China Jo-Jo Drugstores (CJJD.OB) Changes Corporate Name and Completes Reverse Acquisition
In a move that will catch investors’ eyes across the globe, China Jo-Jo Drugstores Inc. announced a reverse merger transaction with Renovation Investment Company. The deal with Renovation, which is a Hong Kong Company, was announced on September 17th and will allow China Jo-Jo to acquire control of Renovation’s retail pharmacy chain business in the People’s Republic of China. Currently, the pharmacy operates 20 stores throughout the provincial capital of the Zhejian Province with its most recent addition opening only last week. The pharmacy chain generated an impressive $6.8 million of net income and over $44.8 million of revenue in…