TAI'AN CITY, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("China Biologic" or the "Company"), one of the leading plasma-based pharmaceutical companies in the People's Republic of China ("PRC"), today announced that Shandong Taibang Biological Products Co., Ltd. ("Taibang"), a Chinese subsidiary of the Company, entered into a short term bank loan ("the Loan Agreement") with the Bank of China ("the Bank") on January 8, 2009.
Pursuant to the Loan Agreement, the Bank loaned Taibang RMB 40 million (approximately $5.8 million) (the "Loan"). The Loan has an annual interest rate of 5.31% on all outstanding principal and is due and payable in full on January 7, 2010 (the "Maturity Date"). The Loan is to be used solely for the purpose of funding the purchase of raw materials. Taibang is obligated under the Loan Agreement to pay the interest quarterly and repay the principal and any remaining interest in full on the Maturity Date.
"We are pleased to secure this loan with the Bank of China at a very reasonable interest rate," said Mr. Chao Ming Zhao, CEO of China Biologic Products. "This loan will help to support our necessary working capital requirements to fund the purchase of raw materials, helping us to achieve our growth objectives."
About China Biologic Products, Inc.
Through its indirect majority-owned subsidiary Shandong Taibang Biological Products Co. Ltd. ("Shandong Taibang"), China Biologic Products, Inc., a Delaware corporation (the "Company"), is principally engaged in the research, development, production and manufacturing and sale of plasma-based biopharmaceutical products to hospitals and other health care facilities in China. The Company's human albumin products are mainly used to increase blood volume and its immunoglobulin products are used for the treatment and prevention of diseases.
|SOURCE China Biologic Products, Inc.|
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