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China Sky One Medical, Inc. to Acquire Peng Lai Jin Chuang Company
Date:6/12/2008

HARBIN, China, June 12 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (Amex: CSY) "China Sky One Medical," "CSY"), a manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic kit products in China, today announced that it has signed an agreement to acquire Peng Lai Jin Chuang Company ("Jin Chuang"), a newly established pharmaceutical company that has obtained Good Manufacturing Practice Certification (GMP) approval issued by the country's State Food and Drug Administration (SFDA).

Under the terms of the agreement, China Sky One Medical's wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, will acquire 100% of Jin Chuang's assets for a cash payment of RMB 17 million (US $2.5 million; 1 RMB = $0.14 US dollars) and RMB 32 million (US $4.6 million) of China Sky One Medical's common shares. In exchange, China Sky One Medical will obtain Jin Chuang's RMB 70 million (US $10.1 million) in assets, which includes franchise, production and operating rights for a portfolio of 20 approved drugs, including drugs for the treatment of colds, cardiovascular disease, and depression. The acquisition is expected to close on or before June 30, 2008.

"We expect the synergies that we will realize from this strategic acquisition to make a significant contribution to our profitability in the coming years," said Mr. Yan-qing Liu, Chairman, CEO and President of China Sky One Medical, Inc. "Specifically, Jin Chuang allows us to broaden our product lines and improve our manufacturing capabilities. We have been focused primarily on external use products; however following this acquisition a new pipeline of internal use drugs can enhance our product line. Since Jin Chuang is a newly est
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SOURCE China Sky One Medical, Inc.
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