Aamaxan Transport Group, Inc. (ATG) announced the completion of the acquisition of all the outstanding common shares of British Virgin Islands corporation Asian Business Management Group Limited (ABM) on April 15, 2008. By the terms of the share exchange agreement, ATG acquired all of the issued and outstanding shares of common stock of the BVI company in exchange for 14,991,812 original issue shares of its common stock. Simultaneously with the share exchange on April 14, 2008, ATG completed private placement with institutional and accredited investors which resulted in gross proceeds to the company of approximately US$12.5 mln, through the issuance of approximately 4 million shares of Senior Convertible Preferred Stock.
BVI-registered Asian Business Management Group, through its subsidiaries which include Chinese company Shanghai Medical Technology Co., Ltd., is the largest provider of Hemodialysis equipment and other related supplies and services in Eastern China. After the implementation of China's National Healthcare Reform, the existing Dialysis market is projected to grow 2 or even 3 times, from 2007 to 2010. Being the leader in this sphere of medical services, Shanghai Medical distributed 25% of the Hemodialysis products and supplies in China in 2007. Currently the BVI-controlled company distributes HD equipment and supplies to over 200 medical facilitates, comprised of 60 hospitals (including top five hospitals of Shanghai), blood bank and diagnostic centers in Shanghai and Eastern China, and to 30 public health centers. Among the strategic partners of Shanghai Medical there are the largest global providers of blood dialysis and diagnostic equipment.
Mr. Chen Zhong, CEO and Chairman of Shanghai Medical, stated in his comments on company's merger with Aamaxan Transport Group: "We are very pleased to complete this financing... The working capital will enable us to pursue our vision and growth strategy of becoming a dominant integrated service provider of Hemodialysis (HD) and Renal Care products in China.”
