September 10, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Huifeng Bio-Pharmaceutical Technology, Inc. (OTCBB: HFGB) said it has inked a definitive agreement under which Huifeng will acquire 90% of the equity ownership of Shangqiu Kexin Rutin Processing Ltd., a local Rutin manufacturer in Henan Province, at a price of $1.75 million.

As a result of the acquisition, Kexin will be a wholly-owned subsidiary of Huifeng.

According to the acquisition agreement, Huifeng will acquire 90% of the equity ownership of Kexin by issuing 2.3 million restricted shares of the company's common stock at the basis of $0.7 per share and paying $140,000 in cash to Kexin. The average annual net income of Kexin is expected to be $650,000 in the following three years, according to Huifeng.

Huifeng said it expects to complete the transaction within one month.

Shangqiu Kexin Rutin Processing is engaging in developing, manufacturing and distributing rutin series products, such as crude rutin and some rutin series products.

China-based Huifeng Bio-Pharmaceutical Technology develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production.

The firm is a producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties.

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