BioPharm Asia, Inc. Proposed as New Corporate Name to Reflect Focus in China's Growing Pharmaceutical Market
SHENZHEN, China, May 14 /PRNewswire-Asia/ -- Domain Registration Corp.
(OTC Bulletin Board: DOMR), today announced that on May 7, 2009, the Company acquired all of the outstanding capital stock of China Northern Pharmacy Holding Group Limited ("CNPH"), a British Virgin Islands corporation, and the Board of Directors has adopted certain amendments, which include a name change to "BioPharm Asia, Inc.", which shall become effective upon shareholder approval and an information statement supplied to the SEC.
CNPH is a holding company that acquired all of the outstanding stock of China Northern Pharmacy Holding Group Limited in Hong Kong ("CNPH HK"), a limited liability company organized under the laws of the People's Republic of China ("PRC" or "China") that owns two operating subsidiaries focused on pharmaceutical logistics and distribution as well as the sale of various herbal products throughout China.
The Company, through these two wholly owned operating subsidiaries, is committed to creating a comprehensive pharmaceutical company in China through an integrated industry chain and remains dedicated to the Chinese medicine industry. "BioPharm Asia" intends to further expand its business scope to cover Tibetan pharmacies, healthcare services, and medicine delivery services comprising telephone and online order services. The Company's revenue in 2008 was USD91 million, with a net profit of USD15.6 million.
In accordance with the successful reverse merger, "BioPharm Asia" held a press conference and strategic cooperative agreement signing ceremony with the local government of Tonghua County. The press conference was attended by some institutional investors and investment banks from the United States, and entrepreneurs from approximately 50 well-known Chinese pharmaceutical companies, medicine distributors and pharmacy chains. Related officers from the Chinese equivalent of the Food and Drug Administration and government entities in Jilin province, Tonghua Municipal government and Tonghua county government were also in attendance.
"We are very pleased to become a public company in the United States and appreciate the broad support we have received for our efforts, as evidenced by our recent press conference in China. The completion of this transaction enables us to broaden our investor base, create a liquid market for our stock, and financially support the accelerated growth of our business," said Yunlu Yin, Chief Executive Officer. "We will continue to strive towards our goal of becoming an internationally integrated healthcare and pharmaceutical group via sustained industry mergers and acquisitions."
China's pharmaceutical industry has increased 16.8% annually over the past 30 years, with a total revenue of USD120.4 billion in 2008, representing an increase of 24.9% compared to 2007. However, China's medicine retail market remains highly fragmented, with chain store retail as low as 20% compared to developed countries like the U.S. that enjoy 64% of the market.
In order to combat this, on January 21, 2009, the central government released its New Healthcare Innovation Scheme (NHIS), which will significantly boost medicine retailing in China. As part of this new plan, online, telephone and mail medicine retail services will be stipulated by the central government, and these reforms will generate significant changes in the medicine retailing market, while the most powerful distribution channels will have significant advantages compared to the competition.
Under this climate of reform, the Company has begun implementing measures to strengthen its core competitiveness including mergers and acquisitions, and strategic alliances, while also enhancing its scale of operations by introducing new products and expanding its sales networks to increase market share.
About Domain Registration Corp ("BioPharm Asia, Inc.")
In the process of changing its corporate name to "BioPharm Asia, Inc.", the Company is primarily engaged in the medicine chain business and is complemented by a series of integrated business segments that include the cultivation of Chinese herbal medicines, pharmaceutical production and wholesale medicines. Following several successful acquisitions through China Northern Pharmacy Holding Group Limited, the Company has preliminarily completed the integration of industry chain, extending the sole trading business (including terminal chain stores, distribution and wholesale business) to pharmaceutical manufacturing and cultivation of medicinal raw materials. For more information, please visit http://www.biopharmasiainc.com .
Forward-looking statement: Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future sales. These forward-looking statements may involve a number of risks and uncertainties. Actual results may differ materially based on a number of factors, including, but not limited to, uncertainties in product demand, risks related to doing business in China, the impact of competitive products and pricing, changing economic conditions around the world, release and sales of new products and other risk factors detailed in the company's most recent annual report and other filings with the Securities and Exchange Commission.
For more information, please contact:
Domain Registration Corp ("BioPharm Asia, Inc.")
Lijun Zhang
Tel: +1-646-203-3666
Email: vp@biopharmasiaco.com
Mike Guo
Tel: +86-188-2025-6880, +86-755-2399-0990
Email: cfo@biopharmasiaco.com
