HARBIN, China, Jan. 6 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), announced today that three of its wholly-owned subsidiaries, Harbin TDR Medical Science and Technology, Heilongjiang Tianlong Pharmaceutical, and Harbin First Bioengineering, have been granted the High-Technology Enterprise Certificate by the provincial government in Heilongjiang Province, which allows them to receive a preferential income tax rate of 15% versus the regular rate of 25%, effective January 1, 2009.
The High-Tech Enterprise Certificate is awarded to qualified enterprises by the Chinese government. Since mid-2008, provincial governments began to reassess the criteria for the High-Tech Enterprise Certificate, which include high Research and Development expenditure, and the manufacture of proprietary high technology products or services with at least 60% of total revenues for the enterprise generated through the sale of high technology products or services. With the award of the certification, China Sky One Medical will enjoy a long-term preferential income tax rate.
"We are pleased to benefit from a lower income tax rate, which will significantly have a positive effect on our financial performance," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "We believe that the High-Tech Enterprise Certificate enhances our competitive position and validates our commitment to being an industry leader in the research and development of high technology medical products."
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''), Harbin First Bio- Engineering Company Limited ("First"), Heilongjiang Tianlong Pharmaceutical, Inc. ("Tianlong") and Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang") 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: Company Contact: China Sky One Medical, Inc. Mr. Yu-Bo Hao, CFO Tel: +86-451-53994069 Email: email@example.com Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: firstname.lastname@example.org Web: http://www.ccgirasia.com
|SOURCE China Sky One Medical, Inc.|
Copyright©2009 PR Newswire.
All rights reserved