June 30 (Reuters) - Ribbon Acquisition Corp ( RIBB ):

* DRC MEDICINE LTD. ANNOUNCES THE BUSINESS COMBINATION

AGREEMENT

WITH RIBBON ACQUISITION CORP.

* RIBBON ACQUISITION CORP ( RIBB ) - COMBINED COMPANY TO HAVE INITIAL

PRO

FORMA EQUITY VALUE OF $422.15 MILLION

* RIBBON ACQUISITION CORP ( RIBB ) - DEAL EXPECTED TO DELIVER $50.42

MILLION CASH PROCEEDS TO DRC MEDICINE

* RIBBON ACQUISITION CORP ( RIBB ) - TO MERGE WITH MERGER SUB, REMAIN

WHOLLY OWNED SUBSIDIARY OF DRC MEDICINE

* RIBBON ACQUISITION CORP ( RIBB ) - PROPOSED DEAL IMPLIES PRE-MONEY

EQUITY

VALUE OF $350 MILLION FOR DRC

* RIBBON ACQUISITION CORP ( RIBB ) - CURRENT DRC SHAREHOLDERS TO

RETAIN

100% EQUITY, OWN 82.91% OF COMBINED COMPANY

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