Created: 08/27/2000 11:55:21 PM -
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Cyber Group Corporation - Ok, now that things are heating up I figured this needed some updating.....
Sep 21, 2005 (M2 EQUITYBITES via COMTEX) -- Cyber Group Network Corporation (CGPN) (OTCBB: CGPN.OB), a publicly traded Nevada corporation, announced on Tuesday (20 September) that it has entered into a definitive agreement to acquire Skystar Bio-Pharmaceutical Company Co Ltd, a biopharmaceutical company based in the Cayman Islands.
The acquisition will see preferred shares of CGPN issued to Skystar and these shall be convertible, in the aggregate, into a number of shares of CGPN common stock. This would equal 89.5% of total outstanding shares of CGPN's common stock, if the shares were to be fully converted at the time of completion.
Weibing Lu, Chairman and CEO of Xian Tianxing and Skystar, will be the Chairman and CEO of CGPN upon closing of the acquisition.
No financial details were available.
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