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According to the National Medicine Administration Law of the People'sRepublic of China, all pharmaceutical manufacturers must pass an examinationevery five years to renew their GMP Certificates. In June 2009, theexamination committee visited Jin Chuang and conducted a review of its supplychain management practices, including quality control of raw materials, itsmanufacturing processes, and the inspection and acceptance of its finishedproducts. Jin Chuang's seven product lines for tablets, capsules, granules,powders, mixtures, oral solutions and syrups all meet GMP standards.
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On September 5, 2008, China Sky One Medical acquired all of Jin Chuang'sassets, including franchise, production and operating rights for a portfolioof 20 medicines approved by the SFDA, for an aggregate purchase price ofapproximately $7.1 million, consisting of approximately $2.5 million in cash,and 381,606 shares of common stock. In the first quarter of 2009, the sales ofJin Chuang reached around $2.14 million, accounting for 8.6% of the Company'stotal revenues.
"We are happy to obtain a renewal of Jin Chuang's GMP Certificate," saidMr. Yan-qing Liu, Chairman and CEO of China Sky One Medical. "Production atJin Chuang has been running very smoothly post acquisition, and we plan tointroduce more new medicines from our Jin Chuang facility and to improve itsproductivity in order to achieve our healthy growth."
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"), Harbin First Bio-Engineering Company Limited ("First"), HeilongjiangTianlong Pharmaceutical, Inc. ("Tianlong") and Peng Lai Jin ChuangPharmaceutical Company ("Jin Chuang") the Company manufactures and distributesover-the-counter pharmaceutical products, which make up its major revenuesource. For more information, visit http://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 regardingthe renewal of GMP Certificate. Actual results could differ materially fromthe expectations reflected in such forward-looking statements as a result of avariety of factors, including the risks associated with the effect of changingeconomic conditions in The People's Republic of China, variations in cash flow,reliance on collaborative retail partners and on new product development,variations in new product development, risks associated with rapidtechnological change, and the potential of introduced or undetected flaws anddefects in products, and other risk factors detailed in reports filed with theSecurities and Exchange Commission from time to time.For more information, please contact: Company Contact: China Sky One Medical, Inc. Mr. Yu-Bo Hao, CFO Tel: +86-451-5399-4069 Email: [email protected] Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: [email protected] Web: http://www.ccgirasia.com
SOURCE China Sky One Medical, Inc.
