Huifeng Bio-Pharmaceutical Technology Inc. specializes in developing and producing botanical extracts and other raw materials for pharmaceuticals and food additives. The company is the leading Chinese producer of rutin and related plant-derived chemicals in class called flavonoids, which are believed to have beneficial properties.
The company today announced a definitive agreement under which it will acquire 90% of the equity ownership of Shangqiu Kexin Rutin Processing Limited for a price of $1.75 million. This company is a local leading rutin manufacturer in Henan Province. According to the agreement, Huifeng will acquire Kexin by issuing 2.3 million restricted shares of the company’s common stock at a basis of $0.07 per share and paying Kexin $140,000 in cash.
Kexin has a strong reputation for crude rutin and some high-quality rutin products that deliver value to pharmaceutical plants and health care professionals globally. With the addition of Kexin’s diverse rutin products, Huifeng will now be able to offer a full range of rutin products to its customers. Huifeng expects this will enhance its brand recognition as the largest rutin producer in China and a prominent generic pharmaceutical company in many other markets.
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