06 June 2012 | News | By BioSpectrum Bureau
CHRI issues final termsheet to Herborium
CHRI is seeking to acquire the Herborium Group
Singapore: China Health Resource Incorporation (CHRI) issued a final termsheet to Herborium Group and is now awaiting response from the group's board of directors.
Mr Steve Weiss, director, Strategic Acquisitions and Financial Marketing, US, said that, "I am most excited to have united and introduced both CHRI with HBRM and my hope is for a favorable outcome. As CHRI revenues continue to significantly break all time new highs in their TCM products in China it is my hope that these products will be introduced to all natural western markets with new domestic distribution channels."
"We are proceeding with our Go Global Initiative which includes setting-up headquarter operations in the USA and expansion into other key regions like Latin America and Africa where we find opportunities to grow our business," said Mr Jiayin Wang, CEO, CHRI.
CHRI had during the end of May witnessed a 234 percent increase in its revenues for the year ending December 31, 2011. CHRI reported revenues worth $34 million as compared to $10 million in 2010.