HARBIN, China, Oct. 14 /Xinhua-PRNewswire-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 it started production at Peng Lai Jin Chuang Company ("Jin Chuang"), a pharmaceutical company that it acquired, on October 14, 2008.
Jin Chuang, a subsidiary of China Sky One Medical, develops, manufactures, and distributes pharmaceutical, medicinal and diagnostic products in China. It owns rights to develop and market a portfolio of twenty drugs approved by State Food and Drug Administration (SFDA) of the PRC for the treatment of colds, cardiovascular disease, and depression. Jin Chuang's products include Chinese health remedies such as Oyster Shell Calcium Tablets for the treatment of osteoporosis, and Naftoipidil Dispersible Tablets for the treatment of benign prostatic hyperplasia. China Sky One Medical completed the acquisition of Jin Chuang on September 5, 2008, for approximately $7.1 million, consisting of cash and stock. Production at Jin Chuang is moving smoothly and according to the Company's schedule.
"We are pleased to have started production at Jin Chuang, which will
allow us to enhance our product line and increase our manufacturing
capabilities and profitability," said Mr. Yan-qing Liu, Chairman, CEO and
President of China Sky One Medical. "We expect Jin Chuang to contribute
$3-$5 million to sales in fiscal 2008, and approximately $0.95-$1.55
million in net profit for the year. We believe the acquisition will
increase our financial performance even further in 2009 as we scale up our
production. As a result of Jin Chuang's con
|SOURCE China Sky One Medical, Inc.|
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