Vancouver, B.C., June 25, 2008 – Asia Bio-Chem Group Corp. (the “Company”), formerly Parran Capital Inc. (“Parran”) is pleased to announce that effective June 19, 2008 it completed its previously announced qualifying transaction (the “Qualifying Transaction”) with Asia Bio-Chem Group Company Ltd. (“Asia Bio”). On June 25, 2008 the TSX Venture Exchange (the “Exchange”) approved the Qualifying Transaction and issued its final bulletin. The Company will be listed as a Tier 1 Industrial Issuer and its common shares are expected to resume trading on the Exchange on June 26, 2008. Prior to the completion of the Qualifying Transaction, the Company consolidated its outstanding shares on a 7.5 to 1 basis, declared and issued a stock dividend to its shareholders and changed its name. In connection with the Qualifying Transaction, Asia Bio completed a brokered private placement (the “Private Placement”) of common shares of Asia Bio for gross proceeds of $30 million.

Asia Bio completed the Private Placement, raising gross proceeds of $30,000,000 through the sale of 25,000,000 shares of Asia Bio (the “Shares”) at a price of $1.20 per Share. Research Capital Corporation, CIBC World Markets Inc., Canaccord Capital Corporation and Clarus Securities Inc. acted as agents (the “Agents”) in connection with the Private Placement.

Under the Qualifying Transaction, the Company entered into an agreement to merge dated April 11, 2008 as amended June 13, 2008 (the “Merger Agreement”) with Asia Bio and Parran’s wholly owned subsidiary in the British Virgin Islands (“Parran BVI”). The Merger Agreement provided that Asia Bio merge with Parran BVI, with Asia Bio as the surviving entity. Under the Merger Agreement, each issued and outstanding common share, warrant and option of Asia Bio was exchanged for common shares, warrants and options of Parran on a one for one basis.

Pursuant to the Merger Agreement, Parran consolidated its outstanding shares on a 7.5 to 1 basis (the “Consolidation”), prior to the merger. Prior to the Consolidation, Parran had 3,750,000 shares issued and outstanding and upon completion of the Consolidation, Parran had 500,000 shares issued and outstanding. The Consolidation was approved by Parran’s shareholders on April 18, 2008 and by the Exchange in conjunction with the approval of the Qualifying Transaction. In addition, prior to the merger, a stock dividend was declared on Parran’s common shares, pursuant to which a total of 736,625 common shares (the “Dividend”) were issued pro rata to the shareholders of Parran as of the record date of June 19, 2008, immediately after the Consolidation, representing approximately 1.47325 common shares for each issued and outstanding common share of Parran. Finally, Parran changed its name from “Parran Capital Inc.” to “Asia Bio-Chem Group Corp.”

As a result of the Consolidation, Dividend and the Qualifying Transaction, the Company now has an aggregate of 76,777,025 issued and outstanding common shares. The Company’s common shares are expected to resume trading on the Exchange on June 26, 2008.

Immediately following closing of the Qualifying Transaction, the Company granted to certain non-management directors and employees an aggregate of 4,754,966 options to purchase common shares of the Company at an exercise price of $1.20 per share for a period of five years. Following the grant of the forgoing options, the Company had options to acquire 9,093,817 common shares outstanding and an additional 6,261,588 common shares available for issuance under the Company’s 2008 stock option incentive plan.

Finally, in connection with the Qualifying Transaction, the Company’s current auditor Deloitte & Touche LLP resigned and the Company has engaged Manning Elliot Chartered Accountants, Asia Bio’s auditor.

The Company, through its wholly-owned subsidiary in the Peoples Republic of China (“PRC”) is in the business of manufacturing cornstarch and related products. From its plant in Liaoning Province, the Company produces approximately 270,000 tonnes of cornstarch, corn germ, gluten and fiber per year for sale into the domestic market in the PRC. The proceeds of the Private Placement will be applied towards implementation of the Company’s business plan to expand its production capacity either by way of acquisition or construction of new capacity.

This news release contains certain statements that may be deemed “forward looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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