AXM Pharma Receives Initial Proceeds of 10 Million RMB Loan from Shenyang Municipal Government
April 28 2006 - 10:05AM
Business Wire
AXM Pharma, Inc. (AMEX: AXJ), a manufacturer of proprietary and
generic pharmaceutical and nutraceutical products for the Chinese
and other Asian markets, announced today that it has received the
first tranche of a 10 million RMB (equivalent to $1.25 million)
loan without interest from the Shenyang Municipal Government. The
Company received initial proceeds of $375,000, with the second and
final tranche of $875,000 expected prior to the end of April. The
proceeds are expected to be used to expand existing operations as
well as for working capital and other general corporate purposes.
About AXM Pharma, Inc. AXM Pharma, Inc., through its wholly owned
subsidiary, AXM Pharma Shenyang, Inc. ("AXM Shenyang"), is a
manufacturer of proprietary and generic pharmaceutical products,
which include injectables, capsules, tablets, liquids and medicated
skin products for export and domestic Chinese sales. AXM Shenyang
is located in the City of Shenyang, in the Province of Liaoning,
China. AXM Shenyang has an operating history of approximately 10
years. For additional information on AXM Pharma, Inc., please visit
http://www.axmpharma.com. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained
in this news release include certain predictions and projections
that may be considered forward-looking statements under securities
law, including the statements regarding the Company's opportunities
for future growth. These statements involve a number of important
risks and uncertainties that could cause actual results to differ
materially including, but not limited to, the performance of joint
venture partners, obtaining regulatory approvals to market the
Company's products, the uncertainties associated with distributing
products in a developing country such as China, the availability of
cash to meet near term requirements as well as other economic,
competitive and technological factors involving the Company's
operations, markets, services, products and prices. With respect to
AXM, except for the historical information contained herein, the
matters discussed in this news release are forward-looking
statements involving risks and uncertainties that could cause
actual results to differ materially from those in such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, AXM's extremely limited operating
history, uncertainties related to the Company's access to
additional capital, competition and dependence on key management.
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