Item 1. Business
Item 1. Business.
The section of the
Registration Statement and IPO Prospectus entitled Our Business is incorporated herein by reference. In addition to the matters described therein, the Companys business developed in the following ways during the year ended
December 31, 2010:
On April 22, 2010, the Company completed an initial public offering of 1,500,000 common shares. The offering was completed at an issuance price of
$8.00 per share. Prior to the offering, the Company had 3,000,000 issued and outstanding shares, and after the offering, the Company had 4,500,000 issued and outstanding shares. The Company issued (a) to the placement agent in the initial
public offering, warrants to purchase 150,000 common shares for an exercise price of $10.00 per share and (b) to the Companys investor relations firm, warrants to purchase 7,500 common shares at an exercise price of $9.60 per share. Both
the placement agents warrants and the investor relations firms warrants have a term of five years.
On May 17, 2010, the Company became the exclusive China distributor of Welch Allyns patient monitors. In addition, the Company also
distributed Welch Allyns other products including otoscopes, ophthalmoscopes and laryngoscopes.
On May 22, 2010, the Company signed an exclusive distributor agreement with HEYER Medical for its Cumulus ultrasonic nebulizer in China. The
Company is authorized to distribute all models of this product.
On July 6, 2010, the Company signed a contract to sell 10,000 oxygen-chip units to Beijing C&D Co., Ltd. for RMB 11 million
(approximately $1.58 million).
On August 11, 2010, the Company participated in the International FIME 2010 Show for medical manufacturers at the Miami Beach Convention Center in
Miami. FIME draws medical distributors, hospital purchasing agents as well as clinicians and physicians from the U.S. and over 110 countries around the world including China.
On October 12, 2010, the Company exhibited its self-branded homecare products and a variety of products for which it serves as exclusive
distributor at the China International Medical Equipment Fair held in Shenyang, China. The Fair is the largest exhibition of medical equipment and related products and services in the Asia-Pacific region and is held twice per year.
On November 5, 2010, the Company won a $2 million medical device distribution bid for a new rural healthcare construction project supported by
China Development Bank Corp (CDB). CDB is a major Chinese state-owned bank focusing on Chinas national infrastructure development initiatives, basic industries, and pillar industries, in support of the State Councils
Agriculture, Farmer and Village policy to improve rural living conditions.
Item 1A. Risk Factors.
The Company is not required to provide the information required by this Item because the Company is a smaller reporting company.
Item 1B. Unresolved Staff Comments.
The
Company is not required to provide the information required by this Item because the Company is a smaller reporting company.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.