Pharma Investments, Ventures & Law Weekly
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China West Ii
China West II Files $6 Million Arbitration Against Genesis
October 26th, 2008
China West II has filed an arbitration for $6 million USD against Genesis Pharmaceuticals (BULLETIN BOARD: GNPH) for its breach of contract and failure to distribute stock in China Wind Systems, Inc. (BULLETIN BOARD: CWSI) per operating agreement and contractual obligations. Genesis Equity Partners II (GEP II) was formed in 2007 to complete the private to public reverse merger program for China Wind ("Green Power"). Genesis owned 51%, China West owned 24.5% and Joshua Tan, a director of Genesis, owned 24.5% of GEP II. Green Power completed the private to public process in November 2007. Neither Genesis shareholders nor China West II received their...
Source: Pharma Investments, Ventures & Law Weekly (2008-10-26)
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