HONG KONG, Sept. 14, 2010 (GLOBE NEWSWIRE) -- The Board of Directors of Sinobiomed, Inc. ("Sinobiomed", or "the Company") (Pink Sheets:SOBM) is pleased to announce the memorandum of understanding ("MOU") to acquire the assets of i-Media Asia.
Limei, based in Chengdu, Sichuan Province and the owner of the i-Media assets, has initially agreed to sell all of the i-Media Asia assets to Sinobiomed, Inc.
The transaction is expected to be completed in the fourth quarter of 2010.
Terms of the transaction have not been disclosed.
FORWARD LOOKING STATEMENTS: This news release may include "forward-looking statements" regarding Sinobiomed, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiomed expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiomed does not undertake any obligation to update any forward looking statement, except as required under applicable law.
CONTACT: Sinobiomed, Inc. Investor Relations: Intl. +86 136 0191 6614 U.S. +1 415-830-6210 firstname.lastname@example.org Room 4304, 43/F China Resources Building 26 Harbour Road Wan Chai Hong Kong