SHANGHAI, Aug. 10 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. (Nasdaq: CHBT) ("China-Biotics," "the Company"), a leading Chinese firm specializing in the manufacture, research, development, marketing and distribution of probiotics products, today announced that the Company's wholly-owned subsidiary, Shanghai Shining Biotechnology Co., Ltd., has been awarded the High-Technology Enterprise Certificate (the "Certificate") by the municipal government in Shanghai. It is only awarded to qualified enterprises that meet the municipal government's strict requirements and standards.
The Certificate allows the Company to receive a preferential income tax rate of 15% on substantially all of its operating income, versus the statutory tax rate of 25%. The 15% rate will be in effect for the three-year period that began on Jan. 1, 2009.
"We are pleased to have earned the benefit of this lower income tax rate, which we expect to have a positive effect on our financial performance in the next few years as we reinvest the savings into our two-pronged growth strategy," said Mr. Jinan Song, Chairman and Chief Executive Officer of China- Biotics. "This tax savings will serve to further our position as the leading domestic supplier of probiotics in China."
About China-Biotics, Inc.
China-Biotics, Inc. ("China-Biotics," "the Company"), a leading
manufacturer of biotechnology products and supplements, engages in the
research, development, marketing and distribution of probiotics dietary
supplements. Through its wholly owned subsidiary, Shanghai Shining
Biotechnology Co., Ltd., the Company has operations in Shanghai. Its
proprietary product portfolio contains live microbial nutritional supplements
under the "Shining" brand. Currently, the products are sold OTC through large
distributors to pharm
|SOURCE China-Biotics, Inc.|
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