WENZHOU, China, June 26, 2017 /PRNewswire/ -- Hebron Technology Co., Ltd. ("Hebron" or the "Company") (Nasdaq: HEBT), a developer, manufacturer and installer of valves and pipe fittings for use in the pharmaceutical, biological, food and beverage, and other clean industries, today announced that it has signed a framework cooperation agreement (the "Agreement") to form a joint venture (the "JV") with Research and Product Complex BioPromin Ltd. ("BioPromin"), a Ukraine-based company specializing in noninvasive blood analyzing medical devices.
Pursuant to the Agreement executed by and between the Company and BioPromin on June 16, 2017, the parties have agreed to establish the JV to develop, manufacture, and market BioPromin's proprietary noninvasive blood analyzing devices in China. The JV will be based in Konggang New Area, Longgang District, Wenzhou City, Zhejiang Province with registered capital of $5 million and total investment of up to $50 million. Hebron will own 80% of the JV, with BioPromin owning the remaining 20%. BioPromin will also have the right of first refusal to acquire an additional 5% ownership in the JV from Hebron. The formation of the JV is subject to the two parties signing a final definitive agreement, regulatory approvals and other customary closing conditions.
"We are very excited about the opportunity to team up with BioPromin. Combining Hebron's more than a decade of deep ties to the pharmaceutical industry and strong capabilities in manufacturing and marketing with BioPromin's innovative blood analyzing technologies, the JV gives us a unique opportunity to tap into China's huge medical device sector. We look forward to bringing BioPromin's clinically-proven blood analyzer products to the China market through this JV effort," said Anyuan Sun, Chairman and Chief Executive Officer of Hebron.
About Research and Product Complex BioPromin Ltd.
Headquartered in Kharkiv, Ukraince, Research and Product Complex BioPromin Ltd. ("BioPromin") is a developer and manufacturer of noninvasive blood analyzer and related medical devices. BioPromin's proprietary products include Automatic Noninvasive Express Screening Analyzer ("ANESA"), Noninvasive Hemogram Analyzer AMP, Low Intensity Microwave and Decimeter Wave Therapy Apparatus "BIOL", and Stardevice. More information about BioPromin can be found at www.biopromin.com.
About Hebron Technology Co., Ltd.
Established in January 2005 and headquartered in Wenzhou City, Zhejiang Province, China, Hebron Technology Co., Ltd. engages in research, development, and manufacture of highly specialized valves and pipe fitting products for use in the pharmaceutical, biological, food and beverage, and other clean industries. Hebron also offers its customers comprehensive pipeline design, installation, construction, and ongoing maintenance services as holistic solution services. More information about the Company can be found at www.xibolun.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. This press release contains information about Hebron's view of its future expectations, plans and prospects. All statements other than statements of historical fact in this announcement are or contain forward-looking statements, including risks and uncertainties disclosed in Hebron's filings with the U.S. Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to Hebron's management as of the date of this press release and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Hebron encourages you to review other factors that may affect its future results in Hebron's registration statement and in its other filings with the Securities and Exchange Commission. Hebron does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
At the Company
Yingping Chen, Secretary
Tony Tian, CFA
Weitian Group LLC
Email: [email protected]
SOURCE Hebron Technology Co., Ltd.