China Medicine Receives Approval for a RMB 20 Mi... ( GUANGZHOU China July 8 Asia/ -- C...)

China Medicine Receives Approval for a RMB 20 Million Loan

Date:7/8/2009

GUANGZHOU, China, July 8 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading distributor and developer of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines ("TCM"), nutritional and dietary-supplements, medical devices, and medical formulations in the People's Republic of China ("PRC"), announced today that it has received a RMB 20 million (approximately U.S. $2.9 million) loan from the Bank of China, Guangdong branch. The term of the loan is one year with an interest rate of 5%.

Due to an award the Company received as one of the "Best 1000 Small & Medium Enterprises (SME)" in Guangdong province, China Medicine enjoys the 5% interest rate payment on the loan reimbursable by both Guangzhou municipal and Guangdong provincial governments. The Company will use the loan to increase its working capital.

"We are honored to be chosen as one of the 'Best 1000 SME Companies' in Guangdong province and very pleased to receive this loan, which will facilitate our business expansion and increase our working capital," said Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation.

About China Medicine Corporation

China Medicine Corporation is a leading pharmaceutical company that discovers and develops medical formulations and distributes over 2,200 pharmaceutical products in China including prescription and over-the-counter ("OTC") drugs, traditional Chinese medicine products, herbs and dietary-supplements. The Company distributes its products to wholesale distributors in 28 provinces, more than 300 hospitals, 500 medicine companies, and 1,788 drug stores throughout China. The Company actively develops a number of proprietary products for a variety of uses, including oncology, high blood pressure and the removal of toxins from food and animal feeds. For more information visit the
'/>"/>

0

GOOD

Page: 1 2
Related medicine news :

1. Perot Systems Selected to Implement Health Information Systems in China
2. Perot Systems Launches Website in Chinese to Support Expansion Into China
3. Winner Medical Signs PurCotton Sales Agreement With Consumer Products Leader in China
4. Tianyin Pharmaceutical Co., Inc. Launches Advertising Program on China Central Television (CCTV) for its Xuelian Chongcao Oral Liquid
5. Opening Day of Fi Asia-China 2009 Brings the Food Ingredients Industry to Shanghai
6. China Sky One Medical, Inc. Obtains Production License Renewal for Sumei Slim Patch
7. China Pharma Holdings, Inc. Announces SFDA Approval for Rosuvastatin Clinical Trials
8. Winner Medical to Benefit From the Increase of Tax Rebate Rate for Exports From China
9. China Medical Technologies Announces Selected Unaudited Preliminary Financial Results for the Fourth Fiscal Quarter and Full Year Ended March 31, 2009
10. Jiangbo Pharmaceuticals to Attend the 44th China New Drugs Trade Fair in Tianjin
11. NYSE Amex Accepts China Shenghuos Compliance Plan for Continued Listing

Post Your Comments:

China Medicine Receives Approval for a RMB 20 Mi...( GUANGZHOU China July 8 Asia/ -- C...),Health