Skystar Bio-Pharmaceutical Announces Second Quarter 20... ((389130) Payment of interest bearin...)

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Skystar Bio-Pharmaceutical Announces Second Quarter 2007 Results

Date:8/19/2007

(389,130)

Payment of interest bearing loans received

from third parties 259,210

Increase in restricted cash (357) -

Purchase of property, plant and equipment (311,207) (980,603)

Increase in amount due from shareholders (63,715)

Payment received from shareholders 92,251

Decrease in amounts due from a related company - 446,189

Net cash used in investing activities (764,409) (182,953)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from government subsidies - 124,620

Proceeds from convertible debentures, net of

debenture expenses 3,737,250 -

Principle payment on convertible debenture (194,378) -

Repayments of non-interest bearing loan from

third parties (63,558) (249,240)

Net cash provided by financing activities 3,479,314 (124,620)

EFFECT OF EXCHANGE RATE CHANGES ON CASH 184,964 374

INCREASE (DECREASE) IN CASH 2,636,283 1,427

CASH, beginning of period 192,016 38,498

CASH, end of period $2,828,299 $39,925

SUPPLEMENTAL DISCLOSURE INFORMATION

Interest expense paid $83,027 $1,608

Income taxes paid $210,628 $-

Non-cash transactions

Warrants issued for services $643,277 $-

Stock issued for services - 1,572,000

Completed construction in progress 5,857,290

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SOURCE Skystar Bio-Pharmaceutical Co.

Copyright©2007 PR Newswire.

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