Worldwide Biotech buys 51% stake in Hunan Hua Yang Pharmaceutical

By Ted A. Knutson

Washington, Jan. 24 - Worldwide Biotech and Pharmaceutical Co. said it has acquired a 51% stake in Hunan Hua Yang Pharmaceutical Co. Ltd.

Worldwide will issue 482,000 shares to Hunan Hua's previous owners as payment.

In addition, Worldwide subsidiary Yangling Daiying Biotech & Pharmaceutical Group Co. Ltd. is paying $174,000 for an 18% stake in Hunan Ze An Pharmaceutical Co. Ltd.

Worldwide Biotech is a Sarasota, Fla.-based biotechnology company.

The announcement was made in an 8-K filing with the Securities and Exchange Commission.

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