Add this Co. to your list! (COMTEX) B: 37Point9 Appoints Key Administrators to Far East Operations B: 37Point9 Appoints Key Administrators to Far East Operations and Gives Update on Current Activities with Shanghai Ecom; Results Better Than 10 Per Cent: More Equity Value in the Offing
SAN DIEGO, Oct 21, 2002 (BUSINESS WIRE) -- 37Point9 (OTCBB:TSPN) announced today the addition of Dr. Xie Yuan to the Medical Research Committee, Mr. Samson Fok and Ms. Hoi Yim Wong as the initial Far East management team and an event update.
Dr. Xie, a 1990 graduate of XinXiang Medical University and a surgeon, is general manager and a director of Lin Bi Company, LTD., a medical products distribution firm in Guangzhou, Peoples Republic of China. Dr. Xie also serves in a managerial and directorial position with Zhong Shan Ying Kang Medical Device Company, LTD., a medical device manufacturer located in Guangzhou. Both Lin Bi and Ying Kang are in the process of being acquired by 37Point9.
Mr. Samson Fok, Managing Director of Global Glass Source (HK) Limited and a certified public accountant, has been appointed as the financial coordinator of Far East acquisition activities. Ms. Hoi Yim Wong, a professional nurse, will lead the medical acquisition investigatory team.
EVENT UPDATE
The first stage audit of Shanghai Ecom Trading Company has been completed with better than anticipated results. The International Standards Audit will commence this week. The first stage auditing of both Lin Bi and Ying Kang in Guangzhou are scheduled for commencement this week as well.
The Company has initiated the acquisition of Ecom Biotech Holdings Limited ("Ecom-HK") located in Hong Kong. This acquisition will centralize and facilitate the transfer of the manufacturing and distribution licenses held by the various companies acquired in China by 37Point9 as a transition under Chinese law.
Shanghai Ecom has indicated that one of its key suppliers, a U.S. fortune 500 company, has initiated licensing applications to expand its distribution into the Fujian province on the east coast of China. Shanghai Ecom also reports that they are in negotiations with another major supplier for the Shanghai area.
The Company has entered into negotiations to acquire a subsidiary of a Southern California company. This subsidiary presently owns and operates an FDA approved cardiovascular laboratory and testing facility. The anticipated addition of this company will greatly add to 37Point9's strength with the ability to perform testing and establish Chinese State Drug Agency (SDA) protocol measures for products to be manufactured and distributed in China and the United States under FDA guidelines.
Additionally, as part of the SDA accreditation process, 37Point9 has opened discussions with one of China's 12 largest teaching hospitals to conduct clinical trials for products to be manufactured and distributed in China. The clinical trials are necessary for the appropriate manufacturing licenses and approvals given by the SDA and the government.
The completion of the current acquisition program and hospital affiliation will allow 37Point9 to offer a "one stop opportunity" for the small to mid-range medical device company to enter into the enormous Chinese marketplace. This "opportunity" will include:
-- A preliminary analysis of the market valuation of their product -- Clinical trials -- Manufacturing and sales licensing -- Manufacturing -- Sales distribution in the Far East -- A U.S. sales organization
Doug Brown, President of 37Point9, commented, "37Point9 expects to have all aspects of this program in place by the end of the first quarter of 2003. As each acquisition is completed, 37Point9 will increasingly add to its revenue and earnings bottom line and will add substantial intangible value which will exceed its capitalized earnings value. This calculated building block process of identifying and acquiring each key business aspect strengthens 37Point9's position as a budding international company."
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. 37Point9 disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services and changes in our business strategies.
CONTACT: 37Point9 Doug Brown, 888/420-4042
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KEYWORD: CALIFORNIA CHINA HONG KONG INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: MEDICAL MEDICAL DEVICES MANAGEMENT CHANGES SOURCE: 37Point9
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