In the news release, "China Sky One Medical, Inc. Signs DistributionAgreement with Harbin Baolong Pharmaceutical Company", issued by China Sky OneMedical, Inc. (Amex: CSY) over Xinhua PR Newswire on July 15, we are advisedby the company that the third paragraph, first sentence, should read "Theagreement, which initially runs over five years, has an estimated value ofapproximately RMB 61.5 million (USD $9 million) per year." rather than "Theagreement, which initially runs over five years, has a total estimated valueof approximately RMB 61.5 million (USD $ 9 million.)" as originally issuedinadvertently. Full, correct version follows:
HARBIN, China, July 15 /Xinhua-PRNewswire-FirstCall/ -- China Sky OneMedical, Inc. ("China Sky One Medical" or "the Company") (Amex: CSY), aleading fully integrated pharmaceutical company producing external use,over-the-counter drugs in the People's Republic of China ("PRC"), announcedtoday that it signed an agreement with Harbin Baolong Pharmaceutical Companyon July 12 to distribute the Company's prescription drugs.
China Sky One, which has a history of producing external use andover-the-counter drugs, has recently acquired pharmaceutical companies thatdevelop and produce prescription drugs. As a result, prescription drugsmanufactured by China Sky One have doubled and now make up approximately 30%of its total product lines. Harbin Baolong Pharmaceutical Company, which hasan extensive distribution network for prescription drugs in China, achievedrevenues of in excess of RMB 500 million (USD $73.1 million) in each of thelast two years.
The agreement, which initially runs over five years, has an estimatedvalue of approximately RMB 61.5 million (USD $9 million) per year. To date,China Sky One has been selling five of its prescription drugs throughBaolong's distribution network, which it expects will generate sales ofapproximately RMB 20.5 million (USD $3 million) from August 2008 to December2008.
"We are excited to be cooperating with Harbin Baolong PharmaceuticalCompany," said Mr. Yan-Qing Liu, Chairman, CEO and President of China Sky OneMedical, Inc. "We are confident that our move into the prescription drugmarket via Baolong's strong distribution channel represents a solidopportunity for future growth and can ultimately help us expand our marketshare and increase profitability going forward."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding company.The Company engages in the manufacturing, marketing and distribution ofpharmaceutical, medicinal and diagnostic products. Through its wholly-ownedsubsidiaries, Harbin Tian Di Ren Medical Science and Technology Company ("TDR")and Harbin First Bio- Engineering Company Limited ("First"), the Companymanufactures and distributes over-the-counter pharmaceutical products, whichmake up its major revenue source. For more information, visithttp://www.skyonemedical.com .
Safe Harbor Statement
Certain of the statements made in the press release constituteforward-looking statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995. These statements can be identified by the useof forward-looking terminology such as "believe," "expect," "may," "will,""should," "project," "plan," "seek," "intend," or "anticipate" or the negativethereof or comparable terminology. Such statements typically involve risks anduncertainties and may include financial projections or information regardingour future plans, objectives or performance. Actual results could differmaterially from the expectations reflected in such forward-looking statementsas a result of a variety of factors, including the risks associated with theeffect of changing economic conditions in The People's Republic of China,variations in cash flow, reliance on collaborative retail partners and on newproduct development, varia