ITHACA, N.Y., July 10 /PRNewswire-FirstCall/ -- Paracelsian, Inc. (OTC Bulletin Board: PRLN) announced today the signing of an agreement to acquire the assets of East West Herbs (USA) Ltd, a California corporation, in exchange for the note receivable and accrued interest owed to Paracelsian.
Both lines have been created by Giovanni Maciocia, a renowned practitioner and scholar in the field of Chinese medicine. The seventy-two formulae that comprise the lines are aimed at treating a side variety of commonly seen ailments, and East West Herbs is the exclusive distributor of these products in the United States and Canada.
"Paracelsian plans on growing this established and profitable business," said NoriYoshi Inoue, President and CEO. "To boost our position in the marketplace we will be offering other product lines and we will utilize our relationships of over twenty years of collaboration with our Chinese colleagues to source additional suppliers and new products," continued Mr. Inoue.
Paracelsian is a unique biotechnology company with three primary areas of focus. Paracelsian develops technologies useful in the detection and monitoring of environmental contaminants such as dioxin. Second, Paracelsian develops functional bioassays, which are the basis of its BioFIT(TM) Quality Assurance program for herbs, botanicals and other dietary supplements. And finally, Paracelsian's Internet business leverages extensive relationships in China, along with expertise in nutritional science, to provide an exchange of unique health products and research services (http://www.paracelsian.com ).
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