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This stock has a lot of potential for the long term, but right now might be the time for a short term play.
Looking at the chart a bullish doji star has formed, this one should have an interesting day tomorrow. If it goes up tomorrow, looks like a good short term uptrend might occur.
Also look for another PR, last 3 tuesdays there have been PRs for their acquisition plans.
-Andy
[This message has been edited by andykupe (edited March 08, 2004).]
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ORLANDO, Fla., Mar 9, 2004 /PRNewswire-FirstCall via COMTEX/ -- Bio-One Corporation (OTC Bulletin Board: BICO) announced today that the company has successfully negotiated an agreement for a $30 million equity investment. The share price on the first $15 million will be determined at the conclusion of a 30 day, 60 day and 90 day period. The share price on the second $15 million is $.75 per share.
The first $15 million will be received upon signing of the final closing documents, which is anticipated to be within 30 days. The second $15 million is expected during the third quarter of this year.
Bio-One President and CEO Armand Dauplaise said, "The initial $15 million will enable us to immediately close on two recently announced acquisitions. We are acquiring 100% of an international leader in the manufacturing and distribution of branded, specialty, nutritional supplements. This $12 million annual revenue business enjoys an outstanding reputation for consistent high quality and product development. They market their products in Canada, Hong Kong and the United States. Their profitability is double the average for U.S. supplement businesses. The company will continue to be run by its present management team."
Dauplaise said, "We will also be in a position to close on a 51% interest in the leading manufacturer and distributor of glucose in China, which possesses a 30% market share. The Chinese business, which holds three patents, reported 2003 revenues of $17 million and EBITDA of 22% and has assets of $17 million. Purchase terms include cash and convertible preferred stock at $2.00 per share, with lock-up terms regarding sale. The 450-employee company will continue to be run by its present management team. The People's Republic of China joint venture documents have been signed and the certified audits are completed."
Dauplaise added, "The availability of the additional $15 million in the third quarter of this year will enable us to continue to aggressively build a major company through acquisition and organic growth via vertical integration of manufacturing, distribution and marketing."