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Full Year 2007 Highlights:
The following is a summary of our financial results for the full yearended Dec. 31, 2007.
Huifeng achieved outstanding growth during 2007, with sales more thandoubling and net income increasing by over 800%. "Huifeng achieved a number ofsignificant milestones in 2007. We have increased our product offering andachieved significant sales in both Rutin and Diosmin," states company CEOJing'An Wang. Furthermore, in late 2007, Huifeng signed the largest supplyagreement in company history and completed a $2 million fundraising.
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"Huifeng expects to continue achieving significant gains in both sales andnet income in 2008 through organic growth of our current products," forecastedMr. Wang. The company restructured its production lines in the fourth quarterto accommodate the increased production levels of Diosmin necessitated underits current contract with Safic-Alcan of France. Huifeng also hopes to close astrategic acquisition in 2008 under its stated policy of seeking synergistic,accretive acquisitions in the Xi'an region of China.
The company is maintaining its stated guidance of sales of US$18 millionand net income of US$4 million ($0.18 cents per share) in 2008.
For more detailed information on this transaction, investors should referto Huifeng's Current Report on Form 10-KSB and related exhibits filed with theSecurities and Exchange Commission on Friday, March 31, 2008.
This press release does not constitute an offer to sell or thesolicitation of an offer to buy any security and shall not constitute an offer,solicitation or sale of any securities in any jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualificationunder the securities laws of such jurisdiction.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People'sRepublic of China, develops and produces plant extracts and pharmaceutical rawmaterials for use in pharmaceutical, nutraceutical and food production. It isthe leading Chinese producer of rutin and related plant-derived chemicals in aclass called flavonoids, with medicinal and other beneficial properties.Founded in 2002, Huifeng uses proprietary patented processes to extract rutinmore efficiently than traditional extraction techniques. The Company isdiversifying its product lines through internal development, acquisition andcooperation with scientific research organizations. http://www.hfgb.cn/
This press release contains forward-looking statements within the meaningof the "safe harbor" provisions of the Private Securities Litigation ReformAct of 1995. All statements other than statements of historical facts,included or incorporated by reference herein relating to management's currentexpectations of future financial performance, continued growth, changes ineconomic conditions or capital markets and our ability to consummate strategicacquisitions are forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933 and Section 21E of the Securities Exchange Actof 1934.
Words or phrases such as "anticipates," "may," "will," "should,""believes," "estimates," "expects," "intends," "plans," "hopes," "predicts,""projects," "targets," "will likely result," "will continue" or similarexpressions identify forward-looking statements. Forward-looking statementsinvolve risks and uncertainties which could cause actual results or outcomesto differ materially from those expressed. We caution that whi
