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"We expect the acquisitions of a 90% controlling interest in ChongqingDalin Biologic Technologies Co., Ltd. ("Dalin") and a 35% equity interest inXi'an Huitian Blood Products Co., Ltd. ("Huitian") will accelerate ourgeographical expansion, diversify our customer base, enhance our technologicalcapabilities or competitive advantages and serve to transform our company intothe leading biopharmaceutical producer in China," said Mr. Chao Ming Zhao, CEOof China Biologic Products. "We believe the two acquisitions position ChinaBiologic to significantly grow our revenues and profitability in 2009, whileaffording us the ability to increase our supply of plasma and achieve higherutilization levels over time across our expanded geographic platform."
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China Biologic has targeted combined revenue for 2008 to be in the rangeof $48 million to $50 million and combined net income to be between $9 millionto $10 million, including only a portion of the 4th quarter operations fromthe two acquisitions. Assuming the full year consolidation of the twoacquisitions, management estimates revenues for 2009 will be in the range of$90 million to $100 million with net income between $18 million to $22 million.Management will continue to evaluate the potential synergies that may emergefrom the two acquisitions.
About China Biologic Products, Inc.
Through its indirect majority-owned subsidiary Shandong Taibang BiologicalProducts CO. Ltd., China Biologic Products, Inc. (the "Company"), isprincipally engaged in the research, development, production and manufacturingand sale of plasma-based biopharmaceutical products to hospitals and otherhealth care facilities in China. The Company's human albumin products aremainly used to increase blood volume and its immunoglobulin products are usedfor the treatment and prevention of diseases.
Safe Harbor Statement
This release may contain certain "forward-looking statements" relating tothe business of China Biologic Products, Inc. and its subsidiary companies.All statements, other than statements of historical fact included herein are"forward-looking statements," including statements regarding: the impact ofthe acquisitions of Chongqing Dalin Biologic Technologies Co., Ltd. and Xi'anHuitian Blood Products Co., Ltd.; the ability of the Company to achieve itscommercial objectives; the business strategy, plans and objectives of theCompany and its subsidiaries; statements about expected future revenues andearnings; and any other statements of non-historical information. Theseforward-looking statements are often identified by the use of forward-lookingterminology such as "believes," "expects" or similar expressions, involveknown and unknown risks and uncertainties. Although the Company believes thatthe expectations reflected in these forward-looking statements are reasonable,they do involve assumptions, risks and uncertainties, and these expectationsmay prove to be incorrect. Investors should not place undue reliance on theseforward-looking statements, which speak only as of the date of this pressrelease. The Company's actual results could differ materially from thoseanticipated in these forward-looking statements as a result of a variety offactors, including those discussed in the Company's periodic reports that arefiled with the Securities and Exchange Commission and available on its website( http://www.sec.gov ). All forward-looking statements attributable to theCompany or persons acting on its behalf are expressly qualified in theirentirety by these factors. Other than as required under the securities laws,the Company does not assume a duty to update these forward-looking statements.For more information, please contact: Company Contact: Mr. Chao Ming Zhao CEO China Biologic Products, Inc. Tel: +86-538-6217079 Email: [email protected] http://www.chinabiologic.com Investor Relations Contact: Mr. Crocker Coulson President CCG Investor Relations Tel: +1-646-213-1915 (NY office) Email: [email protected] http://www.ccgir.com
SOURCE China Biologic Products, Inc.
