HARBIN, China, Feb. 15, 2012 /PRNewswire-Asia/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (NASDAQ: CSKI), a fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today announced that Mr. Yanqing Liu, the Company's Chairman, President and Chief Executive Officer, is being treated for a life-threatening illness. Following surgery, he is expected to undergo long-term chemotherapy and traditional Chinese medicine treatments. As a result, Mr. Liu's availability to devote time to the Company's business will be substantially reduced.
Recently, 26 middle-management level employees have resigned, of which nine were in the accounting department, two were in the internal control department, two were in the information technology department, 11 were in the sales department, and two were in the production center. Although the Company is seeking to recruit personnel, it may not be able to hire qualified personnel in a timely manner, or at all.
Mr. Liu's health concerns and the loss of such management employees are likely to materially adversely affect many aspects of the Company's business, including its ability to maintain customer relationships, meet production schedules, as well as maintain its internal controls.
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding company. The Company engages in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company, Harbin First Bio-Engineering Company Limited, Heilongjiang Tianlong Pharmaceutical, Inc. and Peng Lai Jin Chuang Pharmaceutical Company, the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. For more
|SOURCE China Sky One Medical, Inc.|
Copyright©2010 PR Newswire.
All rights reserved