Greyhound Commissary (OTC:GHND) Raises $7.7M and Changes Name/Ticker

Greyhound Commissary (OTC:GHND) has consummated a share exchange transaction and concurrent $7.67 million private placement pursuant to which it acquired the parent company of Guangzhou Tanke Industry Co., Ltd. ("Tanke"). Greyhound Commissary has changed its name to Tanke BioSciences Corporation (OTC:TNBI) to reflect the company's new business.

Based in Guangzhou, Guangdong Province, China, Tanke, is an animal nutrition and innovative feed additive providers in China. Tanke is a PRC government certified high tech company that is engaged in the development, manufacturing and distribution of environmentally-friendly feed additive products that are designed to optimize the growth and health of livestock such as pigs and cattle, as well as farmed fish.

Tanke produces 21 branded feed additives and each brand is available in seven different mixes that correspond to different stages of an animal's or fish's life cycle. One of Tanke's most popular products is an organic trace mineral additive that is believed to be one of the few Chinese-developed organic products in the trace mineral market. All of Tanke's products are environmentally friendly and compatible with China's drive to modernize livestock production and develop a safer food supply. Tanke has more than 150 employees, including 43 in sales and marketing and 30 in research and development.

In the share exchange transaction, the shareholder of China Flying Development Limited, a Hong Kong incorporated company which is Tanke's indirect parent company, exchanged all of its shares in China Flying for 10,758,000 newly issued shares of Greyhound representing approximately 82.77% of the outstanding shares of Greyhound prior to the private placement. As a result of the share exchange, China Flying is a directly held, wholly-owned subsidiary of Greyhound.

Pursuant to the share exchange transaction, Greyhound's directors and officers resigned and Mr. Guixiong Qiu, Tanke's CEO, was appointed President, Chief Executive Officer and Chief Financial Officer of Greyhound as well as, subject to compliance with applicable SEC rules, its sole director.

In the private placement, 6,669,627 units at $1.15 per unit were sold to accredited investors, resulting in gross proceeds of $7.67 million. Net proceeds to the company are expected to be approximately $5.82 million. Each unit consists of a $1.15 principal amount, two year 8% Senior Convertible Note and a three year Warrant to purchase one share of Greyhound common stock at an exercise price of $1.40 per share, subject to certain conditions.

Euro Pacific Capital, Inc. acted as the lead placement agent for the private placement.

Assuming full conversion of the notes and the exercise of the warrants, the investors in the offering would own approximately 48.9% of the outstanding shares of the company and the former Tanke shareholders would own approximately 36.6 % of the outstanding shares of the company.

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