SOURCE: Huifeng Bio-Pharmaceutical Technology, Inc.

December 31, 2007 13:04 ET

Huifeng Bio-Pharmaceutical (HFGB) Closes Two Million Convertible Debt Financing

XI'AN, CHINA--(Marketwire - December 31, 2007) - Huifeng Bio-Pharmaceutical Technology, Inc. (OTCBB: HFGB), a leading developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production, is pleased to announce that it has successfully closed a two million dollar ($2,000,000) convertible debt financing. The debt is convertible into shares of common stock at $1.00 per share and the Company's use of proceeds is to fund acquisitions of synergistic companies within the Shaanxi Province, China. Primary Capital LLC acted as the sole placement agent for this transaction.

For more detailed information on this transaction, investors should refer to Huifeng's Current Report on Form 8-K and related exhibits filed with the Securities and Exchange Commission on Monday, December 31, 2007.

The convertible debt issued in the private placement has not been registered under the Securities Act of 1933, as amended, and may not be subsequently offered or sold by the investors in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Huifeng has agreed to file a registration statement covering the resale by the investors of the common stock underlying the notes issued in the private placement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)

Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations.

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