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The approval was based on China Medicine meeting the requirements forstorage space and the number of qualified professionals at the Company who canprovide proper after-sales service. The domestic dental equipment industry inChina is still in its early stages; however, with strong economic growth andincreased personal income and improved living standards in China, there is nowa growing awareness and demand for oral health care. As a result, the numberof dental hospitals and clinics in China has risen. This has led to increaseddemand for dental equipment since new hospitals have to be outfitted withbasic equipment to support the growth in dental health services. The Companybelieves that as demand for dental services continues to grow, the dentalmarket in China will require higher-end equipment and products, which willbring more and more companies into the market and provide greater distributionopportunities.
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"We are excited to have received approval from the Guangdong Food & DrugAdministration to distribute this category of medical devices - dentalequipment and instruments for oral surgery - which is a very importantaddition to our existing product portfolio," said Mr. Senshan Yang, ChiefExecutive Officer of China Medicine Corporation. "We believe that the marketfor dental equipment and surgical tools represents a major growth area inChina as the demand for modern dental services continues to grow. We willdistribute these new products through our existing distribution networkstarting December 2008, which we believe can achieve potential sales of morethan 1.0 million dollars in 2009 based on several contracts that we haverecently signed."
About China Medicine Corporation
China Medicine Corporation is a leading pharmaceutical company whichdiscovers, develops, and distributes over 2,300 pharmaceutical products inChina including prescription and over the counter ("OTC") drugs, traditionalChinese medicine ("TCM") products, herbs and dietary supplements. The Companydistributes the products to wholesale distributors in 28 provinces, over 300hospitals, 500 medicine companies, and 1,788 drug stores throughout China.The Company actively develops a number of proprietary products for many usesincluding oncology, high blood pressure and the removal of toxins from foodand animal feeds. For more information visit the Company's website athttp://www.chinamedicinecorp.com .
Cautionary Statement
This press release contains forward-looking statements concerning theCompany's business and products. The Company's actual results may differmaterially depending on a number of risk factors including, but not limited to,the following: general economic and business conditions, obtaining regulatoryapproval for new products, the expected contribution of higher margin products,government support for rural health care, competition from existing and newcompetitors, changes in technology, and various other factors beyond itscontrol. All forward-looking statements are expressly qualified in theirentirety by this Cautionary Statement and the risks factors detailed in theCompany's reports filed with the Securities and Exchange Commission. ChinaMedicine Corporation undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of thisrelease.For more information, please contact: Company Contact: Ms. Huizhen Yu Chief Financial Officer China Medicine Corporation Tel: +86-20-8739-1718 Email: [email protected] Investor Relations Contact: Mr. Crocker Coulson President CCG Investor Relations Tel: +1-646-213-1915 (NY Office) Email: [email protected]
SOURCE China Medicine Corporation
