AMDL, Inc., a vertically integrated bio-pharmaceutical company headquartered in Tustin, California, US says a letter of intent (LOI) has been signed between AMDL's wholly-owned subsidiary Jade Pharmaceutical Inc. (JPI) and China-based Sichuan ZhiTong Pharmaceutical, Ltd. (SZP).
SZP is a privately-held China-based pharmaceutical distribution company that sells and distributes traditional Chinese medicines, health foods, medical equipment, and generic pharmaceutical products.
SZP has been a distributor for AMDL since the fourth quarter of 2007, selling the company's Domperidone anti-emetic product.
SZP sells approximately $100,000 per month of Domperidone and AMDL expects these sales levels to increase to at least $200,000 per month over the next 60 days for this product due to increased marketing efforts.
Under the terms of the LOI, SZP and JPI will consolidate sales forces and enter into a distribution agreement where SZP will distribute additional AMDL pharmaceutical products including GoodNak, Levofloxicin and Ondansetron. SZP currently employs approximately 80 in-house sales agents.
AMDL, JPI and SZP have agreed to retain an independent China-based business valuation company to determine the value of SZP.
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