Sunwin Sells Veterinary Medicine Subsidiary to Focus on Core Stevia and Herb Operations
We are confident that there is a great future ahead for Sunwin both in stevia and herbal-based products and we intend to utilize all of our resources to make that great future a reality for Sunwin and its shareholders.
8 Jul 2010 --- Sunwin International Neutraceuticals, Inc., one of the top global providers of high quality stevia extracts including Rebaudioside A 98, announced that the Company has entered into a Stock Sale and Purchase Agreement to sell its 100% ownership interest in Shengya Veterinary Medicine Co., Ltd. ("Shengya") to Mr. Laiwang Zhang, the Company's President and Chairman of its Board of Directors.
Shengya manufactures and sells a variety of veterinary medicines in China that historically represented a small percentage of total revenue. The Board of Directors approved the sale to Mr. Zhang in exchange for 5 million shares of Sunwin common stock owned by Mr. Zhang. The transaction is expected to close by July 31, 2010. The Company is determined to streamline its product offering to focus on its core business of producing and selling stevia and other herb-based products including herb extracts, and herb medicines.
Commenting on the transaction, Dongdong Lin, CEO of Sunwin, stated, "We believe the divestiture of this subsidiary will enable our team to focus more of its efforts on our core stevia operations in China and North America. We are confident that there is a great future ahead for Sunwin both in stevia and herbal-based products and we intend to utilize all of our resources to make that great future a reality for Sunwin and its shareholders."
