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

ues of between $10.0 million and $12.0 million and net profit margin of at least 40% in 2010.

Given the need to temporarily set aside cash to fund the acquisition of LifeTech and facilitate our transition to become a leading, vertically integrated pharmaceutical company, we have had to decrease the amount of working capital available for operations in the fourth quarter of this year. As a result, our fourth quarter results may be affected.

In November, China Medicine signed a preliminary, non-binding term sheet to receive a strategic investment from a leading private equity firm (the "Investor") of up to $59.5 million consisting of three stages. Pursuant to the term sheet, the first stage consists of the Investor purchasing up to $7.5 million in convertible secured notes with a conversion price of $3.50 per share. The second stage consists of the Investor subscribing for approximately $24.2 million in newly issued shares of China Medicine common stock at a price of $2.60 per share. The third and final stage consists of the Investor subscribing for up to $27.8 million, according to the needs of China Medicine, in newly issued shares of China Medicine common stock at a price of $2.60 per share. China Medicine and the Investor believe they will act in good faith to move forward the proposed transactions as soon as practical, including completion of final due diligence and obtaining necessary shareholders' approval. China Medicine anticipates using the proceeds from stage one to replenish working capital used to acquire LifeTech. The Company anticipates using proceeds from stage two of this investment for expanding LifeTech's manufacturing capabilities and for general working capital purposes. Proceeds from the third stage are expected to be used to acquire additional pharmaceutical companies once identified and agreed upon by the Investor. However, as of the date herein, China Medicine has not entered into any definitive agreements relat
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SOURCE China Medicine Corporation
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