China Sky One Medical, Inc. Announces Record First Quarter 20... (p Financial Condition As of March 3...)

China Sky One Medical, Inc. Announces Record First Quarter 2008 Results

Date:5/13/2008

Financial Condition

As of March 31, 2008, China Sky One had $38.2 million in cash and equivalents, approximately $43.6 million in working capital, and no debt. Stockholders' equity at March 31, 2008 was $62.0 million, a 92.3% increase over the $32.2 million recorded at December 31, 2007. The Company generated $5.2 million in net cash flow from operating activities in the first quarter of 2008, up from $0.56 million in the same quarter of 2007.

Recent Events

On April 3, 2008, The Company completed the acquisition of Heilongjiang Tianlong Pharmaceutical, Inc., an external-use drug manufacturing specialty pharmaceutical company, through which the Company obtained $8.3 million in assets, which include $0.5 million in inventory, land use rights, GMP- certified manufacturing facilities, state-of-the-art production equipment, a research and development center, a portfolio of 69 approved drugs (in 98 forms) and a pipeline of 38 new drugs, all of which have been submitted to the SFDA for approval.

On April 18, 2008, the Company consummated a share acquisition pursuant to an Equity Transfer Agreement with the shareholders of Heilongjiang Haina Pharmaceutical Inc., a recently formed corporation organized under the laws of the PRC licensed as a wholesaler of traditional Chinese medicines, bio- medicines, bio-products, medicinal devices, antibiotics and chemical medicines. Through the acquisition, the Company obtained a Good Supply Practice (GSP) license issued by the Heilongjiang office of the SFDA, which will enable China Sky One Medical to expand its sales of medicinal products without having to go through a lengthy license application process.

On May 4, 2008, the Company announced the successful development of a semi-quantitative automatic inspection device for its diagnostic kits, which simplifies the diagnostic process and should stimulate faster adoption of the Company's diagnostic kits by healthcare professionals. The device has be
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China Sky One Medical, Inc. Announces Record First Quarter 20...(p Financial Condition As of March 3...)