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China-Biotics, Inc. Reports Record Quarterly Net Sales for the Third quarter of Fiscal Year 2011
Date:2/9/2011

ny redeemed $25 million in outstanding 4 percent senior convertible promissory notes for cash before the December 11, 2010 maturity date. The $1,000 principal notes were originally issued on December 11, 2007. The redemption price is 100 percent of the principal amount per convertible note, plus accrued and unpaid interest as of the redemption date of December 11, 2010. The total redemption cost was $25 million in convertible note principal, plus approximately $4.68 million in accrued and unpaid interest.

In November 2010, China-Biotics appointed Dr. Hui S. Chang as Chief Operating Officer of the Company. Dr. Chang brings 15 years of biopharmaceutical project management experience and excellent research capabilities in both the U.S. and China. Dr. Chang holds a PhD in vaccine development focusing on biochemistry and immunology as well as an MBA with concentration in finance and logistics in the vaccine industry from Johns Hopkins University.

In November 2010, a delegation from the Company's research and development department presented at the National Probiotics Research and Development, New Application and Equipment seminar in Hangzhou, China. The seminar was organized and hosted by the National High-Tech Industrialization Association. More than 180 research and development professionals from global industry leaders and other probiotics companies participated in the event.

In November 2010, Growing Bioengineering, a wholly owned subsidiary of China-Biotics, presented at the 2010 Health Ingredients Europe Conference in Madrid, Spain. The bi-annual exhibition is hosted by CMP Information. An estimated 140 exhibitors and over 9,000 visitors presented on subjects such as biotechnology, dietary supplements, and food manufacturing.

Outlook for the Fiscal Year 2011 For fiscal year 2011, management maintains the expectation for net sales to achieve at least 50% year-over-year growth. This target is based on the Company's current views on t
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SOURCE China-Biotics, Inc.
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