LAIYANG, China, Dec. 2, 2010 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (Nasdaq: JGBO) ("Jiangbo" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, today announced that negotiations with the holder of its November 2007 Debenture and the holders of its May 2008 Notes are continuing and that management believes that progress has been made in connection with reaching a settlement with such holders. To date, neither the holder of the November 2007 Debenture nor the holders of the May 2008 Notes have delivered an event of default notice with respect to these securities.
"We appreciate the support that our debenture and note holders have provided to the Company and are working hard to finalize a settlement that is in the interest of all parties. We will announce further details as soon as we have finalized the agreement," commented Mr. Linxian Jin, CEO of Jiangbo.
About Jiangbo Pharmaceuticals, Inc.
Jiangbo Pharmaceuticals is engaged in the research, development, production, marketing and sales of pharmaceutical products in China. The Company's operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong Province. Jiangbo produces both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form. For additional information, please visit the Company's website (www.jiangbopharma.com).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
SOURCE Jiangbo Pharmaceuticals, Inc.