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China Medicine Corporation to Acquire Pharmaceutical Manufacturer in Guangzhou
Date:10/30/2009

e and make a repayment of $7.3 million of LifeTech's debt upon the execution of the Transfer Agreement, and, upon approval of the transaction by the foreign trade bureau, the Company will pay an additional $3.7 million. The remaining balance of the purchase price will be made on or before June 30, 2010. The Company plans to finance the acquisition with existing cash and operating cash flow, and will explore opportunities for financing from commercial banks, if needed.

"This acquisition represents a strategic move in our evolution to a vertically integrated pharmaceutical company and we expect it will lay the foundation for a significant contribution to our profitability in the coming years," said Mr. Senshan Yang, Chairman and CEO of China Medicine. "Specifically, the acquisition of LifeTech allows us to enhance our product line with high margin pharmaceuticals and improve our manufacturing capabilities for existing propriety products."

Following the acquisition, based on the Company's preliminary review of LifeTech's unaudited historical financial statements and projections, the Company expects the acquisition to be accretive to earnings, generating revenues of between $10.0 million and $12.0 million and net profit margin of at least 40% in 2010.

About Guangzhou LifeTech Pharmaceuticals Co. Ltd.

Founded in 1992, Guangzhou LifeTech Pharmaceuticals Co. Ltd. is a developer and manufacturer of pharmaceutical products with focus on natural-source vascular, anti-inflammatory, women's health and other TCM and Western medicine products. For the past 10 years, the Company has invested more than $10 million in developing new drugs using extracts from all natural plants and herbs, and built up a solid product pipeline. It currently sells its products in more than 10 provinces in China and has two products in final stages of clinical trials, including a TCM for the treatment of diabetes and an antibiotic intende
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SOURCE China Medicine Corporation
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