Sinobiomed Inc. was a leading Chinese developer of genetically engineered recombinant protein drugs and vaccines. Based in Shanghai, Sinobiomed currently has 10 products approved or in development: three on the market, four in clinical trials and three in research and development. The Company's products respond to a wide range of diseases and conditions, including: malaria, hepatitis, surgical bleeding, cancer, rheumatoid arthritis, diabetic ulcers and burns, and blood cell regeneration.
On January 12, 2007, the Company completed the reverse acquisition of Wanxin and all the subsidiaries of Wanxin in accordance with the Share Purchase Agreement, whereby the Company acquired the Wanxin Capital, through the issuance of 1,750,000 (pre forward stock split) shares of Common Stock of the Company in aggregate to the shareholders of Wanxin on a pro rata basis in accordance with each Wanxin shareholder’s percentage of ownership in Wanxin. The Company subsequently made the determination to abandon Shanghai Wanxing and Wanxing Cosmetic as described in Part I, Item 1. On December 23, 2010, the Company completed the abandonment process with the sale of Wanxin to China Nonferrous for a sale price of $200,000, which results in the Company no longer having any subsidiary companies.
On December 10, 2010, the Company acquired the data centre assets of Keychain, Ltd., which the Company believes will enable the Company to utilize such telecommunications infrastructure to pursue its new business direction of operating a secure data storage and processing environment and engaging in strategic partnerships in the areas of e-commerce, media and social networking.
On April 5, 2011, Sinobiomed Inc. (the “Company”) entered into a binding Letter of Intent (“LOI”) with Sitoa Corporation (“Sitoa”). Under the terms of the LOI, the Company is obligated to acquire Sitoa in a share exchange transaction whereby, the Company would acquire all of the issued and outstanding equity interests in Sitoa, in exchange for shares of commons stock of the Company equal to 80% of the Company’s issued and outstanding shares of common stock as at the closing of the share exchange transaction. The closing is expected to occur no later than June 1, 2011, subject to final approval from Sitoa shareholders.
Sitoa, www.sitoa.net a California based company was founded in 2001 with the goal to make it easier for retailers and product suppliers to sell online. The Sitoa solution was based on providing an easy-to-use and comprehensive platform to expand product offerings and take advantage of fast-moving market opportunities. Starting with one online retail partner - Sears.com - and a single product partner - Northgate Computers, Inc. - the Sitoa Network grew to include many of the world's top online retailers and over 1000 name brand and boutique product partners.
