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China Bionanometer Industries Corporation Announces Record Second Quarter 2007 Results
Date:1/29/2008

XI'AN, China, Jan. 29 /Xinhua-PRNewswire-FirstCall/ -- China Bionanometer Industries Corporation (Pink Sheets: CBIU), ("CBIU", "the Company"), a leading company in bionanometer industry in the People's Republic of China ("PRC"), today reported record financial results for the second quarter ended June 30, 2007.

First and Second quarter 2006 and 2007 Highlights

-- Main business revenue reached $2,539,658, an increase of $1,235,371,

a 94.72% increase year-over-year in 2006;

-- Operating profit reached $1,606,501, an increase of $755,206, a 88.71%

increase year-over-year in 2006;

-- Profit after tax reached $1,262,141, an increase of $982,169, a 351%

increase year-over-year in 2006, or $0.014 per share.

"We saw strong growth in our sales as we benefited from the strong economic momentum and increasing awareness of self-care in recent years in China," said Mr. Chen Min, CEO of the Company, "In addition, we made an important progress in the execution of our strategy as we expanded our distribution channels."

1. Operating Conditions

(1) Main business revenue

Gross sales for the full year of 2006 reached $2,814,144, an increase of $2,064,289, a 275% increase year-over-year in 2005;

Main business revenue for the first quarter was $1,068,466 in 2007, an increase of $394,961, a 58.64% increase year-over-year in 2006;

Main business revenue for the second quarter was $2,539,658 in 2007, an increase of $840,410, a 133.23% increase year-over-year in 2006.

The main reason for the increase:

a. Strengthened product promotional efforts and key markets cultivated.

b. With increasing awareness of self-care in recent years, the market

demand increases.

c. By use of the company's own proprietary technology and equipment,

entrusted with the powder processing plant business, business was

carried out smoothly.

(2) Gross 280

TOTAL STOCKHOLDERS' EQUITY 14,314,393 13,052,252

TOTAL LIABILITIES AND STOCKHOLDERS' 18,298,617 15,607,078

EQUITY

Landway Bionanometer Technology Joint-stock Co.,Ltd

Condensed Statements of Cash Flows

Six months ended June 30,

(Unaudited)

2007 2006

Cash flows from operating activities

Net cash flows provide by

operating activities $1,475,289 $780,959

Cash flows from investing activities

payments to acquire property, plant

and equipment -6,451 -2,682

Net cash flows used in investing activities

cash flows from financing activities -6,451 -2,682

Proceeds form bank loan 652,000 0

Repayment of bank loan 0 -499,840

Net cash flows provide by financing

activities 652,000 -499,840

Effect of foreign currency translation

on cash and cash equivalents 83,578 20,650

Net (decrease) increase in cash and cash 2,204,416 299,087

equivalents

Cash and cash equivalents, beginning

of period 2,589,086 2,012,874

Cash and cash equivalents,

end of period $4,793,502 $2,311,961

Supplemental cash flow information

Interest paid $37,800 $22,669

Income taxes paid $-- $--

Landway Bionanometer Technology Joint-stock Co., Ltd

Statements of Operations

(Stated in US Dollars)

Year ended December 31,

2006 2005

Revenue

Sales $2,814,144 $749,855

Cost of sales (1,017,709) (321,997)

Gross profit 1,796,435 427,858

Expenses

Administrative expenses 567,561 400,724

Other operating expenses 1,414 6,556

Selling expenses 141,287 68,839

710,262 476,119

Income before the following items and taxes 1,086,173 (48,261)

Interest income 870 5,803

Other income 637 2,225

Finance costs (46,089) (42,898)

Income before income taxes 1,041,591 (83,131)

Income taxes (350,705) 2,307

Net income/(loss) $690,886 $(80,824)

Earnings/(loss) per share: basic and diluted $0.0106 $(0.0012)

Weighted average number of shares

outstanding : basic and diluted 65,000,000 65,000,000

Landway Bionanometer Technology Joint-stock Co., Ltd

Balance Sheets

(Stated in US Dollars)

