Navigation Links
China-Biotics Announces Redemption of $25 million in Senior Convertible Notes
Date:12/9/2010

SHANGHAI, Dec. 9, 2010 /PRNewswire-Asia-FirstCall/ -- China-Biotics, Inc. ("China-Biotics" or "the Company"), (Nasdaq: CHBT) the leading developer, manufacturer and distributor of probiotics products in China, today announced that it has redeemed $25 million in outstanding 4 percent senior convertible promissory notes for cash two days before the December 11, 2010 maturity date.

The $1,000 notes were originally issued on December 11, 2007. The redemption price is 100 percent of the principal amount per convertible note, plus accrued and unpaid interest as of the redemption date of December 11, 2010. The total redemption cost is $25 million in convertible note principal, plus approximately $4.68 million in accrued and unpaid interest. The convertible note principal is equivalent to 2.08 million common shares. With this redemption, the total diluted share count for computation of EPS is now reduced to 22.3 million shares. As of September 30, 2010, cash and cash equivalents were $158.8 million.

Mr. Jinan Song, Chairman and CEO of China-Biotics, commented, "We are very pleased to retire our only interest-bearing debt instrument. Redemption of these convertible notes enhances shareholder value through substantially strengthening our balance sheet and creating immediate accretion of our earnings per share. With our proven track record to consistently generate free cash-flow, we plan to continue to leverage our strong balance sheet to propel rapid sales growth and fund strategic expansion in production going forward. We believe this key milestone enables us to upgrade our shareholder base to higher quality long-term investors."

About China-BioticsChina-Biotics, Inc. ("China-Biotics" or "the Company"), a leading manufacturer of biotechnology products and supplements, engages in the research, development, marketing and distribution of probiotics dietary supplements in China. Through its wholly owned subsidiaries, Shanghai Shining Biotechnology Co., Ltd. and Growing Bioengineering (Shanghai) Co. Ltd., the Company develops and produces a proprietary product portfolio. Currently, its retail products are sold over the counter, mainly through large distributors, to pharmacies and supermarkets in Shanghai and Jiangsu and Zhejiang provinces. The Company also sells bulk products to institutional customers such as dairy and animal feed producers as well as pharmaceutical companies. In February 2010, China-Biotics began its commercial production in China's largest probiotics production facility to meet the growing demand in China. For more information, please visit http://www.chn-biotics.com.

Safe Harbor Statement The information in this release contains forward-looking statements which involve risks and uncertainties, including statements regarding the Company's capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as "may," "should," "will," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "forecast," "project," or "continue," the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results. Any or all of the Company's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions, risks and uncertainties and other factors which could cause actual events or results to be materially different from those expressed or implied in the forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks described in "Item 1A. Risk Factors" beginning on page 17 and elsewhere in the Company's 2010 Annual Report on Form 10-K. These factors may cause the Company's actual results to differ materially from any forward-looking statement. In addition, new factors emerge from time to time and it is not possible for the Company to predict all factors that may cause actual results to differ materially from those contained in any forward- looking statements. The Company disclaims any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this document, except as required by applicable law.Contact:Travis Cai Chief Financial OfficerChina-Biotics, Inc.traviscai@chn-biotics.comShiwei Yin/Dixon Chen Grayling646-284-9474shiwei.yin@grayling.comdixon.chen@grayling.com
'/>"/>

SOURCE China-Biotics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. China-Biotics Appoints New Chief Operating Officer
2. China-Biotics to Report Fiscal Year 2011 Second Quarter Financial Results on November 9
3. China-Biotics Hosted its First Investor Day Event
4. China-Biotics Ranked Number 62 on FORTUNES 100 Fastest-Growing Companies List
5. China-Biotics to Report Fiscal Year 2011 First Quarter Financial Results on August 9
6. China-Biotics Provides Further Updates on Qingpu New Facility
7. China-Biotics, Inc. Reports Record Quarterly and Annual Revenue Growth for Fiscal Year 2010
8. China-Biotics to Report Fourth Quarter and Fiscal Year 2010 Financial Results on June 11
9. China-Biotics to Present at Bank of America Merrill Lynch Healthcare Event on June 22
10. China-Biotics Provides Updates on Qingpu New Facility and Chinese Probiotics Market
11. China-Biotics, Inc. Appointed Grayling as Strategic Investor Relations Advisor
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/27/2016)... ... April 27, 2016 , ... ... its Scientific Advisory Board. Dr. Lamka will assist PathSensors in expanding the use ... , PathSensors deploys the CANARY® test platform for the detection of harmful pathogens, ...
(Date:4/27/2016)... ... 2016 , ... Global Stem Cells Group and the University of ... research and development initiatives for potential stem cell protocol management for 2016 – 2020. ... executives began meeting to establish a working agenda and foster initiatives to promote stem ...
(Date:4/26/2016)... ... April 27, 2016 , ... Cameron ... LLP as an associate in the firm’s Intellectual Property practice group. , Clients ... electromechanical patent applications. He has an electrical engineering and computer engineering background, and ...
(Date:4/26/2016)... ... April 26, 2016 , ... ... announces the latest technology innovation for its Volume Pattern Generator (VPG) line of ... production of advanced photomasks as well as a solution for mid volume direct ...
Breaking Biology Technology:
(Date:3/10/2016)... --  Unisys Corporation (NYSE: UIS ) today announced ... testing its biometric identity solution at the Otay Mesa border ... identify certain non-U.S. citizens leaving the country. ... determine the efficiency and accuracy of using biometric technologies in ... until May 2016. --> the United States ...
(Date:3/9/2016)... Nigeria . Recently, ... 23,000 public service employees either did not exist with ... unlawfully.    --> Nigeria . ... than 23,000 public service employees either did not exist ... salary unlawfully.    --> DERMALOG, the biometrics ...
(Date:3/8/2016)... March 8, 2016   Valencell , the ... announced it has secured $11M in Series D ... a new venture fund being launched by UAE-based ... from existing investors TDF Ventures and WSJ Joshua ... continue its triple-digit growth and accelerate its pioneering ...
Breaking Biology News(10 mins):