Move Helps Ensure Ongoing Compliance with NYSE MKT Listing Requirements
JERSEY CITY, NJ / ACCESSWIRE / March 13, 2015 / Aoxing Pharmaceutical Company, Inc. (NYSE MKT: AXN) ("Aoxing Pharma"), a specialty pharmaceutical company focusing on research, development, manufacturing, and distribution of narcotic, pain-management, and addiction treatment pharmaceuticals, announced that it has entered into agreements to sell 1,029,412 shares of its common stock. The sales are being made for the primary purpose of increasing the shareholders equity of the Company, and bringing it into compliance with the continued listing requirements of NYSE MKT. The sales will be completed after the NYSE MKT approves the listing of the additional shares.
508,000 shares will be sold to officers and employees of Aoxing Pharma at a price of $1.36 per share, which was the market price when the sales agreements were made on March 11, 2015. Included among the purchasers will be Wilfred Chow, CFO (100,000 shares) and Guoan Zhang, VP-Finance (20,000 shares). The proceeds for Aoxing Pharma total $690,880, which will be utilized for working capital purposes. The additional 521,412 shares will be issued to a creditor in satisfaction of $709,120 debt.
About Aoxing Pharmaceutical Company, Inc.
Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing Pharma has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). For more information, please visit: www.aoxingpharma.com.
CONTACT:
Aoxing Pharmaceutical Company:
646-367-1747
investor.relations@aoxingpharma.com
SOURCE: Aoxing Pharmaceutical Company, Inc.
