GUANGZHOU, China, Dec. 15 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading developer and distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary supplements, medical devices and medical formulations, announced it received approval from the Guangdong Food & Drug Administration to distribute dental equipment and instruments, including brushes and drill bits, as well as oral surgery equipment, including scalpels, scissors, and forceps, in Guangdong Province.
The approval was based on China Medicine meeting the requirements for storage space and the number of qualified professionals at the Company who can provide proper after-sales service. The domestic dental equipment industry in China is still in its early stages; however, with strong economic growth and increased personal income and improved living standards in China, there is now a growing awareness and demand for oral health care. As a result, the number of dental hospitals and clinics in China has risen. This has led to increased demand for dental equipment since new hospitals have to be outfitted with basic equipment to support the growth in dental health services. The Company believes that as demand for dental services continues to grow, the dental market in China will require higher-end equipment and products, which will bring more and more companies into the market and provide greater distribution opportunities.
"We are excited to have received approval from the Guangdong Food & Drug Administration to distribute this category of medical devices - dental equipment and instruments for oral surgery - which is a very important addition to our existing product portfolio," said Mr. Senshan Yang, Chief Executive Officer of China Medicine Corporation. "We believe that the market for dental equipment and surgical tools represents a major growth area in China as the demand for modern dental services continues to grow. We will distribute these new products through our existing distribution network starting December 2008, which we believe can achieve potential sales of more than 1.0 million dollars in 2009 based on several contracts that we have recently signed."
About China Medicine Corporation
China Medicine Corporation is a leading pharmaceutical company which discovers, develops, and distributes over 2,300 pharmaceutical products in China including prescription and over the counter ("OTC") drugs, traditional Chinese medicine ("TCM") products, herbs and dietary supplements. The Company distributes the products to wholesale distributors in 28 provinces, over 300 hospitals, 500 medicine companies, and 1,788 drug stores throughout China. The Company actively develops a number of proprietary products for many uses including oncology, high blood pressure and the removal of toxins from food and animal feeds. For more information visit the Company's website at http://www.chinamedicinecorp.com .
This press release contains forward-looking statements concerning the Company's business and products. The Company's actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, the expected contribution of higher margin products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.
For more information, please contact: Company Contact: Ms. Huizhen Yu Chief Financial Officer China Medicine Corporation Tel: +86-20-8739-1718 Email: firstname.lastname@example.org Investor Relations Contact: Mr. Crocker Coulson President CCG Investor Relations Tel: +1-646-213-1915 (NY Office) Email: email@example.com
|SOURCE China Medicine Corporation|
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