Item 8.01 Other Events The registrant has entered into a letter of intent with RimAsia Capital Partners L.P. ("RACP") on July 14, 2007 to reorganize the outstanding acquisition financing loan for the acquisition of Shenyang Enshi Pharmaceutical Limited Company ("Enshi") and related matters The parties agreed in principle that the principal of the RACP $11,500,000 will be converted into shares of redeemable convertible preferred stock with a conversion price of $1.01. The exercise price of the RACP warrants of $1.375 will be lowered to $1.26. Suzhou Erye Pharmaceutical Limited Company ("Erye"), a subsidiary of the registrant, agreed in principal to inject its 49% stake not yet owned by the registrant into the registrant.The parties agreed to reach final definitive agreements before August 15, 2007.
-------------------- Please do your DD. Break some bread with me!
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
