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China Pharmaceuticals Corporation to Close the Acquisition of Zhejiang University Pharmaceutical Co., Ltd. on April 23rd, 2004
Wednesday April 21, 7:46 pm ET
Company to Issue E-Trend Dividend to Shareholders of Record as of End of Business April 22nd, 2004
LOS ANGELES--(BUSINESS WIRE)--April 21, 2004-- China Pharmaceuticals Corporation (OTCBB: CPCL - News) today announces that on Friday, April 23rd, 2004, it will close on its agreement with China Merchants DICHAIN Investment Holdings Limited to acquire a controlling interest in Zhejiang University Pharmaceutical Co., Ltd. ("Zheda Pharmacy"), a company incorporated in China. China Pharmaceuticals Corporation believes that it will then be positioned to become a leader in China's fast growing pharmaceutical industry.
The Company will also distribute shares of its subsidiary, E-Trend Networks, Inc., as a dividend to all shareholders of record as of April 22, 2004, on the basis of one share of E-Trend for each share held in the Company. The dividend will be distributed as of April 30, 2004. E-Trend Networks, Inc. will continue its e-commerce operations as a stand alone separate company with it own slate of officers and directors separate from the current officers and directors of China Pharmaceuticals Corporation. E-Trend intends to register its shares and apply for trading on the OTCBB.
About China Merchants DICHAIN Investment Holdings Limited:
Headquartered in Hong Kong, DICHAIN Holdings (
www.dichain.com) is a fast growing business conglomerate with its main business portfolio focusing on mainland China. DICHAIN is a member of China Merchants Group, one of the largest companies in China.
DICHAIN's business portfolio includes businesses in the following industry segments: Technology, Bio-Pharmaceutical, Logistics, Consumer Products, Investment and Financial Services.
China Merchants Group (
www.cmhk.com) is one of the largest business conglomerates in China with 132 years history, the longest among the Chinese enterprises. As of 2003, China Merchants Group has total assets value over US $7 billion. Other related companies traded on the U.S. stock markets include DF China Technology, Inc. (Nasdaq: DFCT - News).
Statements in this release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties including, without limitation, continued acceptance of the Company's services, increased levels of competition for the Company and dependence on the performance of the management of the Company.
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Contact:
China Pharmaceuticals Corporation
Aaron Zhu, 818-591-1330
Fax: 818-591-1403
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Source: China Pharmaceuticals Corporation
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