CortDev, Inc. Announces Completion of Merger with Botaniex, Inc. and Appointment of New CEO
Friday April 15, 9:00 am ET
HOUSTON--(BUSINESS WIRE)--April 15, 2005--CortDev, Inc. (BTXI: Pink Sheets), announced today that it has completed its acquisition of Botaniex, Inc. As a result, effective today, CortDev Inc. has changed its name to "Botaniex, Inc." and the new trading symbol is "BTXI."
As per the merger agreement, CortDev Inc. undertook a reverse stock split of its common stock whereby 1 share of common stock was issued in exchange for every 250 shares of common stock outstanding prior to the Effective Date. Immediately prior to the Effective Date, there were 4,130,169,782 shares of CortDev Inc. common stock issued and outstanding which was reduced to 16,520,679 shares post reverse stock split.
Botaniex Inc. is a market-oriented and research driven manufacturer of botanical extracts based in China. The Company has a strong R&D team of over 16 scientists dedicated to developing innovative ingredients to meet the market demand. Through strategic alliances, Botaniex utilizes 4 plants located in Hunan, Guangzhou, Guangxi and Sichuan Province. These plants have a total annual capacity of 800 metric tonnes of Powdered Extracts and 40 metric tonnes of essential oils. Botaniex Inc.'s strategic goals are to be the market leader in China and a major global player in the natural ingredients industry within 5 years.
Botaniex Inc. projects fiscal 2005 net income of approximately $500,000 on revenue of $2,300,000. The Company forecasts net income and revenue growth of over 80% and 160% respectively from fiscal 2005 to 2006. Furthermore, Botaniex projects that in fiscal 2007 the Company will generate close to $7,000,000 in revenue and earn over $2,600,000 on a net basis. Based on these financial projections from fiscal 2005 to 2007, Botaniex Inc. will achieve growth rates of approximately 200% in revenue and 400% in net income. Botaniex Inc. expects to capitalize on the large and rapidly growing global herbal products market, which is currently over $19 billion in size.
Andrea Cortellazzi, CEO of CortDev Inc., resigned immediately following the closing of this acquisition. The newly-formed Board of Directors of Botaniex Inc. has appointed Mr. Melson Liao as Chairman, CEO and President of the Company.
Melson Liao brings to Botaniex Inc. an extensive background in the dietary supplements, health foods and pharmaceuticals industries. Prior to joining Botaniex, Mr. Liao was Executive Vice President/President of Hunan Kinglong Bio-Resources Co., Ltd, the largest manufacturer and marketer of botanical/herbal extracts in China. Mr. Liao began his career at Capsugel China/Pfizer in 1990, where he worked for over 10 years; attaining the position of National Sales Manager. Mr. Liao received his MBA from South-China University of Technology, Post MBA from Schulich School of Business/ York University and Diploma from University of Michigan Business School.
Botaniex Inc. is pleased to announce that the enhanced version of its Corporate website has been completed, which can be accessed at www.botaniex.com. The Company has moved its corporate headquarters to Guangzhou, Guangdong Province, an attractive location for health food manufacturers and marketers. In addition, from this new corporate headquarters Botaniex can effectively supervise the construction of its manufacturing facility on the recently purchased 16.5-acre parcel of land in Zhaoqing High Technology Industry Development Zone, Guangdong Province, China. Pictures of the land on which the multi-million dollar plant will be constructed can be found at: http://www.botaniex.com/english/prod_facilities.htm
About Botaniex Inc.
Botaniex Inc. is an innovative manufacturer of botanical/herbal extracts, serving the worldwide manufacturers of dietary supplements, health foods, functional beverage, pharmaceuticals and cosmetics. The Company's product line is broad, ranging from tea and herbal extracts to essential oils. Botaniex not only provides customized ingredients, but also offers value-added services such as formulation assistance, clinical trial support and private label manufacturing. The Company is in the process of expanding its operations, including its client and asset-base, in Asia and overseas. Botaniex's goal is to become a major player in the multi-billion dollar global herbal products industry.
For more information please contact CEO Melson Liao at firstname.lastname@example.org or visit the Corporate website at www.botaniex.com.
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.