Good DD stiffler. I read the filing and they payed 4 million shares of axj valued at $1.25 a share plus 1 million RMB-Chinese dollars- for this company and a long list of products that this company has developed plus some kind of grant that this company has received from the Chinese government. This really is good news it means that axj is very much alive. Have to think now about buying more shares - don't know what I want to sell to raise money promised my wife I would put NO new money in penny stocks. Maybe this is that light at the end of the tunnel we all have been looking for.
what, the acqisition is cancelled because Mingcheng lost their account book. so funny! what a joke!
i don't know anything about the new company. one old (04/2006) news says that the acquired company was going to invest $200,000,000 chinese dollars to establish a company in shandong province.
Good find stiffler Maybe they will actually close the deal. For now its an agreement just as the one just terminated. The new accountant does seem like a positive step as well and not something a scam company would do at this point.
Acquisition Restructure & Technology Transfer Agreement
Party A: AXM Pharma (Shenyang), Inc. Party B: Beijing Yuhuatang Biological Sci-Tech Development Co., Ltd On the basis of complementing advantages for each other, mutual benefit and mutual development, Party A and Party B, through friendly negotiation, reached the following agreement on acquisition restructure and technology transfer: 1. Both parties confirm that the entire fixed assets and technology value of Party B is worth RMB 45,000,000 (the actual assessed value is RMB 59,830,000).
2. Party A will furnish 4,500,000 shares of its Parent company-AXM Pharma (US), Inc. to Party B at the price of $ 1.25 per share by the integral number of which is equivalent to RMB 45,000,000. Therewith, Party B is entitled to own the share rights calculated in US dollars equivalent to RMB 45,000,000 of Party A. Thus, Party B becomes a wholly owned subsidiary of Party A. Meanwhile, Party A will pay RMB 1,000,000 in cash to Party B. Party A will own the State Fund for Technology Innovation obtained by Party B’s application.
3. After acquired by Party A, legal representative and organization
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structure of Party B will be defined by the board of directors. Party B is entitled to arrange for their operation and business according to circumstances.
4. Party B will transfer all their access of technology to Party A, including AD, ADD, Testosterone, Testosterone undecanoate, Adriamycin, Lovastatin,Phytosrterol, Daptomycin, Geldanamycin (the last two is under development now), as well as Xin-nao-xin (Chinese Pinyin)whose pre-clinical study has been completed.
Item 1.02 Termination of a Material Definitive Agreement
On January 12, 2007, AXM Pharma, Inc. (the “Company”) announced that its wholly owned subsidiary, AXM Pharma (Shenyang), Inc. ("AXM Shenyang"), had rescinded the Cooperation Agreement between the subsidiary and Liaoning Ming Cheng Medical & Pharmaceutical Co., Ltd. ("Ming Cheng"), pursuant to a release dated December 8, 2006. The parties mutually agreed to rescind the Cooperation Agreement and Equity Interest Transfer Agreement as a result of Ming Cheng’s inability to provide certain historical financial records.
Item 2.01 Completion of Acquisition or Disposition of Assets.
On January 7, 2007, AXM Shengyang entered into an Acquisition Restructure and Technology Transfer Agreement (the "Agreement") with Beijing Yuhuatang Biological Sci-Tech Development Co., Ltd. ("Yuhuatang"). Pursuant to the Agreement, AXM will furnish approximately 4.5 million shares of the Company's common stock and RMB 1 million to Yuhuatang in exchange for all the common stock of Yuhuatang and all of the technology of Yuhuatang. The technology of Yuhuatang was granted innovative funds for Small and Medium Enterprises (SME) from State Science and Technology Ministry. The Company plans to manufacture products based upon these technologies and export them in the near future. As a result of the transaction, Yuhuatang will become a wholly owned subsidiary of AXM Shenyang, and AXM Shenyang will have all the rights to the technology formerly owned by Yuhuatang.
On January 12, 2007, AXM Pharma, Inc. (the "Company") engaged Paritz & Company, P.A. (“Paritz”) as its independent accountant to audit the Company’s financial statements.