SOURCE: Ticketcart, Inc.

March 30, 2007 17:49 ET

SXAN and TKTC Agree to Terminate Letter of Intent

NEW YORK, NY -- (MARKET WIRE) -- March 30, 2007 -- American SXAN Biotech, Inc. ("SXAN"), a Delaware Corporation, announced today that it has reached an agreement with Ticketcart, Inc. (PINKSHEETS: TKTC) with respect to TKTC's previously announced contemplated acquisition of Tieli Xiaoxinganling Frog Breeding Co. Ltd., a wholly owned subsidiary of SXAN registered under the laws of the People's Republic of China. As a result, the letter of intent between SXAN and TKTC, dated January 23, 2007, concerning the proposed acquisition, has been terminated.

ABOUT Tieli Xiaoxinganling Frog Breeding Co. Ltd.

The company, located in Tilie, Yichun City of Helongjiang province, is registered under the laws of the Republic of China. The company was one of the first companies to engage in genetic breeding technologies for Chinese forest frogs. With more than seven years of experience, the company manufactures nationally patented forest frog-derived health products, including frog fat, tonic supplements, and wine.

Certain of the statements contained in this news release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. In such instances, actual results could differ materially as a result of a variety of factors including the risks associated with the effect of changing economic conditions at home and abroad, variations in cash flow, reliance on collaborative retail partners, and on new product development, variations in new product and service development, risks associated with rapid technological change, and potential of introduced or undetected flaws and defects in products and services and other risk factors detailed in forms filed with the Securities and Exchange Commission from time to time.

Contact Information

  • PRESS CONTACT

    Peter D. Zhou
    American SXAN Biotech, Inc.
    100 Wall Street, 15th Floor
    New York, NY 10005
    (212)232-0120 x230