As of December 31,

2006 2005

ASSETS

Current assets

Cash and cash equivalents $2,589,086 $2,012,874

Trade receivables (net of allowance

of doubtful accounts of $59,098

in 2006 and $14,064 in 2005) 706,858 25,956

Amounts due from related parties 548,238 200,552

Other receivables, prepayments 114,214 122,707

Deferred tax assets 387,801 517,039

Inventories 174,502 393,218

Total current assets 4,520,699 3,272,346

Deposits for acquisition of building 923,373 --

Know-how 2,500,802 2,417,244

Property, plant and equipment, net 1,026,053 1,066,138

Deferred taxes 329,001 522,024

TOTAL ASSETS $9,299,928 $7,277,752

Landway Bionanometer Technology Joint-stock Co., Ltd

Balance Sheets (Cont'd)

(Stated in US Dollars)

As of December 31,

2006 2005

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Current liabilities

Trade payables $78,070 $64,947

Other payables and accrued expenses 1,641,945 738,084

Receipt in advance 21,176 26,022

Amounts due to related parties 172,404 115,157

Secured short-term bank loan 641,231 495,845

Total current liabilities 2,554,826 1,440,055

TOTAL LIABILITIES 2,554,826 1,440,055

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Registered and paid up common stock 7,852,802 7,852,802

Accumulated other comprehensive income 368,681 152,162

Accumulated deficits (1,476,381) (2,167,267)

TOTAL STOCKHOLDERS' EQUITY 6,745,102 5,837,697

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $9,299,928 $7,277,752

Landway Bionanometer Technology Joint-stock Co., Ltd Co., Ltd

Statements of Cash Flows

(Stated in US Dollars)

Year ended December 31,

2006 2005

Cash flows from operating activities

Net income $690,886 $(80,824)

Adjustments to reconcile net income to

net cash provided by operating activities:

Depreciation 79,366 76,359

Provision for doubtful debts 89,030 76,341

Changes in operating assets and liabilities:

Trade receivables (709,433) (19,366)

Other receivables, prepayments and

deposits (32,942) 25,086

Amount due from related parties (333,643) (197,735)

Inventories 227,460 45,767

Deferred tax assets 350,705 (2,307)

Trade payables 10,651 31,507

Other payables and accrued expenses 860,018 619,704

Amount due to related parties 52,155 74,632

Receipt in advance (5,626) (73,339)

Net cash flows provided by operating

activities 1,278,627 575,825

Cash flows from investing activities

Payments to acquire property, plant and

equipment (4,033) (15,462)

Deposit for acquisition of building (904,104) --

Net cash flows used in investing activities (908,137) (15,462)

Cash flows from financing activities

Proceeds from bank loan 627,850 488,880

Repayment of bank loan (502,280) (488,880)

Net cash flows provided by financing activities 125,570 --

Effect of foreign currency translation on

cash and cash equivalents 80,152 42,836

Net increase in cash and cash equivalents 576,212 603,199

Cash and cash equivalents - beginning of year 2,012,874 1,409,675

Cash and cash equivalents - end of year $2,589,086 $2,012,874

Supplemental disclosures for cash flow

information

Cash paid for:

Interest $45,876 $42,813

Income taxes $-- $--

Landway Bionanometer Technology Joint-stock Co., Ltd

Statements of Stockholders' Equity

(Stated in US Dollars)

Accumulated

Common other

stock comprehensive (Accumulated

income deficits) Total

Balance, January 1, 2005 $7,852,802 $10,480 $(2,086,443) $5,776,839

Comprehensive income

Net income -- (80,824) (80,824)

Foreign currency translation

adjustments -- 141,682 -- 141,682

Total comprehensive income 60,858

Balance, December 31, 2005 7,852,802 152,162 (2,167,267) 5,837,697

Comprehensive income

Net income -- -- 690,886 690,886

Foreign currency translation

adjustments -- 216,519 -- 216,519

Total comprehensive income 907,405

Balance, December 31, 2006 $7,852,802 $368,681 $(1,476,381) $6,745,102

profit Gross profit for the full year in 2006 was $1,796,435, an increase of $1,368,577, a 320% increase year-over-year in 2005;

Gross profit for the first quarter was $675,302 in 2007, an increase of $237,604, a 54.28% increase year-over-year in 2006;

Gross profit for the second quarter was $931,199 in 2007, an increase of $517,602, a 125.15% increase year-over-year in 2006;

The main reason for the increase is driven by the growth of the main business revenue.

(3) Profit after tax

Profit after tax for the full year of 2006 reached $690,886, an increase of $771,710, a 955% increase year-over-year in 2005. After tax profit rate reached 24.55%, or $0.01 per share.

