Navigation Links
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 established company and has not yet started production, we expect it will begin contributing to our profitability at the end of this year."

About Peng Lai Jin Chuang Company

Peng Lai Jin Chuang Company ("Jin Chuang"), Peng Lai Jin Chuang Group Corporation's wholly-owned subsidiary, has just been set up to develop, manufacture, and distribute pharmaceutical, medicinal and diagnogistic products in China. Jin Chuang's lead products include Chinese treatments for health improvement. Through its GMP-certified manufacturing facilities, Jin Chuang develops and manufactures drugs in various forms.

About China Sky One Medical, Inc.

China Sky One Medical, Inc., a Nevada corporation, is a holding company whose principal operations are through its subsidiaries, which are engaged in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic kit products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company (''TDR'') and Harbin First Bio- Engineering Company Limited ("First"), the Company manufactures and distributes over-the-counter pharmaceutical products as its primary revenue source. For more information, visit http://www.skyonemedical.com .

Safe Harbor Statement

Certain of the statements made in the press release constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

For more information, please contact:

China Sky One Medical, Inc.

Mr. Xiaoqing Liao, CFO

Tel: +86-451-5399-4069

Email: cntiandiren@yahoo.com.cn

CCG Elite Investor Relations Inc.

Mr. Crocker Coulson, President

Tel: +1-646-213-1915 (New York)

Email: crocker.coulson@ccgir.com

Web: http://www.ccgelite.com


'/>"/>
SOURCE China Sky One Medical, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. China Medical Technologies Reports Fourth Quarter and Full Year Financial Results
2. AmeriCares Establishes Field Hospital in China
3. China Sky One Medical, Inc. Announces Guidance for Second Quarter and Full Year 2008
4. AmeriCares Purchases BLU-MED Portable Hospital for China Earthquake Relief
5. Answers From Nature Introduces 100% Non-China Ingredients for Dietary Supplements
6. China Sky One Medical, Inc. Receives SFDA Approval for Five Patches
7. Meetings with Pre-Screened Verified China Suppliers Help 14 Top Buyers, Including Brookstone and Staples, Save Time and Cut Sourcing Costs
8. Free Wheelchair Mission to Distribute 4,400 Wheelchairs to China Earthquake Victims
9. China Nepstar Chain Drugstore Filed Its Annual Report on Form 20-F
10. China Sky One Medical, Inc. Donates RMB 1.1 Million in Medicine for Earthquake Disaster Relief Efforts
11. Mindray to Attend Morgan Stanley China Summit 2008
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/13/2016)... ... ... DDi , a Makro company, makes it to ... in eClinical Solutions. DDi has built its solution competency with a unique blend ... DDi provides smarter technology for Clinical Development, Regulatory and Enterprise domains by providing ...
(Date:2/12/2016)... , ... February 12, 2016 , ... ... devoted exclusively to funding innovative lymphoma research and serving the lymphoma community through ... over 250 members of South Florida’s philanthropic community at its 10th anniversary Fashion ...
(Date:2/12/2016)... ... 2016 , ... Coco Libre, the maker of coconut water beverages with a ... Lounge Event. Coco Libre will offer musicians and celebrities the company’s signature Organic Coconut ... invitation-only gifting suite, held this year at the W Hollywood Hotel, has become a ...
(Date:2/12/2016)... ... February 12, 2016 , ... Fisher House Foundation Chairman ... John J. Lee, Nevada Military Support Alliance president Scott Bensing, and Peggy Kearns Director, ... VA Southern Nevada Healthcare System. This will be the first Fisher House in ...
(Date:2/12/2016)... ... February 12, 2016 , ... Young ... area, celebrates the beginning of the latest charity campaign in their community enrichment ... art. Donations to this worthy cause are currently being accepted at: http://artexpressioninc.org/ ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... , Kalifornien, 12. Februar 2016  Sequent ... der Aufnahme von Patienten für eine Studie zur ... Aneurysmen („WEB") speziell für die Behandlung von rupturierten ... , MD, Leiter der Neuroradiologie an der Universitätsklinik ... und Hauptprüfarzt der CLARYS-Studie hat den ersten Patienten ...
(Date:2/12/2016)... , Feb. 12, 2016  Eli Lilly and Company ... Court decided the Alimta® (pemetrexed disodium) vitamin regimen patent would ... the UK, France , Italy ... to dilute the product only with dextrose solution.  ... 2015, the UK Court of Appeal held that Lilly,s patent ...
(Date:2/12/2016)... BUDAPEST , Ungarn, February 12, 2016 ... ein Medizintechnikunternehmen, das sich auf den ungedeckten ... gab heute positive Ergebnisse seines klinischen Forschungsprogramms ... und Asthma-Patienten beschäftigt, ergab Verbesserungen ihrer respiratorischen ... Indiso ltd , ein Medizintechnikunternehmen, das ...
Breaking Medicine Technology: