UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MARCH 11TH, 2004
HUBEI PHARMACEUTICAL GROUP, LTD.
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(Exact name of registrant as specified in its charter)
Nevada 0-25553 88-0419476
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State or other jurisdiction of (Commission File I.R.S. employer
incorporation or organization Number) identification number
410 PARK AVENUE, 15TH FLOOR
NEW YORK, NY, USA 10222
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(Address of principal executive offices) Zip Code
Issuer's telephone number (604) 881-2899
Pan Asia Communications Corp.
Suite 1001, 1166 Alberni Street
Vancouver, B.C. Canada
NEW YORK, NY, USA 10222
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(Former name and former address if Zip Code
changed since last filing))
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
1.) Yes [X] No [ ] 2.). Yes [X] No [ ]
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
The company reports that in an ongoing effort to work with its partner Hubei
Zenith Airbeck Pharmaceutical Company (Airbeck) to optimize the use of available
resources and explore ways to expand the scope of joint venture operations; the
Hubei Pharmaceutical Company joint venture has agreed to swap its interest in
120 production licenses previously recorded as an intangible asset on its
balance sheet for fixed assets in the form of the underlying plant and
manufacturing facilities that were to have been leased back from Airbeck under a
capital lease agreement.
Management believe that the transaction is very much in the company's favor
although the overall valuation remains fixed at 30,000,000 RMB as Airbeck's
contribution to the capitalization of the joint venture. For production
purposes, the licenses remain registered with the SFDA for the exclusive use of
Hubei Pharmaceutical Company. The net effect of the transaction is to record
fixed assets in place of intangible assets on the balance sheet; to eliminate
the recurrent lease payment that would have commenced March 1st, 2004 following
transfer of production and revenues from the Airbeck Dosage Division to the
joint venture; and, to facilitate further restructuring by Airbeck in support of
working with the company to investigate ways in which to expand the scope of the
joint venture to include some or all of the remaining Airbeck operations.
Additional details regarding the production licenses and capital lease are
include in, and as footnotes to, the audit balance sheet for the Hubei
Pharmaceutical Company Ltd. joint venture included in Form 10-QSB filed October
10th, 2003 for the quarter ended July 31st, 2003.
EXHIBITS:
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None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HUBEI PHARMACEUTICAL GROUP, LTD.
/s/ Reid Li
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Reid Li, President
March 11th, 2004
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DATE