Winston-Salem, NC -- (SBWIRE) -- 12/05/2013 -- China Auto Logistics (NASDAQ: CALI) $2.94. Today announced that on November 30, 2013, its subsidiary, Tianjin Binhai Shisheng Trading Group Co. signed an equity transfer agreement with Hezhong International Development Co, Ltd. to acquire Tianjin Zhonghe Auto Sales Service Co., the owner and operator of the Airport International Automall in Tianjin.
The Company plans to develop the Automall into a key site for what it believes can become one of the largest used car businesses in China.Following an initial payment of RMB 240 million (approximately $39.2 million) to be paid within 5 days of the signing, the remainder of the agreed purchase price of RMB 559,768,000 (approximately $91.4 million) will be paid in three additional annual installments with an annual interest rate of 6%, after which 100% of the equity in the acquisition will be transferred to Shisheng.
In the interim, Shisheng will have operating control of the Automall, although failure to complete all required payments on time could result in termination of the agreement.The Company anticipates utilizing its cash flow and bank borrowings to fund the acquisition. It also will be paying a finder's fee equal to 1% of the purchase price in the form of 340,000 restricted common shares under the terms of a Consulting Agreement, signed separately.
What They Do: China Auto Logistics Inc. is one of China's top sellers of imported luxury vehicles.
Can-Fite Biopharma (NYSE: CANF) $6.11. Today announced results from two highly-anticipated clinical studies will be released before year-end for Can-Fite's CF101 Drug. The data includes results from the clinical trial of Phase IIb rheumatoid arthritis of Can-Fite and the clinical trial of Phase III dry eye syndrome of OphthaliX Inc. , in which Can-Fite holds a controlling interest. The expected announcements from the two clinical trials are significant for Can-Fite, as it will shed light on the efficacy and application of its products in the multi-billion dollar healthcare markets.
Can-Fite's CF101 addresses a substantial market opportunity highlighting the $12 billion global rheumatoid arthritis market in 2010, which is expected to increase to $18 billion by 2020. The same study found the psoriasis market to be valued at $3.3 billion in 2010 and is estimated to increase to $6.7 billion by 2018. The results of Phase III trials for dry eye syndrome of OphthaliX Inc., in which Can-Fite holds a controlling interest, will demonstrate the use of CF101 in ophthalmic indications, collectively addressing an estimated $4.2 billion market in 2010, and projected to grow to $7.4 billion by 2017.
What They Do: Can-Fite BioPharma ia a biotechnology company with a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases
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