This is topic DMON - MERGER NEWS in forum .11 and Up! at Allstocks.com's Bulletin Board.


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Posted by Persia on :
 
NEW YORK, May 04, 2007 (BUSINESS WIRE) --
Rx for Africa, Inc. announced today it has merged with Rx Africa (Ethiopia) PLC, formerly known as Sunshine Pharmaceutical, and Diamond Entertainment Corporation, a publicly held corporation (OTCBB:DMON) headquartered in Walnut, California. Rx Africa (Ethiopia) PLC owns and operates a state-of-the-art pharmaceutical plant built on twenty three thousand square meters of land located south of Addis Ababa, Ethiopia. The facility was established to manufacture HIV/AIDS, malaria, tuberculosis and other generic drugs for distribution initially in Ethiopia and eventually throughout Africa. The company is currently producing and marketing a total of six products, and is in the process of scaling up its production with the expectation of producing at least 30 new products by late 2007.

"We are proud to join the ranks of publicly traded pharmaceutical companies searching for innovative solutions to the critical challenge of meeting the healthcare needs of those living in Africa," commented Dr. Mulugetta Bezzabeh, new CEO of Diamond Entertainment Corporation and continuing CEO of Rx Africa (Ethiopia) PLC. "We intend to be a major factor in the manufacturing and distribution of much-needed medicines not only in Ethiopia, but also throughout Africa. We believe that Ethiopia and many other African countries are poised for very rapid growth of the private sector over the next five years, and Rx for Africa, Inc. intends to be a participant in that growth."

Dr. Bezzabeh continued, "We are in the process of reworking our facilities to bring them into US Food and Drug Administration and World Health Organization GMP (Good Manufacturing Practices) compliance. We expect to have this work completed within calendar 2007. These upgrades will make Rx Africa (Ethiopia) PLC eligible to receive some of the billions of dollars available from programs such as the President's Emergency Program for AIDS Relief (PEPFAR) and various World Health Organization initiatives.

"We are excited and proud to have reached this important milestone, which will bring us credibility and visibility in the U.S. and also allow us to access the public capital markets
 


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