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"In the first quarter, sales of our products increased substantially,"stated company CEO Jing'An Wang. "Our revenue in the first quarter increased85% versus 2007 and gross profit increased 140% to $977,000." Both of thesefigures represented record levels for HFGB. Mr. Wang further stated that netincome was strong at 2 cents per share despite being negatively impacted byone-time expenses related to the company's recent financing activity. "Ourcompany continues to execute to plan and there is no change to our earningsguidance of $4 million in net income for 2008."
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In addition to the strength in the current business, Huifeng is gearing upfor expected sales of Diosmin to Safic-Alcan under its agreement firstannounced last fall. As of the end of May 2008, in order to ensure smoothmanagement operation during production of Diosmin and the integrity andreliability of COS certification materials, the company made a lot ofimprovements to its production technology and equipment, trained productionworkers and amended application documents; at the same time, plenty of testingresearch data, analytic testing and quality evaluation results in accordancewith EP made by the company will be accomplished before June 20.
The company anticipates filing for COS Certification on August 5. As perthe COS certification application process, it is estimated that the companywill obtain a registration No. for Diosmin raw materials from the COSCertification Secretariat on September 15, at which time Huifeng will be ableto implement its Diosmin sales contract with Safic.
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/For more information, please contact: Dan Carlson Primary Capital LLC Tel: +1-415-460-1165 Email: [email protected]
SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.
