TUSTIN, Calif., May 9 AMDL, Inc. (Amex: ADL),an international vertically integrated specialty pharmaceutical company withoperations in China through its wholly owned subsidiary, Jade PharmaceuticalInc., today announced that its consolidated financial statements for the yearended December 31, 2007, which were included in its Annual Report on Form 10-Kfiled with the Securities and Exchange Commission on April 14, 2008, containeda 'going concern' qualification from its independent registered publicaccounting firm KMJ Corbin & Company LLP. This announcement is in compliancewith the AMEX Company Guide Rule 610(b) requiring a public announcement of thereceipt of an audit opinion that contains a going concern qualification. Thisannouncement does not reflect any change or amendment to the consolidatedfinancial statements as filed. Further information regarding the going concernqualification is contained in AMDL's Annual Report on Form 10-K for the yearended December 31, 2007.
Mr. Gary Dreher, CEO, stated, "Significant improvements in AMDL's Chinaoperations combined with other recently announced events provide a financialplatform for the Company to improve its sales and earning profile during thesecond half of FY2008 and beyond, giving us greater confidence in AMDL'sfinancial performance in 2008. Accordingly, we anticipate AMDL will be to ina position to have our auditors remove the 'going concern' qualification afterthe end of the current fiscal year." The business improvement andopportunities referenced above include:
About Jade Pharmaceutical: Jade has access to the fastest growingpharmaceutical and consumer market in the world: China. AMDL, through itssubsidiaries, Jade currently manufactures large volume injection fluids,tablets and other related products, holding licenses for 133 products. It alsomanufactures 107 generic, over the counter and supplemental pharmaceuticalproducts under certified Chinese Good Manufacturing Practice (CGMP) standards.* FY2007 Sales of $15 million and, Gross Profits of $8.1 million; * In-licensed Human Papilloma Virus ("HPV") Diagnostic Test; * Signed LOI for the Purchase a China Based Pharmaceutical Distribution Company; * Signed an MOU for 200 Store Distribution Arrangements for theGoodnak Product Line;
SOURCE AMDL, Inc.