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Net Force signs letter of intent to acquire Chinese biotech company.
2003 DEC 3 - (NewsRx.com & NewsRx.net) -- Net Force Systems, Inc., announced that Net Force has entered into a letter of intent to acquire 100% of the issued and outstanding shares of Tangshan Yian Biological Engineering Co., Ltd., through the issuance of 3,500,000 shares of common stock of Net Force plus US$2,200,000 in cash, which will be payable by Net Force within 12 months from the date of entering into a formal agreement, to the shareholders of Tangshan Yian pro rata.
The completion of the acquisition of Tangshan Yian by Net Force is subject to Net Force completing due diligence to its satisfaction. If the acquisition of Tangshan Yian is completed, then Tangshan will become and be operated as a wholly owned subsidiary of Net Force.
Tangshan Yian operates in the city of Tangshan, People's Republic of China, as a research and development company specializing in the development and manufacturing of various vaccines including flu vaccines and vaccines for hepatitis A.
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