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

ed to any financing plans including those stated above.

"In summary, we are very excited about our recently announced acquisition of LifeTech and also our intent to raise a significant amount of capital from a highly reputable, private equity investor, subject to final documentation and shareholder approval," China Medicine's Chairman and Chief Executive Officer Senshan Yang commented. "The pharmaceutical industry in China is highly fragmented and we believe that by forming a strategic relationship with a significant financial sponsor, we will have the unique opportunity to be a consolidator and leader in the industry. The acquisition of LifeTech is the first step in implementing our new strategy to move upstream in the pharmaceutical value chain and to combine manufacturing capabilities with our existing nationwide distribution network. We are committed to strengthening our product mix and margin structure and expect that 70% of our revenues will come from the sale of our own products and 30% from our distribution business in the next three to five years. We believe that the new initiatives we have in place will bring considerable value to China Medicine and its shareholders, and we look forward to providing an update on our progress in the near future."

Conference Call

China Medicine will hold its third quarter conference call for all interested persons at 10:00 a.m. Eastern Time on Monday, November 16, 2009, to discuss its results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time 866.800.8648. International callers should dial 617.614.2702. When prompted by the operator, mention conference passcode 448 636 62. If you are unable to participate in the call at its scheduled time, a replay will be available for 14 days starting on Monday, November 16 at 12:00 p.m. Eastern Time. To access the replay, dial 888-286-8010 (internatio
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SOURCE China Medicine Corporation
Copyright©2009 PR Newswire.
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