[X]
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the quarter ended January 31, 2009
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OR
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[
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Pages
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January 31
2009 |
October 31
2009 |
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Unaudited
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Audited
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CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 64,754 | $ | 78,876 | |||
Other receivables and prepaid expenses | 14,179 | 8,161 | |||||
Total Current Assets | 78,933 | 87,037 | |||||
- | - | ||||||
PROPERTY AND EQUIPMENT, NET | 78,389 | 80,743 | |||||
- | |||||||
TOTAL ASSETS | $ | 157,322 | 167,780 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||
CURRENT LIABILITIES | |||||||
Other payables and accrued liabilities | $ | 47,348 | $ | 26,992 | |||
Due to a minority stockholder | 3,124 | 3,123 | |||||
Due to a stockholder | 174,460 | 85,156 | |||||
Due to a director | 251,798 | 251,713 | |||||
Due to a related company | 389,798 | 389,667 | |||||
Due to a related party | 193,995 | 161,553 | |||||
Total Current Liabilities | 1,060,523 | 918,204 | |||||
COMMITMENTS AND CONTINGENCIES | - | - | |||||
MINORITY INTEREST | - | - | |||||
STOCKHOLDERS' DEFICIT | |||||||
Common stock, $0.00001 par value, 100,000,000 shares | |||||||
authorized and 5,561,400 shares issued and outstanding | |||||||
as of January 31, 2009 and 5,051,000 shares issued and | |||||||
outstanding as of October 31, 2008 | 56 | 51 | |||||
Additional paid-in capital | 369,171 | 392,528 | |||||
Accumulated deficit during development stage | (1,190,002 | ) | (1,060,813 | ) | |||
Accumulated other comprehensive loss | (82,425 | ) | (82,190 | ) | |||
Total Stockholders' Deficit | (903,201 | ) | (750,424 | ) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 157,322 | $ | 167,780 |
Three
months ended
January 31, |
September 25, 2002 (inception) through |
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2009
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2008
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January 31, 2009 | |||||||||
OPERATING EXPENSES | |||||||||||
General and administrative expenses | $ | 107,411 | $ | 21,876 | $ | 953,626 | |||||
Depreciation | 8,552 | 12,565 | 213,975 | ||||||||
Research and development (Net of | |||||||||||
government grant) | - | 733 | 97,034 | ||||||||
Total Operating Expenses | 115,963 | 35,174 | 1,264,635 | ||||||||
LOSS FROM OPERATIONS | (115,963 | ) | (35,174 | ) | (1,264,635 | ) | |||||
OTHER INCOME (EXPENSES) | |||||||||||
Other income | - | - | 1,961 | ||||||||
Interest income | 39 | 166 | 1,441 | ||||||||
Interest paid to a stockholder | |||||||||||
and related party | (5,117 | ) | - | (10,670 | ) | ||||||
Imputed interest | (8,056 | ) | (7,384 | ) | (125,128 | ) | |||||
Other expenses | (92 | ) | (21 | ) | (10,176 | ) | |||||
Total Other Expenses, net | (13,226 | ) | (7,239 | ) | (142,572 | ) | |||||
NET LOSS BEFORE TAXES AND | |||||||||||
MINORITY INTERESTS | (129,189 | ) | (42,413 | ) | (1,407,207 | ) | |||||
INCOME TAX EXPENSE | - | - | - | ||||||||
MINORITY INTEREST | - | - | 217,205 | ||||||||
NET LOSS | (129,189 | ) | (42,413 | ) | (1,190,002 | ) | |||||
OTHER COMPREHENSIVE LOSS | |||||||||||
Foreign currency translation loss | (235 | ) | (35,833 | ) | (82,425 | ) | |||||
COMPREHENSIVE LOSS | $ | (129,424 | ) | $ | (78,246 | ) | $ | (1,272,427 | ) | ||
Net loss per share-basic and diluted | $ | (0.00 | ) | $ | (0.00 | ) | |||||
Weighted average number of shares | |||||||||||
outstanding during the period | |||||||||||
- basic and diluted | 52,211,330 | 50,510,000 |
Three
months ended
January 31, |
September 25, 2002 (inception) through |
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2009
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2008
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January 31, 2009 | |||||||||
(unaudited)
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(unaudited)
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(unaudited)
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CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net loss | $ | (129,189 | ) | $ | (42,413 | ) | $ | (1,190,002 | ) | ||
Adjustments to reconcile net loss to cash | |||||||||||
used in operating activities: | |||||||||||
Depreciation | 8,552 | 12,565 | 213,975 | ||||||||
Minority interest | - | - | (217,205 | ) | |||||||
Imputed interest on advances from a stockholder, a director | |||||||||||
Imputed interest on advances from a stockholder, a director and a related party | 8,056 | 7,384 | 125,128 | ||||||||
Changes in operating assets and liabilities | |||||||||||
(Increase) decrease in: | |||||||||||
Other receivables and prepaid expenses | (6,011 | ) | (1,065 | ) | (14,179 | ) | |||||
Increase (decrease) in: | |||||||||||
Other payables and accrued liabilities | 20,331 | (1,000 | ) | 47,348 | |||||||
Net cash used in operating activities | (98,261 | ) | (24,529 | ) | (1,034,935 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchase of property and equipment | (6,146 | ) | (2,560 | ) | (292,364 | ) | |||||
Due from a stockholder | - | 231 | - | ||||||||
Net cash used in investing activities | (6,146 | ) | (2,329 | ) | (292,364 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Stock issued to founders | - | - | 51 | ||||||||
Contribution by stockholders | - | - | 492,661 | ||||||||
Distributed to stockholders | (31,409 | ) | - | (31,409 | ) | ||||||
Due to a minority stockholder | - | - | 3,124 | ||||||||
Due to a stockholder | 89,216 | 95 | 174,460 | ||||||||
Due to a director | (80 | ) | 5,261 | 251,798 | |||||||
Due to a related company | (125 | ) | 34,472 | 389,798 | |||||||
Due to a related party | 32,324 | (1,415 | ) | 193,995 | |||||||
Net cash provided by financing activities | 89,926 | 38,413 | 1,474,478 | ||||||||
EFFECT ON EXCHANGE RATES ON CASH | 359 | (8,779 | ) | (82,425 | ) | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (14,122 | ) | 2,776 | 64,754 | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 78,876 | 41,202 | - | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 64,754 | $ | 43,978 | $ | 64,754 |
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(1)
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The
balance sheet consisting of the net assets of the acquirer at historical
cost and the net assets of the acquiree at historical
cost.