Profit after tax for the first quarter reached $442,170 in 2007, an increase of $383,804, a 658% increase year-over-year in 2006, or $0.01 per share.

Profit after tax for the second quarter reached $819,971 in 2007, an increase of $598,815 and a 271% increase year-over-year in 2006.

Meanwhile, we should also consider that the sale of profit return is not yet calculated to the operating expenses ended on June 30, 2007, plus the costs of the $200,000, after-tax profit for the first and second quarter of this year, there is still a significant level of improvement.

The main reason for the increase is:

a. Rapid rate of main business revenue growth.

b. We have to control the costs and reduce unnecessary administrative

costs, in addition to the financial costs that have increased over the

same period, operating expenses, management costs and the main business

revenue ratio has also been reduced.

c. Re-refined sales market, the company no longer belongs to the low end

of the input-output ratio of the market and has entrusted agents to

manage this portion to improve the ratio of return, so that we have

more energy to the high-end services market, and marketing costs has

reduced as a result.

(4) Overall Financial Situation of the first half 2007 Results Main business revenue for the six months ended June 30, 2007 was $2,539,658, gross profit was $1,606,501 and after-tax net profit was $1,262,141, a 351% increase year-over-year in 2006,or $0.014 per share. The total net cash flow was $2,204,416; net of operating cash flow was $1,475,289.

These data came from the Discussed Draft. PLEASE refer to the final version.

Forward-looking statement

Certain information contained in these materials are "forward-looking" information, such as projections, estimates, pro formas, or statements of intentions, expectations or plans. All forward-looking information are subject to known and unknown risks and uncertainties, many of which are outside of the control of the company. Consequently, actual results may, and probably will, differ materially from the results contemplated in such forward-looking information.

About China Bionanometer Industries Corporation

China Bionanometer Industries Corporation is a high-tech enterprise specialized in the research, development, production and sale of nanometer level health food, cosmetics, biological disinfection products, and traditional Chinese medicine, etc. The company has obtained state authentication for high and new technology enterprises and is also an academician enterprise in the high-tech field. As a high and new technology enterprise that takes scientific research as its base, profiting from the huge benefits brought by technological innovation, the company establishes an efficient scientific research development system that allows the continuation of the pursuit for newer technologies and industrial development by creating a people-orientated and innovative environment that follows the modern management model.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

-- FINANCIAL TABLES FOLLOW --

Landway Bionanometer Technology Joint-stock Co., Ltd

Condensed Statements of Operations and Comprehensive Income

(US$-Unaudited)

Three months ended

March 31, (Unaudited)

2007 2006

Revenues $1,068,466 $673,505

Cost of revenues 393,164 235,807

Gross profit 675,302 437,698

Operating expenses 0 994

Selling and distribution 30,663 17,418

General and administrative 98,350 90,612

Total expenses 129,013 109,024

Operating income 546,289 328,674

Interest income 6,941 0

Other income 73,468 37

Finance costs -14,209 -16,246

Income before income taxes 612,489 312,465

Income taxes 299,112 213,889

Net income $313,377 $98,576

Earnings per share

- Basic and diluted $0.005 $0.002

Weighted average number

of common stock outstanding 65,000,000 65,000,000

Landway Bionanometer Technology Joint-stock Co., Ltd

Condensed Balance Sheets

March 31 December 31,

2007 2006

(Unaudited) (Audited)

ASSETS

Current Assets

Cash and cash equivalents $2,876,121 $2,589,086

Accounts receivable (net of

allowance for doubtful accounts

of $66,230 in 2007, $59,098 in 2006) 1,006,324 706,858

Inventories 113,365 174,502

Deposits paid 425,397 548,238

Deferred tax assets 310,188 387,801

Other receivables 701,004 114,214

Total Current Assets $5,432,399 $4,520,699

Property and equipment, net 1,949,742 1,949,426

Intangible assets, net 8,894,060 8,807,952

Deferred taxes 113,374 329,001

TOTAL ASSETS $16,389,575 $15,607,078

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Accounts payable $99,212.00 $78,070.00

