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China Sky One Medical Updates Financial Guidance for 2010
Date:9/3/2010

the People's Republic of China ("PRC"), today announced that its fiscal year 2010 revenue and adjusted net income, excluding the impact of derivative warrant liabilities, are expected to be lower than its previous financial guidance as a result of the termination of several major distributor relationships.

Specifically, the Company has lowered its 2010 revenue guidance from a prior range of $160 million and $164 million to between $128 million and $136 million. The Company also has lowered its 2010 adjusted net income guidance, excluding the impact of derivative warrant liabilities, from between $40 million and $41 million to between $26 million and $31 million.

Management's reduced guidance reflects the termination of relationships with certain private distributors, who after several rounds of discussions, chose to end their cooperation with the Company after learning that their business information was disclosed in the Company's public SEC filings and would continue to be disclosed in such documents as required by SEC regulations. This disclosure, these distributors claim, has led to increased scrutiny of their financial performance by government authorities within China. While the Company expects to replace these lost distribution arrangements over time, revenue and net income in the second half of 2010 are expected to be negatively impacted by the disruption in distribution channels. The Company expects to incur higher selling and marketing costs during second half 2010 to develop new distributor relationships.

Separately, the Company announced the resignation of its CFO, Mr. Stanley Hao, due to health considerations, effective September 01, 2010. Mr. Hao will retain his position as Company Director and Board Secretary. Mr. Yu-kun Zhang, the Company's Principal Financial and Accounting Officer, will continue to over
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SOURCE China Sky One Medical, Inc.
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