OTCBB AREN Completes Merger with China Qinba Pharmaceuticals, Inc.
February 19 2010 - 5:58PM
Business Wire
Allstar Restaurants (OTC Bulletin Board: AREN) ("Allstar" or the
"Company"), today announced that effective on February 12, 2010,
the Company’s wholly-owned subsidiary merged with China Qinba
Pharmaceuticals, Inc.
China Qinba Pharmaceuticals, Inc. has its headquarters in the
City of Xi’an, Shaanxi Province, China. The Company identifies,
discovers, develops, manufactures and distributes both prescription
and over-the counter, including both conventional and Traditional
Chinese Medicines, pharmaceutical products for the treatment of
some of the most common ailments and diseases. We currently
manufacture 85 pharmaceutical products in the form of capsules,
oral solutions, tablets, granules, syrups, medicinal teas, tincture
and solutions for injection that are either small volume parenteral
solutions that are freeze dried powders or large volume parenteral
solutions. China Qinba Pharmaceuticals, Inc.’s manufacturing
facilities are based in Hanzhong and the Xi’an Jinghe Industrial
Zone, both in Shaanxi Province.
In the Merger Transaction, through our wholly-owned subsidiary
Allstar Acquisitions Co., we acquired control of China Qinba
Pharmaceuticals, Inc. a Delaware corporation and the parent company
of Xi-an Development Co., Ltd., a wholly foreign-owned enterprise
organized under the laws of the People’s Republic of China, which
controls Xi’an Pharmaceuticals Co. Ltd., a company organized under
the laws of the People’s Republic of China, by issuing to the all
of the China Qinba Pharmaceuticals Shareholders shares of our
common stock as consideration for all of the outstanding capital
stock of China Qinba Pharmaceuticals. Founded in 1969, Xi’an
Pharmaceuticals Co. Ltd. is engaged in the research and
development, manufacturing, packaging, marketing and distribution
of pharmaceutical products in China.
The Company also announces the filing of a Schedule 14f-1 with
the Securities and Exchange Commission whereby Mr. Terry Bowering
shall resign as a member of the Board of Directors of the Company,
and Tao Lei, Zaizhi Cheng, Xiaogang Zhu and Michael Segal shall be
duly appointed to the Board of Directors of Allstar Restaurants
upon the expiration of the ten day period following the mailing of
the Schedule 14f-1 to the Company’s shareholders of record.
Pursuant to the Merger Agreement, the Company will use its
commercially reasonable efforts to effect a name change from
Allstar Restaurants to China Pharmaceuticals Inc.
Mr. Guozhu Wang, Chairman and CEO said, “We are very pleased to
announce the completion of our merger with Allstar Restaurants. We
are very positive about the growth potential of the pharmaceutical
industry in China and our company’s growth prospects as we continue
to strive to become a market leader.” Mr. Guiping Zhang, President
stated, “We have reached a major goal with having our Company’s
shares quoted on the OTC Bulletin Board in the United States which
will allow us to broaden our investor base, create a liquid market
for our stock, and financially support the accelerated growth of
our business as we strive to become a leader in the pharmaceutical
industry in China.”
About China Qinba Pharmaceuticals, Inc.
China Qinba Pharmaceuticals, Inc. has its headquarters in the
City of Xi’an, Shaanxi Province, China. The Company identifies,
discovers, develops, manufactures and distributes both prescription
and over-the counter, including both conventional and Traditional
Chinese Medicines, pharmaceutical products for the treatment of
some of the most common ailments and diseases. China Qinba
Pharmaceuticals, Inc. currently manufactures 85 pharmaceutical
products in the form of capsules, oral solutions, tablets,
granules, syrups, medicinal teas, tincture and solutions for
injection that are either small volume parenteral solutions that
are freeze dried powders or large volume parenteral solutions.
China Qinba Pharmaceuticals, Inc.’s manufacturing facilities are
based in Hanzhong and the Xi’an Jinghe Industrial Zone, both in
Shaanxi Province. For the nine months ended September 30, 2009,
revenue was $18,394,922 and net income as $6,309,887 or $0.16 per
share on a pro-forma basis. As at September 30, 2009 shareholders’
equity was $26,011,958 and total assets were $35,020,073.
Safe Harbor Statement - This announcement contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
announcement are forward-looking statements, including but not
limited to, the company's ability to raise additional capital to
finance the company's activities; the effectiveness, profitability,
and the marketability of its products; legal and regulatory risks
associated with the share exchange; the future trading of the
common stock of the company; the ability of the company to operate
as a public company; the period of time for which its current
liquidity will enable the company to fund its operations; the
company's ability to protect its proprietary information; general
economic and business conditions; the volatility of the company's
operating results and financial condition; the company's ability to
attract or retain qualified senior management personnel and
research and development staff; and other risks detailed in the
company's filings with the Securities and Exchange Commission and
available on its website at http://www.sec.gov. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the companies and the industry. The
company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or to changes in its expectations, except as may be required by
law. Although the company believes that the expectations expressed
in these forward looking statements are reasonable, they cannot
assure you that their expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results.
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