HARBIN, China, Oct. 21 /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 the Company's wholly-owned subsidiary, Harbin First Bio-Engineering Co. Ltd. ("Harbin First Bio-Engineering"), received $800,000 in tax savings from the Heilongjiang Binxi Economic Zone.
China Sky One Medical entered into an agreement with the Heilongjiang Binxi Economic Zone in 2005, when the Company decided to invest in Harbin First Bio-Engineering. Under the agreement, the Heilongjiang Binxi Economic Zone agreed to provide fiscal support by refunding local income taxes for Harbin First Bio-Engineering until 2010. As a result, Harbin First Bio-Engineering received a 2007 local income tax refund of $800,000 in October, 2008.
"We are pleased to obtain local government fiscal support from the Heilongiang Binxi Economic Zone," said Mr. Yan-qing Liu, Chairman, CEO and President of China Sky One Medical. "We will invest this refund back into our business in order to further improve operations and carry out our growth strategy of strengthening our distribution channel and developing exciting new drugs."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding
company. The Company engages in the manufacturing, marketing and
distribution of pharmaceutical, medicinal and diagnostic products. Through
its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and
Technology Company, Harbin First Bio-Engineering Company Limited, and
Heilongjiang Tianlong Pharmaceutical, Inc., the Company ma
|SOURCE China Sky One Medical, Inc.|
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