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Jin Chuang, a subsidiary of China Sky One Medical, develops, manufactures,and distributes pharmaceutical, medicinal and diagnostic products in China. Itowns rights to develop and market a portfolio of twenty drugs approved byState Food and Drug Administration (SFDA) of the PRC for the treatment ofcolds, cardiovascular disease, and depression. Jin Chuang's products includeChinese health remedies such as Oyster Shell Calcium Tablets for the treatmentof osteoporosis, and Naftoipidil Dispersible Tablets for the treatment ofbenign prostatic hyperplasia. China Sky One Medical completed the acquisitionof Jin Chuang on September 5, 2008, for approximately $7.1 million, consistingof cash and stock. Production at Jin Chuang is moving smoothly and accordingto the Company's schedule.
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"We are pleased to have started production at Jin Chuang, which will allowus to enhance our product line and increase our manufacturing capabilities andprofitability," said Mr. Yan-qing Liu, Chairman, CEO and President of ChinaSky One Medical. "We expect Jin Chuang to contribute $3-$5 million to sales infiscal 2008, and approximately $0.95-$1.55 million in net profit for the year.We believe the acquisition will increase our financial performance evenfurther in 2009 as we scale up our production. As a result of Jin Chuang'scontribution, we are reaffirming our previous full year 2008 guidance, whichwas provided on September 25, 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://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 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 further information, please contact: China Sky One Medical, Inc. Mr. Yu-bo Hao Board Secretary Tel: +86-0451-5399-4069 Email: [email protected] Investor Relations Contact: Mr. Crocker Coulson President CCG Investor Relations Tel: +1-646-213-1915
SOURCE China Sky One Medical, Inc.
