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China Medicine Announces Strong Third Quarter 2009 Results
Date:11/16/2009

GUANGZHOU, China, Nov. 16 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developer and a leading distributor of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary supplements, and medical devices and medical formulations, today announced its third quarter 2009 results.

    Third Quarter 2009 Highlights:
    -- Revenues increased 82.2% from Q3 of 2008 to $19.2 million
    -- Gross profit increased 78.9% from Q3 of 2008 to $5.8 million
    -- Operating income increased 94.7% from Q3 of 2008 to $4.5 million
    -- Adjusted net income, which excluded a non-cash expense related to
       change in fair value of warrants for the third quarter of 2009, was
       $3.4 million, or $0.22 per diluted share
    -- Net income was $3.2 million, or $0.21 per diluted share
    -- Entered into a two-year Distribution and Supply Agreement in Pakistan
       for Levocarnitine
    -- Entered into agreement to acquire LifeTech Pharmaceuticals, Co. Ltd., a
       developer, manufacturer and marketer of pharmaceutical products with a
       portfolio of 39 TCM and Western medicine products

"We are delighted to report that China Medicine experienced a strong third quarter in 2009 with significant increases in revenues and net income. As the government implements its plan to support rural healthcare and establish a universal healthcare system, we expect to be positively impacted as we distribute pharmaceutical products through our extensive distribution network that addresses this underserved market. In addition, once the recent acquisition of LifeTech is consummated, we should be positioned as a stronger player in the pharmaceutical industry as we will have the ability to sell LifeTech's self-manufactured pharmaceutical products through our extensive distribution network, thus improving our margin structure," sa
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SOURCE China Medicine Corporation
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