Global Pharmatech Received $5,000,000in a Private Placement
May 18 2006 - 9:30AM
PR Newswire (US)
JILIN, China, May 18 /Xinhua-PRNewswire/ -- Global Pharmatech, Inc.
(OTC Bulletin Board: GBLP), a company develops, manufactures and
markets proprietary drugs and nutritional supplements that are
based on modernized Chinese medicine and bio-pharmacy, announced
that, on April 28, 2006, it has completed the sale of 5,000,000
shares of the company's common stock to Mr. Z.Y. Zhang, a single,
non-U.S. and unaffiliated investor for gross proceeds of $5
million. Proceeds from the financing will be used to provide the
Company with additional working capital to expand its R&D
facilities and further develop distribution channels in China.
Westminster securities Corporation acted as placement advisor for
this transaction. Dr. Xiaobo Sun, President and CEO of Global
Pharmatech commented: 'We welcome the investment to our company.
After Mr. Zhang visited our facility and conducted a thorough
two-month due diligence, he was pleased with this investment
opportunity. With the additional capital, we will be able to
strengthen our R&D capabilities and build up a stronger
distribution network in the fast growing pharmaceutical market in
China.' About Global Pharmatech Global Pharmatech, through its
subsidiaries, develops, manufactures and markets proprietary drugs
that are based on Traditional Chinese Medicine using modern
facilities and advanced R&D technologies. The company offers a
full range of start-to-finish biotech services, from research and
testing to manufacture and sale of liquid and solid dose products.
The Company employs unique proprietary extraction methods and also
licenses patents and technologies for botanical/biological drug
products. Global Pharmatech's operations are currently based in the
People's Republic of China with sales distribution centers in
China, Malaysia, Singapore and Indonesia. For more information,
please visit http://www.global-pharmatech.com/ About Westminster
Securities Corporation Westminster Securities Corporation,
headquartered in New York City, was founded in 1971. It provides
comprehensive financial services for a large number of individual
and institutional clients. For more information, please visit
http://www.westminstersecurities.com/ Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995 This news
release contains forward-looking statements within the meaning of
the 'safe harbor' provisions of the Private Securities Litigation
Reform Act of 1995. These statements are based upon our current
expectations and speak only as of the date hereof. Our actual
results may differ materially and adversely from those expressed in
any forward-looking statements as a result of various factors and
uncertainties, including our ability to successfully develop and
commercialize products, competitive products in our key markets,
changes in consumer demand for our products, legislative,
regulatory and competitive developments and general economic
conditions. Our SEC filings discuss some of the important risk
factors that may affect our business, results of operations and
financial condition. We undertake no obligation to revise or update
publicly any forward-looking statements for any reason. For more
information, please contact: Zhuojun Li Investor Relations Global
Pharmatech, Inc. Tel: +1-888-846-4257 Email: DATASOURCE: Global
Pharmatech CONTACT: Zhuojun Li, Investor Relations of Global
Pharmatech, Inc., +1-888-846-4257 or Web Site:
http://www.westminstersecurities.com/
http://www.global-pharmatech.com/
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