Worldwide Biotech (WWBP) research, news, and more from GeoInvesting

Company description

Wed, 23 Apr 2008 04:00:00 GMT

Worldwide Biotech & Pharmaceutical Co. (''WWBP'') is a hi-tech biotech company with top-ranking pharmaceutical R&D abilities, Good Manufacturing Practices (GMP) licensed manufacturing facilities and a well-established marketing network in China and Southeast Asia. The product range of WWBP covers Hepatitis C Virus (HCV) products, diagnostic medicines and Over-The- Counter (OTC) drugs.

Reverse Merger Filing

Corporate Governance

Mon, 27 Jun 2011 04:00:00 GMT

On June 22, 2011, Wenxia Guo resigned from her positions as the Chairman of the Board of Directors, President and Chief Executive Officer of Worldwide Biotech & Pharmaceutical Company, a Delaware corporation (the “Company”), Peng Wang resigned from his positions as Chief Financial Officer and Treasurer of the Company, and Qiang Li resigned from his position as a Director of the Company. All of the aforementioned directors and officers resigned for personal reasons, without any disagreements with the Company, and their resignations were not related to Company’s operations, policies or practices. On June 22, 2011, the Board of Directors of the Company accepted the resignations of Mrs. Guo, Mr. Wang and Mr. Li.

On June 22, 2011, the Board of Directors of the Company elected Tianxi Wang and Zengfu Lee as Directors to replace Wenxia Guo and Qiang Li.

In addition, on June 22, 2011, the Board of Directors of the Company appointed Peng Wang to succeed Wenxia Guo as the Chairman of the Board of Directors, President and Chief Executive Officer and appointed Weihong Zhai to replace Peng Wang as the Chief Financial Officer and Treasurer.

Mr. Tianxi Wang, Director, age 57, has 27 years of management experience. From 1976 to 1997, Mr. Wang worked at the Transportation Company in Yao County, Tongchuan, Shaanxi, China. Following his 21 years at the Transportation Company, Mr. Wang became the general manager of the Yao County Department Store in Tongchuan, Shaanxi, China from 1998 to 2003. Since 2003 Mr. Wang has been an investor and shareholder of the Company. Mr. Wang graduated from Yao County Middle School.

Mr. Zengfu Lee, Director, age 50, graduated from Tongchuan Radio and TV University and went to work as a mechanic at the Second Transportation Company in Tongchuan, Shaanxi, China from 1986 to 1998. In 1999, Mr. Lee took a position as the general manager of the Tongchuan Pharmacy, which he held until 2003. Since 2003 Mr. Lee has been an investor and shareholder of the Company.

Mr. Peng Wang, Chairman, President and Chief Executive Officer, age 52, a graduate from Xi’an University of Finance and Economics, has worked for over 23 years in finance as a Certified Public Accountant. Prior to Mr. Wang’s appointment as the Company’s Chairman, President and CEO, he served as a financial officer in governmental organizations from 1977 to 1995 and as the Chief Financial Officer of Shaanxi Yuqi Functional Product Factory from 1995 to 2000.

Mrs. Weihong Zhai, Chief Financial Officer and Treasurer, age 45, was the executive cashier at Shaanxi Qindi Architecture Design Office from 1992 to 1997. Mrs. Zhai then worked as an accountant at Shaanxi Qindi Architecture Design Institute from 1997 until her appointment as the Company’s CFO and Treasurer. Mrs. Zhai is a graduate of Zhengzhou Vocational College of Industrial Trade.

Comments & Business Outlook

Sun, 03 Apr 2011 04:00:00 GMT

Efforts to improve the Company’s financial results

The Company has incurred losses over the past years. Management is making every effort and continues to implement changes designed to significantly improve the Company’s financial results and operating cash flows. The actions involve certain cost-saving initiatives and growth strategies, including:

(a) Improve capital conditions

Taking steps to improve the capital conditions, including increasing our bank loan and attracting new investment.

(b) Expand the market for our products by increasing marketing activities and sales

Manufacturing some drugs that we did not make before, increasing marketing activities and instituting polices to motivate salespersons to increase sales.

(c) Strengthen internal controls

Taking steps to strengthen internal controls aimed at bringing down production costs and various expenses.

(d) Continue our cooperation with Yangling Daiying Biotech Institute

Continue cooperation with Yangling Daiying Biotech Institute on the manufacturing and sale of its SFDA-approved product Emergency Haemostatic Patch, as well as increasing other incomes.

Management believes that these actions will enable the Company to improve future profitability and cash flow in its continuing operations through December 31, 2010.