Technology Group (GTEC.OB). In its fiscal 2007 (ended June 30, 2007), Laiyang Jiangbo earned $22 million on $76 million of revenue. It has assets of $55 million, including cash totaling $17 million.
Genesis has been in the business of helping Chinese ventures go public with the help of capital from the West. During the past year, two companies completed the process, including Lotus Pharmaceuticals (LTUS.OB). Another company, Gold Horse International, a construction firm, merged with Speedhaul Holdings (SPEH.OB).
Genesis owns a 51% interest in a partnership that holds shares given in exchange for the services provided by the company in helping companies become publicly owned. Genesis currently has a market capitalization of $27 million.
The owners of the parent of Laiyang Jiangbo Pharma will be issued stock equivalent to 75% of the new Genesis Technology, making the transaction worth $81 million to them. They will be issued 5,995,780 shares of Series B Voting Convertible Preferred Stock and 597 shares of Genesis common stock. The shares of Series B Preferred Stock issued are convertible on a 50 to 1 basis, giving the Laiyang Jiangbo owners the equivalent of 299,789,000 shares of Genesis’s common stock. Combined with the stray 597 common shares, they own 75% of the outstanding shares.
Genesis said that Laiyang Jiangbo increased its revenues by an average of 187% over the past two years, while profits were up an average of 748%. Genesis, in its press releases and SEC filings, did not give any detail about the nature of Laiyang Jiangbo’s pharmaceutical business.
Once the transaction is complete, the present management and board of directors of Genesis will resign, to be replaced by the leadership of Laiyang Jiangbo Pharma.
ChinaBio Today is a regular contributor to BioHealth Investor
____________
- Mri To Lead Growth In Medical-imaging Market
- Malaria And Hiv - Eradication And Treatment
- Dragon’s New Production Process To Cut Costs
- Mrsa Update: Cepheid, Basilea And Nektar
- If Only Us Health Care Could Be More Like The Patriots (or Even The Red Sox) And Less Like The Yankees
Examples
Morpheus Trading - Thu Jul 17, 2008 01:15AM
NOTE: Please click on the charts below to enlarge them if th [read more]
NOTE: Please click on the charts below to enlarge them if th [read more]
Morpheus Trading - Tue Jul 15, 2008 08:25AM
NOTE: Please click on the charts below to enlarge them [read more]
NOTE: Please click on the charts below to enlarge them [read more]
Morpheus Trading - Mon Jul 14, 2008 02:18AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
1 Comments:
Does anyone have any opinions about this reverse merger?
<< My Home | TheMoneyBlogs Home