GUANGZHOU, China, May 15 /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 the Company has received an award for ''Best 1000 Small & Medium Enterprise (SME)'' in Guangdong Province. With this award, the Company is eligible to apply for a RMB 25 million ($3.7 million) loan with zero or minimum interest from the Bank of China, Guangdong branch.
China Medicine was presented the award by the Ministry of Finance in Guangdong Province on May 13, 2009, based on its status as an advanced and innovative Company, and on its reputation and credibility for delivering quality products and services as well as the strength and experience of its management team. Along with the award, the Company is eligible to apply for a one year short-term loan at the principal amount of up to RMB 25 million (approximately US$3,600,000). The interest rate on the loan is based on China's National Benchmark rate. However, 60% of the interest from the loan will be reimbursed by the Ministry of Finance in Guangdong province, and 40% of the interest from the loan will be reimbursed by the local government in Guangdong, provided that the Company is approved for the loan. The Company has started the loan application process and expects to receive the approval in June 2009.
''We are honored to be chosen as one of the best 1000 SME companies in Guangdong Province,'' said Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation. ''With this award, we are entitled to a loan of up to RMB 25 million that will facilitate the financing of our near-term rADTZ commercialization project as well as the launch of other new products in 2009.''
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 Company's website at http://www.chinamedicinecorp.com .
This press release contains forward-looking statements concerning the Company's business and products. The Company's actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, the expected contribution of higher margin products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward- looking statements to reflect events or circumstances after the date of this release.
For more information, please contact: Company Contact: Ms. Huizhen Yu Chief Financial Officer China Medicine Corp Tel: +86-20-8739-1718 Email: firstname.lastname@example.org Investor Relations Contact: Mr. Crocker Coulson, President CCG Investor Relations Tel: +1-646-213-1915 (NY Office) Email: email@example.com Web: http://www.ccgirasia.com
|SOURCE China Medicine Corporation|
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