HARBIN, China, July 15 China Sky OneMedical, Inc. ("China Sky One Medical" or "the Company") (Amex: CSY), aleading fully integrated pharmaceutical company producing external use, over-the-counter drugs in the People's Republic of China ("PRC"), announced todaythat it signed an agreement with Harbin Baolong Pharmaceutical Company on July12 to distribute the Company's prescription drugs.
China Sky One, which has a history of producing external use and over-the-counter drugs, has recently acquired pharmaceutical companies that develop andproduce prescription drugs. As a result, prescription drugs manufactured byChina Sky One have doubled and now make up approximately 30% of its totalproduct lines. Harbin Baolong Pharmaceutical Company, which has an extensivedistribution network for prescription drugs in China, achieved revenues of inexcess of RMB 500 million (USD $73.1 million) in each of the last two years.
The agreement, which initially runs over five years, has a total estimatedvalue of approximately RMB 61.5 million (USD $ 9 million.) To date, China SkyOne has been selling five of its prescription drugs through Baolong'sdistribution network, which it expects will generate sales of approximatelyRMB 20.5 million (USD $3 million) from August 2008 to December 2008.
"We are excited to be cooperating with Harbin Baolong PharmaceuticalCompany," said Mr. Yan-Qing Liu, Chairman, CEO and President of China Sky OneMedical, Inc. "We are confident that our move into the prescription drugmarket via Baolong's strong distribution channel represents a solidopportunity for future growth and can ultimately help us expand our marketshare and increase profitability going forward."
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")and Harbin First Bio- Engineering Company Limited ("First"), the Companymanufactures and distributes over-the-counter pharmaceutical products, whichmake up its major revenue source. For more information, visithttp://www.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. Ms. Yanwei Zhang, Board Secretary Tel: +86-451-5399-4064 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