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China Biopharmaceuticals Holdings Announces Third Quarter 2007 Financial Results
Date:11/23/2007

one-time loss from discontinue operations of $2 million during the same nine month period in 2006. Therefore, the net loss for the nine month period ending September 30, 2007 was $11.7 million versus a net loss of $1.9 million for the same period one year ago.

Balance Sheet and Debt Conversion

As of September 30, 2007, total assets were $34.4 million and total liabilities plus minority interest were $36.1 million. Subsequent to the quarter, the Company entered into an agreement on November 19, 2007, under which the principal amount of the $11.5 million Loan owed to RimAsia in connection with the Enshi acquisitions plus unpaid interest of $1,008,534, which totals $12,508,534 will be conditionally converted in full into 6,185,607 shares of senior redeemable convertible preferred shares of the Company. Thus the above listed liabilities would be decreased $12.5 million while the book value of the Company would increase by the same amount. Therefore current shareholder equity of negative $1.7 million, would improve to $10.8 million or $.30 per share based on the 36.5 million shares currently outstanding, and $.22 per fully diluted share with the preferred included.

These new preferred shares have an effective conversion price of $1.011. Additionally, the exercise price of $1.375 for the 12 million existing warrants exercisable into the Company's common stock previously issued to and currently held by RimAsia in connection with the extension of the Loan financing will be lowered to $1.26 per share and the term of the Existing Warrants extended to 4.5 years from the closing date. This is conditioned on the Company signing a letter of intent for acquisition of a new company or for the injection of the remaining 49% equity stake of Erye not already owned by the Company before January 15, 2008, having such acquisition closed before June 30, 2008.

Subsequent Events -- New Drug Development Agreement

Subsequent to the end of our third quarter o
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SOURCE China Biopharmaceuticals Holdings, Inc.
Copyright©2007 PR Newswire.
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