EX-99.1
2
cbhi8kex991090104.txt
PRESS RELEASE DATED SEPTEMBER 1, 2004
Exhibit 99.1
Globus Growth Group, Inc. Merged into and Changed Corporate Name to
China Biopharmaceutical Holdings, Inc.
New York, September 1, 2004- Globus Growth Group Inc. has announced today that
it has changed its corporate name to China Biopharmaceutical Holdings, Inc. and
its state of incorporation to Delaware, by means of an internal
re-organizational merger into its wholly- owned Delaware subsidiary corporation,
China Biopharmaceutical Holdings, Inc. (the "Company")
Effective August 28, 2004, the Company completed the acquisition of China
Biopharmaceuticals Corp. ("CBC"), a British Virgin Islands corporation as the
parent, the management company and holder of 90% of the ownership interest in
its only operating subsidiary and asset, NanJing Keyuan Pharmaceutical R&D Co.,
Ltd., doing business in English a.k.a. Nanjing Chemsource Phamaceutical R&D Co.
Ltd, ("Keyuan" or "Chemsource"), a company established in the People's Republic
of China ("China") and engaged in the discovery, development and
commercialization of innovative drugs and related bio-pharmaceutical products in
China.
The Company is in the process of applying to be traded in the Over the Counter
Bulletin Board market.
Mr. Stephen E. Globus, the former Chairman of the Company said, "We are all very
excited about this merger and believe that the Company can now embark on its
expansion in China and benefit from the rapid economic growth and development in
China, particularly in its bio-pharmaceuticals market. The need for
pharmaceutical products by the growing middle class and the general population
in China is tremendous and the local talents in new drug discovery and
commercialization are very promising. When I met with the dynamic team of the
Company I was impressed with their commitment and expertise. As a member of the
new board of directors, I will do my best to guide the Company to greater
successes in the future".
Mr. Peng Mao, Chief Executive Officer and Chairman of the Board of Directors of
the Company said: "This is an exciting moment for our company as well as for the
pharmaceutical industry in China. We are extremely pleased with the completion
of this merger. It will enable us to tap the capital market to acquire new
manufacturing and research entities. We intend to consistently leverage off our
own existing strong research and development capabilities and to obtain
additional growth through selective acquisitions of research and manufacturing
entities. The acquisition of manufacturing entities will enable us to increase
profit margins on our drugs by increasing in-house manufacturing and creating
full value chain of research, development, manufacturing and distribution of the
Company's products pipe line"
Mr. Mao continued: "We possess strong competitive advantages over our
competitors with our superior product pipeline approved by the State Food and
Drug Administration of China ("SFDA"), R&D capabilities and intellectual
property rights and special partnership with China Pharmaceutical University,
the leading pharmacology university in China. The Chinese pharmaceutical market
is among the largest in the world and it is undergoing rapid reforms that create
substantial opportunities for domestic drug companies such as ours, with
existing proprietary drugs and R&D capabilities and with future addition of
manufacturing facilities compliant with the GMP standard. We intend to actively
participate in the consolidation and privatization of the pharmaceutical
industry in China and to become a dominant player in the bio-pharmaceutical
industry in China".
About China Biopharmaceutical Holdings, Inc. and its Subsidiary
---------------------------------------------------------------
China Biopharmaceutical Holdings, Inc. is a bio-pharmaceuticals company with its
operations based in China. The Company is engaged in the research, discovery,
development and commercialization of advanced and innovative drug products for
the treatment of various diseases. It is also engaged in the development of
innovative drug testing and screening technologies.
The Company's operating subsidiary, NanJing Keyuan Pharmaceutical R&D Co., Ltd.,
doing business in English a.k.a. Nanjing Chemsource Phamaceutical R&D Co. Ltd
("Keyuan" or "Chemsource") is one of China's leading drug research and
development entities with a demonstrated ability to develop and to obtain SFDA
approval for an average of three to five drugs annually. Chemsource has
developed twenty-five new drugs in the past three years and intends to
commercialize many of them. Chemsource employs top scientists who are constantly
conducting R&D for the rapid discovery and development of new drugs.
The Company is lead by a dynamic and experienced management with extensive
experience and track record in the pharmaceuticals business and a history of
success in innovative drug development and commercialization. The management of
the Company consists of experts in the fields of medical technology,
biotechnology, and pharmaceuticals with over 10-years of market place experience
and a proven record of success in the management of pharmaceutical businesses in
China. The management works as a very tight group with one clear goal, to be the
best integrated bio-pharmaceuticals company in China.
Safe Harbor Statement
Except for the historical statements made herein, the statements made in this
release are forward-looking statements. Risk factors that could cause actual
results to differ materially from those projected in forward-looking statements
include, but are not limited to, general business conditions, managing growth,
and political and other business risks. All forward-looking statements are
expressly qualified in their entirety by this Cautionary Statement and the risks
and other factors detailed in the Company's reports filed with the Securities
and Exchange Commission. China Biopharmaceutical Holdings, Inc. undertakes no
duty to update these forward-looking statements.

