HARBIN, China, Sept. 11 /Xinhua-PRNewswire-FirstCall/ -- China Sky One
Medical, Inc. ("China Sky One Medical" or "the Company") (Amex: CSY), a
leading fully integrated pharmaceutical company producing over-the-counter
drugs in the People's Republic of China ("PRC"), announced today that it
completed the acquisition of Peng Lai Jin Chuang Company ("Jin Chuang"). The
acquisition was announced on June 12, 2008 and closed on September 5, 2008.
Under the terms of the agreement, China Sky One Medical's wholly-owned
subsidiary, Harbin Tian Di Ren Medical Science and Technology Company,
acquired 100% of Jin Chuang's assets for a cash payment of approximately $7.1
million, consisting of $2.5 million in cash and $4.6 million of China Sky One
Medical's common shares. Jin Chuang is a newly established pharmaceutical
company that has obtained Good Manufacturing Practice Certification (GMP)
approval issued by the country's State Food and Drug Administration (SFDA).
Its assets include franchise, production and operating rights to a portfolio
of twenty (20) medicines approved by the SFDA for the treatment of colds
cardiovascular disease, and depression.
"This acquisition complements our business, and we expect to realize
greater synergies as we incorporate Jin Chuang's assets and broaden our
manufacturing capabilities and product line even further," said Mr. Yan-qing
Liu, Chairman, CEO and President of China Sky One Medical. "Even though Jin
Chuang is a newly established company not begun to manufacture, we expect it
will begin to contribute to our profitability at the end of 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 of
pharmaceutical, medicinal and diagnostic products. Through its wholly-owned
subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company,
Harbin First Bio- Engineering Company Limited, and Heilongjiang Tianlong
Pharmaceutical, Inc., the Company manufactures and distributes over-the-
counter pharmaceutical products, which make up its major revenue source. For
more information, visit http://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 Litigation
Reform 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 thereof
or comparable terminology. Such statements typically involve risks and
uncertainties and may include financial projections or information regarding
our future plans, objectives or performance. Actual results could differ
materially from the expectations reflected in such forward-looking statements
as a result of a variety of factors, including the risks associated with the
effect of changing economic 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 rapid technological change, and the potential of introduced or undetected
flaws and defects in products, and other risk factors detailed in reports
filed with the Securities and Exchange Commission from time to time.
For more information, please contact:
Company Contact:
China Sky One Medical, Inc.
Mr. Yu-bo Hao, Board Secretary
Tel: +86-0451-53994069
Email: china_sky_one@yahoo.cn
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Mr. Richard Micchelli, Financial Writer
Tel: +1-646-454-4516
Email: richard.micchelli@ccgir.com
Web site: http://www.ccgir.com
SOURCE China Sky One Medical, Inc.