Bio-One Acquires Chinese Glucose Company

Bio-One Acquires Chinese Glucose Company

ORLANDO, Fla.Bio-One Corp.acquired majority control of WeiFang Shengtai Pharmaceuticals Co. Ltd., aChinese manufacturer and distributor of glucose. The transaction involved a cashpayment of US$2 million and Bio-One convertible stock valued at US$4.1 million.

WeiFang, which has a 30-percent share of the glucose market inChina, reported audited revenues of US$16.3 million and a net income of US$2.3million. And, in the companys 1Q04, WeiFang moved into a new facility thatincreased its production by 50 percent. The company, which employs 450, willcontinue to be run by its current management team.