TAIAN CITY, China, Feb. 11 China BiologicProducts, Inc. (OTC Bulletin Board: CBPO) (''China Biologic'' or the''Company''), one of the leading plasma-based pharmaceutical companies in thePeople's Republic of China (''PRC''), today announced that the Company'sindirect majority-owned subsidiary, Shandong Taibang Biological Products Co.Ltd. (''Shandong Taibang'') has been awarded the High-Technology EnterpriseCertification (the "Certification'') by the provincial government in ShandongProvince.
The Certification is only awarded to qualified enterprises that meet theprovincial government's strict requirements and standards. The Certificationallows the Company to receive a preferential income tax rate of 15% versus theregular rate of 25%, for a period of 3 years starting from as of January 1,2008.
"We are pleased that we will benefit from a lower income tax rate, whichwe expect to have a positive effect on our financial performance in the nextfew years as we reinvest the savings in our business," said Mr. Chao Ming Zhao,CEO of China Biologic. "We also believe that the Certification will enhanceour competitive position and validate our commitment to being an industryleader in the research and development of biopharmaceutical products."
About China Biologic Products, Inc.
Through its indirect majority-owned subsidiary Shandong Taibang BiologicalProducts Co. Ltd. (''Shandong Taibang''), China Biologic Products, Inc., aDelaware corporation (the ''Company''), is principally engaged in the research,development, production and manufacturing and sale of plasma-basedbiopharmaceutical products to hospitals and other health care facilities inChina. The Company's human albumin products are mainly used to increase bloodvolume and its immunoglobulin products are used for the treatment andprevention of diseases.
Safe Harbor Statement
This release may contain certain ''forward-looking statements" relatingto the 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: thesignificance of the new preferential income tax rate and its effect on theCompany's ability to increase its financial performance and become morecompetitive, and on the Company's overall production capacity, revenues andmarket share; the ability of the Company to achieve its commercial objectives;the business strategy, plans and objectives of the Company and itssubsidiaries; 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. Y. Tristan Kuo CFO China Biologic Products, Inc. Tel: +86-538-6202206 Email: [email protected]
Web: http://www.chinabiologic.com Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 (NY office) Email: [email protected]
Mr. Gary Chin Tel: +1-646-213-1909 Web: http://www.ccgirasia.com
SOURCE China Biologic Products, Inc.