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(2)
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The
statement of operations including the operations of the acquirer for the
periods presented and the operations of the acquiree from the date of the
transaction.
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i.
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On
March 13, 2009, the former Geostar Mineral Corporation changed its name to
Advanced BioMedical Technologies,
Inc.
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ii.
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On
March 13, 2009, the Company’s Board of Directors authorized a stock split,
effected as a stock dividend, of ten shares of common stock for every one
share of common stock held by stockholders of record as of the close of
business on February 17, 2009. Following the stock split, the
Company’s issued and outstanding shares increased from 5,561,400 shares of
common stock to 55,614,000 shares of common stock. All basic and diluted
loss per share and average shares outstanding information have been
adjusted to reflect the aforementioned stock
dividend.
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1.
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A
notably reduced need for a secondary surgery to remove implant due to
post-operative complications, therefore avoiding unnecessary
risk and expense on all patient
care;
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2.
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Enhancing
the performance of the materials by manufacturing them to be easily fitted
to each patient, forming an exact
fit;
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3.
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Improving
the biological activity of materials. Clinical trial results have shown
that as PA implants degrade, they promote a progressive shift of load to
the new bone creating micro-motion and thereby avoiding bone atrophy due
to ‘stress shielding’;
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4.
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Reducing
the chance of post-operative
infection;
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5.
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Effectively
controlling the degeneration speed, so that there will be no complications
in treating repeat injuries;
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6.
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Ease
of post-operative care i.e. no distortion during x-ray
imaging;
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7.
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Simple
and cost-effective to manufacture.
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Estimate
current production lines in full capacity
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Output
Quantity (Max.)
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Price
at ex-factory (U$)
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Total
Turnover (U$)
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PA
Screw
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100,000
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(piece)
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150
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15,000,000
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PA
Binding Wire
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240,000
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(pack)
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50
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12,000,000
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Total:
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27,000,000
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1)
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First
quarter of 2010: $1,579,500 USD in revenues; Distribution of
our product in approximately 32 hospitals immediately following SFDA
approval.
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2)
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Second
quarter 2010: $2,754,000 USD revenues; Distribution of our
product in approximately 56 hospitals.
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3)
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Third
quarter 2010: $5,062,500 USD revenues; Distribution of our
product in approximately 105 hospitals.
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4)
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Fourth
quarter 2010: $9,720,000 USD revenues; Distribution of our
product in approximately 210
hospitals.
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-
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No
other similar patent registrations in
China.
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-
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We
are the only company qualified and permitted to perform PA clinical trials
by SFDA
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-
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We
have a timing advantage over other companies in China which would have to
go through the preclinical testing for the SFDA permit on clinical
trials.
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-
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Under
existing regulations by SFDA, it will take at least 3 years for clinical
trials.
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Number
of Hospitals in China in year 2007
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Statistic
and Census report by Ministry of Health of People's Republic of
China.
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Total
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Non-Profit
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Profit
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Government
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Society
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Private
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Hospitals
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19852
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15759
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4019
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9832
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6446
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3574
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General
Hospital
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13372
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11062
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2269
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5854
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5460
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2058
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TCM
Hospital
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2720
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2404
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314
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2257
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171
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292
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TCM-WM
Hospital
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245
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137
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106
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98
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58
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89
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Minority
Hospital
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200
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184
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16
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180
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6
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14
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Specialist
Hospital
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3282
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1951
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1302
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1432
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738
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1112
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Nursing
Hospital
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33
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21
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12
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11
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13
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9
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TCM
Hospital: Traditional Chinese Medicine Hospital
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WM
Hospital: Western Medicine Hospital
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Minority
Hospital: The hospitals located in Autonomous Region (Province)
in China
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Potential
Revenue in year 2015 (Estimated) :
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PA
Screw
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Hospitals
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1500
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Monthly
consumption:
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100
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Month
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12
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Sales
price:
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US$150.00
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Total
National Market Size:
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US$270,000,000
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1.
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Property
and equipment
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2.
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Long-lived
assets
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3.
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Fair
value of financial instruments
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4.
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Government grant
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5.
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Income
taxes
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6.
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Research
and Development
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7.
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Foreign
currency translation
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Exhibit No.
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Description
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3.1
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Articles
of Incorporation (1)
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3.2
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Bylaws
(1)
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31.1
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Section
302 Certification of Chief Executive Officer*
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31.2
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Section
302 Certification of Chief Financial Officer *
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32.1
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Section
906 Certification of Chief Executive Officer *
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32.2
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Section
906 Certification of Chief Financial Officer
*
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By:
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ADVANCED
BIOMEDICAL TECHNOLOGIES, INC.
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BY: /s/ Chi Ming
YU
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Chi
Ming YU, President and Director
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BY: /s/ WANG
Hui
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Wang
Hui, Director and Chief Executive
Officer
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BY: /s/ Kai
GUI
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Kai
GUI, Director, Secretary and Chief Financial
Officer
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