BioNeutral Group, Inc. (BONU.OB) Enters LOI to Acquire Orient Arts
BioNeutral Group, Inc., a chemical technology-based Life Science company with novel combinational chemistry, announced today that it has signed a Letter of Intent (LOI) to acquire Orient Arts Inc., a manufacturer of fibers, textiles and finished goods. BioNeutral Group plans to acquire the company through an issuance of common shares. Orient Arts and its affiliated companies are focused on manufacturing, designing and producing finished goods in Asia, the world’s largest and most populous continent. Generating collective annual sales of more than $10 million, Orient Arts and its affiliate companies have licensing agreements in place with several celebrities. Stephen J. Browand,…