Agronix, Inc. Signs LOI to Acquire Harbin Yingxia Business Co.
LOS ANGELES (MARKET WIRE) February 22, 2006 Agronix, Inc. (OTCBB: AGNI) is pleased to announce that it has signed a binding letter of intent to acquire 100% of the stock in Warner Nutraceutical International Inc., a Delaware corporation that owns 100% of the stock of Harbin Yingxia Business Co. (Yingxia), a corporation organized under the laws of the Peoples Republic of China.
Yingxia is a privately owned Chinese enterprise that engages in the development, production, and sale of nutritional health products. These products are sold within China and throughout Asia. Their GAAP audits have been completed by PCAOB approved auditors, Bagell, Josephs, Levine & Co. based out of New Jersey.
Ms. Yingxia Jiao, CEO and Chairman of Yingxia stated, We are extremely excited to begin the process to become a publicly traded company through this reverse merger transaction with AGNI. We feel it gives our company a tremendous opportunity to grow organically and through acquisitions of other smaller nutraceutical sales and manufacturing companies.
Brian Hauff, President of Agronix commented, We have looked at numerous situations to potentially increase shareholder value and we feel the acquisition of Yingxia provides the best prospect of fulfilling that goal. The Yingxia management and company are highly regarded in China as shown by their selection as a national top ten agricultural enterprise in 2005. We believe that their public listing in the US will help them become a bellwether in their industry.
American Union Securities CEO, John Leo, anticipates that the merger between Yingxia and AGNI will be completed in the next 60 days. American Union Securities has been retained by Yingxia to advise the company on this transaction and to assist management with the execution of its business plan over the next twelve months. American Union Securities is a full service investment-banking firm headquartered in New York. For additional information please visit the firms website http://www.ausbanking.com/.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
AGRONIX INC. REGISTERED SHARES O.N. - NASDAQ OTC - AGNI.OB WKN/ISIN 692804
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