EX - 99 . 1 2 cbhi8kex991090104 . txt PRESS RELEASE DATED SEPTEMBER 1 , 2004 Exhibit 99 . 1 Globus Growth Group , Inc . Merged into and Changed Corporate Name to China Biopharmaceutical Holdings , Inc . New York , September 1 , 2004 - Globus Growth Group Inc . has announced today that it has changed its corporate name to China Biopharmaceutical Holdings , Inc . and its state of incorporation to Delaware , by means of an internal re - organizational merger into its wholly - owned Delaware subsidiary corporation , China Biopharmaceutical Holdings , Inc . ( the " Company " ) Effective August 28 , 2004 , the Company completed the acquisition of China Biopharmaceuticals Corp . ( " CBC " ) , a British Virgin Islands corporation as the parent , the management company and holder of 90 % of the ownership interest in its only operating subsidiary and asset , NanJing Keyuan Pharmaceutical R & D Co . , Ltd . , doing business in English a . k . a . Nanjing Chemsource Phamaceutical R & D Co . Ltd , ( " Keyuan " or " Chemsource " ) , a company established in the People ' s Republic of China ( " China " ) and engaged in the discovery , development and commercialization of innovative drugs and related bio - pharmaceutical products in China . The Company is in the process of applying to be traded in the Over the Counter Bulletin Board market . Mr . Stephen E . Globus , the former Chairman of the Company said , " We are all very excited about this merger and believe that the Company can now embark on its expansion in China and benefit from the rapid economic growth and development in China , particularly in its bio - pharmaceuticals market . The need for pharmaceutical products by the growing middle class and the general population in China is tremendous and the local talents in new drug discovery and commercialization are very promising . When I met with the dynamic team of the Company I was impressed with their commitment and expertise . As a member of the new board of directors , I will do my best to guide the Company to greater successes in the future " . Mr . Peng Mao , Chief Executive Officer and Chairman of the Board of Directors of the Company said : " This is an exciting moment for our company as well as for the pharmaceutical industry in China . We are extremely pleased with the completion of this merger . It will enable us to tap the capital market to acquire new manufacturing and research entities . We intend to consistently leverage off our own existing strong research and development capabilities and to obtain additional growth through selective acquisitions of research and manufacturing entities . The acquisition of manufacturing entities will enable us to increase profit margins on our drugs by increasing in - house manufacturing and creating full value chain of research , development , manufacturing and distribution of the Company 's products pipe line " Mr . Mao continued : " We possess strong competitive advantages over our competitors with our superior product pipeline approved by the State Food and Drug Administration of China ( " SFDA " ) , R & D capabilities and intellectual property rights and special partnership with China Pharmaceutical University , the leading pharmacology university in China . The Chinese pharmaceutical market is among the largest in the world and it is undergoing rapid reforms that create substantial opportunities for domestic drug companies such as ours , with existing proprietary drugs and R & D capabilities and with future addition of manufacturing facilities compliant with the GMP standard . We intend to actively participate in the consolidation and privatization of the pharmaceutical industry in China and to become a dominant player in the bio - pharmaceutical industry in China " . About China Biopharmaceutical Holdings , Inc . and its Subsidiary --------------------------------------------------------------- China Biopharmaceutical Holdings , Inc . is a bio - pharmaceuticals company with its operations based in China . The Company is engaged in the research , discovery , development and commercialization of advanced and innovative drug products for the treatment of various diseases . It is also engaged in the development of innovative drug testing and screening technologies . The Company ' s operating subsidiary , NanJing Keyuan Pharmaceutical R & D Co . , Ltd . , doing business in English a . k . a . Nanjing Chemsource Phamaceutical R & D Co . Ltd ( " Keyuan " or " Chemsource " ) is one of China 's leading drug research and development entities with a demonstrated ability to develop and to obtain SFDA approval for an average of three to five drugs annually . Chem source has developed twenty - five new drugs in the past three years and intends to commercialize many of them . Chem source employs top scientists who are constantly conducting R & D for the rapid discovery and development of new drugs . The Company is lead by a dynamic and experienced management with extensive experience and track record in the pharmaceuticals business and a history of success in innovative drug development and commercialization . The management of the Company consists of experts in the fields of medical technology , biotechnology , and pharmaceuticals with over 10 - years of market place experience and a proven record of success in the management of pharmaceutical businesses in China . The management works as a very tight group with one clear goal , to be the best integrated bio - pharmaceuticals company in China . Safe Harbor Statement Except for the historical statements made herein , the statements made in this release are forward - looking statements . Risk factors that could cause actual results to differ materially from those projected in forward - looking statements include , but are not limited to , general business conditions , managing growth , and political and other business risks . All forward - looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company 's reports filed with the Securities and Exchange Commission . China Biopharmaceutical Holdings , Inc . undertakes no duty to update these forward - looking statements .