Receipt in advance 36,690.00 21,176.00

amounts due to related parties 353,751.00 172,404.00

Other payables and accrued

liabilities 1,563,750.00 1,449,576.00

Secured short-term bank loan 647,500.00 641,231.00

TOTAL CURRENT LIABILITIES 2,700,903.00 2,362,457.00

Long-term other loans 194,250.00 192,369.00

TOTAL LIABILITIES 2,895,153.00 2,554,826.00

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Registered and paid up common stock 7,852,802 7,852,802

Additional paid-in capital 5,941,551 5,941,551

Accumulated deficits -1,163,004 -1,476,381

Accumulated other comprehensive income 863,073 734,280

TOTAL STOCKHOLDERS' EQUITY 13,494,422 13,052,252

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 16,389,575 15,607,078

Landway Bionanometer Technology Joint-stock Co., Ltd

Condensed Statements of Cash Flows

Three months ended

March 31,

(Unaudited)

2007 2006

Cash flows from operating activities

Net cash flows provide by operating activities $261,955 $360,086

Cash flows from investing activities

payments to acquire property, plant

and equipment -1,222 -1,852

Net cash flows used in investing activities -1,222 -1,852

Effect of foreign currency translation

on cash and cash equivalents 26,302 15,119

Net (decrease) increase in cash and cash

equivalents 287,035 373,353

Cash and cash equivalents, beginning of

period 2,589,086 2,012,874

Cash and cash equivalents, end

of period $2,876,121 $2,386,227

Supplemental cash flow information

Interest paid $14,151 $16,190

Income taxes paid $-- $--

Landway Bionanometer Technology Joint-stock Co., Ltd

Condensed Statements of Operations and Comprehensive Income

US$-Unaudited

Three months ended Six months ended

June 30, (Unaudited) June 30, (Unaudited)

2007 2006 2007 2006

Revenues $1,471,192 $630,782 $2,539,658 1,304,287

Cost of revenues 539,993 217,185 933,157 452,992

Gross profit 931,199 413,597 1,606,501 851,295

Operating expenses 29,277 0 29,277 994

Selling and

distribution 47,461 17,155 78,124 34,573

General and

administrative 43,248 132,286 141,598 222,898

Total expenses 119,986 149,441 248,999 258,465

Operating income 811,213 264,156 1,357,502 592,830

Interest income 142 0 7,083 0

Other income 0 104 73,468 141

Finance costs -23,736 -6,549 -37,945 -22,795

Income before

income taxes 787,619 257,711 1,400,108 570,176

Income taxes 184,394 23,327 483,506 237,216

Net income $603,225 $234,384 $916,602 $332,960

Earnings per share

- Basic and

diluted $0.009 $0.004 $0.014 $0.005

Weighted

average

number of

common

stock

outstanding 65,000,000 65,000,000 65,000,000 65,000,000

Landway Bionanometer Technology Joint-stock Co., Ltd

Condensed Balance Sheets

June 30, December 31,

2007 2006

(Unaudited) (Audited)

ASSETS

Current Assets

Cash and cash equivalents $4,793,502 $2,589,086

Accounts receivable (net

of allowance for doubtful

accounts of $39,427 in

2007, $59,098 in 2006) 749,103 706,858

Inventories 103,176 174,502

Deposits paid 331,257 548,238

Deferred tax assets 132,296 387,801

Other receivables 1,077,967 114,214

Total Current Assets $7,187,301 $4,520,699

Property and equipment, net 1,964,787 1,949,426

Intangible assets, net 9,031,420 8,807,952

Deferred taxes 115,109 329,001

TOTAL ASSETS $18,298,617 $15,607,078

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Accounts payable $82,367.00 $78,070.00

Receipt in advance 65,978.00 21,176.00

Amounts due to related parties 385,838.00 172,404.00

Other payables and accrued

liabilities 1,937,791.00 1,449,576.00

Secured short-term bank loan 1,315,000.00 641,231.00

TOTAL CURRENT LIABILITIES 3,786,974.00 2,362,457.00

Long-term other loans 197,250.00 192,369.00

TOTAL LIABILITIES COMMITMENTS AND

CONTINGENCIES 3,984,224.00 2,554,826.00

STOCKHOLDERS' EQUITY

Registered and paid up common stock 7,852,802 7,852,802

Additional paid-in capital 5,941,551 5,941,551

Accumulated deficits -559,779 -1,476,381

Accumulated other comprehensive income 1,079,819 734,
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SOURCE Xi'an Landway Bionanometer Technology Co., Ltd.
Copyright©2008 PR Newswire.
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