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news.Huifeng Bio-Pharmaceutical Technology has signed a $3.9m Financing and Construction agreement with Xi'an Jucheng Investment & Consulting, a company organised and operating under the laws of the People's Republic of China (PRC).
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Huifeng develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production
As per the terms of agreement, Jucheng shall provide $3.9m in financing for the construction of a Diosmin plant with an annual production capacity of 500 tons.
In consideration, the Huifeng has agreed to issue to Jucheng 6,500,000 shares of the its restricted common stock, of which 1,500,000 shares shall remain restricted until Huifeng approves and accepts the plant upon completion.
Huifeng said that the addition of this plant is expected increase the its Diosmin production capacity to 600 tons.
Huifeng CEO Jing’an Wang said that the financing would provide them capital to construct a new COS Standard Diosmin plant with 500 tons of production capacity.