| [June 28, 2004] |
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KS E-Media Holdings, Inc. Announces Name Change to Genex Pharmaceutical, Inc., Stock Symbol Change to GENX and Stock Dividend
NEW YORK --(Business Wire)-- June 28, 2004 -- KS E-Media Holdings, Inc., (stock symbol: KSEM), a Delaware corporation announced today that it declared a stock dividend of three shares on each share of its common stock outstanding. The stock dividend is payable on June 30, 2004 to all record holders on June 29, 2004. The company also announced that its name will be changed to Genex Pharmaceutical, Inc. effective on June 29, 2004. The company's new ticker symbol is GENX, and trading under the new symbol will begin on the morning of June 29, 2004.
The company recently entered into a share purchase agreement with privately held Tianjin Zhongjin Biology Development Co. Ltd, a company organized under the laws of the People's Republic of China. 3,658,275 restricted shares of the company were issued to the shareholders of Zhongjin in accordance with the share purchase agreement prior to the issuance of the stock dividend. The stock dividend, name change and symbol change have been done in accordance with the share purchase agreement.
For the year ended December 31, 2003, Zhongjin had U.S. GAAP audited revenue of $1,221,903 and net income of $450,985. As of December 31, 2003, the company had stockholders' equity of $1,599,715. Zhongjin is a biomedical company based in Tianjin, China. The company manufactures and distributes a medical device called Reconstituted Bone Xenograft (RBX), a sponge-like medical device which has been clinically shown to decrease the healing time for broken bones compared to traditional methods of bone grafting. RBX is approved by the State Drug Administration, the Chinese regulatory agency that supervises drugs and medical devices. Zhongjin distributes its products to 400 hospitals in 22 provinces throughout mainland China. RBX technology is a modern alternative to traditional methods of healing certain broken bone injuries and provides a surgically less intrusive and painful solution for the patient.
Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
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