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China Sky One Medical, Inc. Closes Acquisition of Heilongjiang Tianlong Pharmaceutical, Inc.
Date:4/9/2008

HARBIN, China, April 9, 2008 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (OTC Bulletin Board: CSKI), a leading manufacturer, marketer, and distributor of over-the- counter pharmaceuticals for external use in the People's Republic of China ("PRC") and international markets, today announced that it has closed its acquisition of Heilongjiang Tianlong Pharmaceutical, Inc. ("Tianlong"), an external-use drug manufacturing specialty pharmaceutical company. The acquisition was announced on February 29, 2008 and closed on April 3, 2008.

Under the terms of the agreement, China Sky One Medical's wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, acquired 100% of Talon's outstanding capital stock for a cash payment of approximately $8.0 million and $300,000 of China Sky One Medical's common shares. As a result, China Sky One Medical acquired all of Tianlong's assets, including approximately $0.5 million in inventory, land use rights, GMP- certified manufacturing facilities, state-of-the-art manufacturing equipment, a research and development ("R&D") center, 69 approved drugs (in 98 forms) and a portfolio of 38 new drugs, all of which have been submitted to the State Food and Drug Administration of China ("SFDA") for approval.

"We are excited about this strategic acquisition, which we expect to contribute to our earnings, broaden our product lines and enhance our manufacturing and R&D capabilities. We plan to use our extensive sales and marketing expertise and the benefits of scale to boost Tianlong's sales and bottom line," said Mr. Yan-qing Liu, Chairman and CEO of China Sky One Medical, Inc.

Based on unaudited financial results, Tianlong generated revenue in 2007 of $5.2 million and a net profit margin of 13%. China Sky One Medical expects Tianlong to be accretive to earnings in 2008, with an estimated revenue of about $7.5 million and net profit of about 3
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SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
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