Polo Biology Global Group Corporation
TSX VENTURE : PGG

Polo Biology Global Group Corporation

March 16, 2009 13:35 ET

Polo Biology Global Group Corporation Receives Advance Payment From Nanjing Pharmaceutical Co., Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Polo Biology Global Group Corporation ("Polo" or the "Company") (TSX VENTURE:PGG), a leading manufacturer specializing in Probiotic and Enzyme-based health and beauty products in China, announced today that pursuant to the news release issued by the Company on March 9, 2009 announcing the execution of a one year purchase order (the "Agreement:") valued at a minimum of RMB30 million (CDN$4.3 million) and up to approximately RMB50 million (CDN$7.2 million) with Nanjing Pharmaceutical Co., Ltd. ("NPC") (Shanghai Listing Code: 600713), Polo has received an advance deposit payment of RMB 3.125 million (CAD$446 thousand) as part of the Agreement.

"Receiving this advance payment from Nanjing Pharmaceutical demonstrates their commitment to this program, and provides Polo with improved cash and inventory management," said Paul Wu, President and Chief Executive Officer of Polo. "NPC's agreement to carry and distribute Polo products is a testament to the quality of our growing product portfolio. We are very proud of this relationship and look forward to working with and growing our relationship with NPC for many years to come."

Asia Select Asset Management Inc. ("Asia Select") has been assisting on this transaction as an advisor to Polo. Asia Select is an investment advisory and consulting firm with offices in Canada and China, and specializes in analyzing international mergers and acquisitions and providing strategic alternatives for private and public companies in Canada and China.

"POLO is extremely pleased to be working with Asia Select," said Paul Wu, "Asia Select is one of the most respected in its field in China, and we are honoured to be their partner in the challenging field of strategic business development and acquisition."

About Polo Biology Global Group Corporation

The Company, through its operating subsidiaries in China, develops, manufactures and distributes health supplements, personal and homecare products across China under the Polo brand. The Company currently distributes its products through Polo Biology, which manages a network of retail outlets operated by its franchisees.

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. In this news release, forward looking information includes, but is not limited to, information related to the schedule for the initial shipment of products, the development of the special relationship between the Company and NPC as contemplated by the parties, the integration of the Polo and NPC channels, sales of products by NPC and NPC's commitment to Polo products. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the production and shipment of products, the market for and consumption of the products, the collection of accounts receivables, marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers, or directors with certain other projects; the volatility of our common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and, except as required in accordance with applicable securities legislation, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. Additionally, disclosure relating to NPC and Asia Select has been obtained from public sources, and while the Company expects it to be reliable, Polo disclaims any liability for its accuracy or to update any such information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Polo Biology Global Group Corporation
    Paul Wu
    Chief Executive Officer
    (604) 609-6155
    Email: info@pbggc.com
    or
    Polo Biology Global Group Corporation
    Ian Fodie
    Chief Financial Officer
    (604) 671-4747
    Email: ifodie@gmail.com
    or
    Polo Biology Global Group Corporation
    Ali Mahdavi
    Investor Relations
    (416) 962-3300
    Email: am@spinnakercmi.com