Navigation Links
China Sky One Medical, Inc. Acquires Heilongjiang Haina Pharmaceutical Inc.
Date:4/24/2008

HARBIN, China, April 24 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (OTC Bulletin Board: CSKI), a pharmaceutical company for external use over-the-counter drugs in the People's Republic of China ("PRC"), today announced it acquired Heilongjiang Haina Pharmaceutical Inc. ("Haina Pharmaceutical"), a recently formed corporation organized under the laws of the PRC on April 18, 2008.

China Sky One Medical, Inc., through its indirect wholly owned subsidiary Harbin Tian Di Ren Medical Science and Technology Company ("TDR"), consummated a transaction pursuant to an Equity Transfer Agreement with Heilongjiang Haina Pharmaceutical Inc., licensed as a wholesaler of traditional Chinese medicine, bio-medicines, bio-products, medicinal devices, antibiotics and chemical medicines.

Pursuant to the Equity Transfer Agreement, Harbin acquired 100% of the issued and outstanding capital stock of Haina Pharmaceutical from its three stockholders in consideration for payment of 3,000,000 RMB (approximately $428,571). TDR has been overseeing the operations of Haina Pharmaceutical since January 2008 as part of its due diligence prior to closing of this acquisition.

Haina Pharmaceutical does not have an established sales network and was acquired for its primary asset, a Good Supply Practice (GSP) license issued as of December 21, 2006 by the Heilongjiang office of the SFDA, and will expire on January 29, 2012. The SFDA recently started issuing such licenses to resellers of medicines in order to maintain certain quality controls. The GSP license enables China Sky One Medical to expand its sales of medicinal products without having to go through a lengthy license application process.

"We are pleased to complete the acquisition of Haina Pharmaceutical. By obtaining the GSP license, we now have the ability to further develop our sales channels in a timely manner," said Mr. Yan-qing Liu, Chairman, CEO and Director of China Sky One Medical, Inc.

About China Sky One Medical, Inc.

China Sky One Medical, Inc., a Nevada corporation, is a holding company. The Company engages in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company ("TDR") and Harbin First Bio- Engineering Company Limited ("First"), the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. For more information, visit http://www.skyonemedical.com .

Safe Harbor Statement

Certain of the statements made in the press release constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

For more information, please contact:

China Sky One Medical, Inc.

Ms. Xiaoyan Han, CFO

Tel: +86-1335-999-3681

Email: tdrhan@163.com

CCG Elite Investor Relations Inc.

Mr. Crocker Coulson, President

Tel: +1-646-213-1915 (New York)

Email: crocker.coulson@ccgir.com


'/>"/>
SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Syngenta To Build Major Global Biotech Research Center in Beijing, China
2. American Oriental Bioengineering and China Aoxing Pharmaceutical Enter Into Strategic Alliance
3. China YCT International Group, Inc. Announces Entrusted Management Agreement With Its Primary Supplier
4. CTDC Attends the Inauguration Ceremony of Thin Film A-Si Manufacturing Line in Changzhou, China
5. China Bio Energy Reports Fiscal 2007 Financial Results
6. Transgenomic Opens Pharmacogenomics Laboratory in China
7. China Pharma Holdings, Inc. Announces Record 2007 Year End Results
8. China Kangtai Cactus Biotech, Inc. Obtains $500,000 Equity Financing
9. Aida Pharmaceuticals, Inc. Acquires High-Level Research Institute in the Peoples Republic of China
10. Aida Acquires High-Level Research Institute in China
11. China Pharma Holdings, Inc. Announces Earnings Call for Fiscal 2007 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... PHILADELPHIA , June 27, 2016  Alex,s Lemonade ... announced that that it will open a state-of-the-art bioinformatics ... childhood cancer research. This announcement comes as Liz ... attends the National Cancer Moonshot Summit in ... Dr. Biden as a participant and advocate of pediatric ...
(Date:6/27/2016)... June 27, 2016  Global demand for enzymes ... through 2020 to $7.2 billion.  This market includes ... cleaning products, biofuel production, animal feed, and other ... and biocatalysts). Food and beverages will remain the ... increasing consumption of products containing enzymes in developing ...
(Date:6/27/2016)... , June 27, 2016 /PRNewswire/ - BIOREM Inc. (TSX-V: ... been advised by its major shareholders, Clean Technology Fund ... United States based venture capital funds ... of Biorem (on a fully diluted, as converted basis), ... disposition of their entire equity holdings in Biorem to ...
(Date:6/27/2016)... SAN DIEGO , June 27, 2016  Sequenom, ... company committed to enabling healthier lives through the development ... Supreme Court of the United States ... Federal courts that the claims of Sequenom,s U.S. Patent ... the patent eligibility criteria established by the Supreme Court,s ...
Breaking Biology Technology:
(Date:6/27/2016)... Research and Markets has announced the addition ... to their offering. The report ... to grow at a CAGR of 12.28% during the period 2016-2020. ... in-depth market analysis with inputs from industry experts. The report covers ... The report also includes a discussion of the key vendors operating ...
(Date:6/22/2016)... , June 22, 2016  The American College of Medical ... Show Executive Magazine as one of the fastest-growing trade ... 25-27 at the Bellagio in Las Vegas ... highest percentage of growth in each of the following categories: ... companies and number of attendees. The 2015 ACMG Annual Meeting ...
(Date:6/22/2016)... 2016   Acuant , the leading ... has partnered with RightCrowd ® to ... Management, Self-Service Kiosks and Continuous Workforce Assurance. ... functional enhancements to existing physical access control ... with an automated ID verification and authentication ...
Breaking Biology News(10 mins):