PORT HURON, Mich., Aug. 1, 2005 (PRIMEZONE) -- AVL Global Inc. (Pink Sheets:AVLL), a Nevada Corporation, is pleased to announce that on management's recent trip to Xi'an, China, it was successful in signing a Letter of Intent with the Xi'an-based Chongyang Group. The Letter incorporates the party's intent to have AVL Global and Xi'an Chongyang Biological Sci-Tech Stock Co., Ltd engage in a share swap that would result in the Chinese company being listed on the OTC Pink Sheets along with AVL.
AVL management traveled to the company's new manufacturing complex and toured the various operational facilities. Chongyang was preparing for its final government inspection for certification of GMP Standard which is the North American equivalent of the FDA. Chongyang has already passed the product quality and safety portion of the inspection.
Chongyang manufactures herbal medicines with an active R&D group to test and develop new products. Their major product is Sanzhang Liver-cleaning Ointment, a famous medicine for liver diseases. Sales of this product alone are expanding rapidly with forecasts for 2005 to top US$8 million. AVL management taste-tested the product to insure quality and confirm no side effects. It was a light moment for both AVL and local employees.
The LOI is highlighted by an aggressive agenda on both sides to complete the transaction. Financial audits along with updating of current Business Plans are in the works and both parities are committed to work on closing as soon as possible.
"We are very excited about this opportunity for our shareholders and believe this merger with result in greatly enhance value for our shareholders."
Further information will be made available as plans progress.
Forward-Looking Statements
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially form the expected results.