Pharmgate Announces Agreement to Acquire the Assets of Pennfield Animal Health

Pharmgate will acquire the current operations in Omaha, Nebraska which includes office buildings, a manufacturing facility, warehouses and the entire manufacturing, laboratory, finance, customer service, sales and marketing workforce. This will significantly enhance Pharmgate's expanding product portfolio which now includes the in-feed and water soluble Pennchlor ^®, Pennox^® and combination products.

Colin Gray, Pharmgate's President, said, "The deal provides an opportunity for Pharmgate to fast track our objective of establishing a North American presence. After introducing Pharmgate's branded chlortetracycline in the Canadian and Latin American markets, the chance to acquire a well-established and reputable product line in the United States permitted a rapid and sizable growth opportunity. We are excited that this acquisition, along with the seasoned and expert workforce, will drive and streamline our development pipeline projects. The acquisition provides a strong base from which to continue our growth in the medicated feed additive and water soluble product sectors."

About Pharmgate

Pharmgate LLC is the majority-owned US subsidiary of Jinhe Biotechnology Co., Ltd., P. R. China, the world leader in the production of chlortetracycline feed grade, chlortetracycline hydrochloride, salinomycin and other animal health compounds. The company has marketing or supply approvals for these products in most major markets throughout the world.

Pennchlor^® and Pennox^® are the registered trademarks of Pennfield Oil Company, Inc.

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