Jan 18 2011
The Board of Directors of Sinobiomed Inc. ("Sinobiomed," or the "Company") (Pink Sheets:SOBM) is pleased to announce the sale of the Company's wholly-owned BVI subsidiary, Wanxin Bio-Technology Limited ("Wanxin") and its Chinese subsidiaries, Shanghai Wanxin Bio-Pharmaceutical Co Ltd. and Shanghai Bio-Science Cosmetic Co Ltd.
Pursuant to a Stock Purchase and Sale Agreement, dated December 17, 2010, the Company has disposed and sold all of its equity interests in Wanxin, including all Wanxin assets and liabilities.
As a result of the disposal, the Company has no further interest or obligations in Wanxin's business operations, including Wanxin subsidiaries' estimated $11 million in outstanding bank debt that was incurred prior to the reverse merger transaction between Wanxin and the Company, and over the ensuing three years, hindered the Company's ability to obtain funding or grow its business.
George Yu, the Company's CEO, commented, "We believe that the disposition of Wanxin and its attendant liabilities was in the best interest of the Company and its stockholders. We expect that the disposition will free us to pursue alternative growth initiatives and enhance the long-term value of the Company's business and operations."
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