HARBIN, China, Sept. 11 China Sky OneMedical, Inc. ("China Sky One Medical" or "the Company") (Amex: CSY), aleading fully integrated pharmaceutical company producing over-the-counterdrugs in the People's Republic of China ("PRC"), announced today that itcompleted the acquisition of Peng Lai Jin Chuang Company ("Jin Chuang"). Theacquisition was announced on June 12, 2008 and closed on September 5, 2008.
Under the terms of the agreement, China Sky One Medical's wholly-ownedsubsidiary, Harbin Tian Di Ren Medical Science and Technology Company,acquired 100% of Jin Chuang's assets for a cash payment of approximately $7.1million, consisting of $2.5 million in cash and $4.6 million of China Sky OneMedical's common shares. Jin Chuang is a newly established pharmaceuticalcompany that has obtained Good Manufacturing Practice Certification (GMP)approval issued by the country's State Food and Drug Administration (SFDA).Its assets include franchise, production and operating rights to a portfolioof twenty (20) medicines approved by the SFDA for the treatment of coldscardiovascular disease, and depression.
"This acquisition complements our business, and we expect to realizegreater synergies as we incorporate Jin Chuang's assets and broaden ourmanufacturing capabilities and product line even further," said Mr. Yan-qingLiu, Chairman, CEO and President of China Sky One Medical. "Even though JinChuang is a newly established company not begun to manufacture, we expect itwill begin to contribute to our profitability at the end of 2008."
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,Harbin First Bio- Engineering Company Limited, and Heilongjiang TianlongPharmaceutical, Inc., the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. Formore information, visit http://skyonemedical.com .
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should,""project," "plan," "seek," "intend," or "anticipate" or the negative thereofor 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, variations in new product development, risks associatedwith rapid technological change, and the potential of introduced or undetectedflaws and defects in products, and other risk factors detailed in reportsfiled with the Securities and Exchange Commission from time to time.For more information, please contact: Company Contact: China Sky One Medical, Inc. Mr. Yu-bo Hao, Board Secretary Tel: +86-0451-53994069 Email: [email protected]
Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: [email protected]
Mr. Richard Micchelli, Financial Writer Tel: +1-646-454-4516 Email: [email protected]
Web site: http://www.ccgir.com
SOURCE China Sky One M