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 01/04/2010
[Industry news]
China Pharma Completes Reverse Merger
China Pharmaceuticals, Inc. has completed a reverse merger with Allstar Restaurants. Effective March 30, 2010, the company’s name officially changed and it began trading under its new symbol.
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by: ChinaBio Today
China Pharmaceuticals, Inc. has completed a reverse merger with Allstar Restaurants. Effective March 30, 2010, the company’s name officially changed and it began trading under its new symbol.
Headquartered in Xi’an, Shaanxi Province, China Pharma produces TCM and western medical products, some of which require prescriptions while the rest are OTC. Its 85 offerings include capsules, oral solutions, tablets, granules, syrups, medicinal teas, tincture and solutions for injection. Before the completion of the reverse merger, China Pharma was known as DE Qinba.
During the first nine months of its 2009 fiscal year (ended September 30, 2009), China Pharma reported $18.4 million of revenue and net income $6.3 million or $0.16 per share. The company said it had pro-forma shareholder equity on September 30, 2009 of $26 million while total assets equaled $35 million. At the time of this writing, China Pharma’s shares were trading at $1.00, following a single transaction of 500 shares. |
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