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China Medicine Announces Strong Second Quarter 2008 Results
Date:8/13/2008

ition to a patent granted in early 2004 from State Intellectual Property Office of China. The Company has applied for rADTZ patents in 13 different jurisdictions in 2007 (including Australia, Canada, the European Union, Indonesia, Israel, Japan, South Korea, Mexico, Russia, South Africa, the U.S., Hong Kong and India). China Medicine is currently testing rADTZ on animal feed and is scheduled to begin working with the Chinese Department of Agriculture on a large scale experiment in order to meet national standards and apply for production permits. Due to the 2008 Beijing Olympics Games, the application for a production permit will be delayed since the Chinese government mandated that all toxic tests and experiments be temporarily halted before and during the Olympics. Therefore, further testing on rADTZ will be suspended for approximately three months.

To date, the Company has been approached by potential customers for rADTZ, including a large scale chicken farm in Guangzhou Province; a leading international provider of food, agriculture and risk management products and services; and an international manufacturer of enzymes for the detergent, textile, and food and feed industries. "The entrance of rADTZ in the animal feed industry is relatively easy since we will only need approval from the Department of Agriculture in China, which is in contrast to entering the food industry, where the process might take years," said Mr. Yang. "Therefore, our target market is China's entire feed industry, which is approximately RMB 274.2 billion ($39.8 billion, 1 RMB = $0.145). In the next three years, we hope rADTZ will capture 20% of the animal feed market," said Mr. Yang.

"Based on our outstanding first half 2008 performance, we feel confident that we will meet our guidance of 25%-35% revenue growth and 30%-35% gross margins for fiscal 2008. In addition, based on our strong second quarter profitability, we expect to exceed our net income guidance of 20%-22% for 2008
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SOURCE China Medicine Corporation
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