HARBIN, China, July 19, 2011 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (NASDAQ: CSKI), a leading fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today announced that the Company has won the bidding process on 50-year land use rights (the "Land Use Rights") covering approximately 85,000 m2 of land located in the High-Tech Development Zone of Song Bei District in Harbin, China ("the Land").
The Company acquired the Land Use Rights for total consideration of approximately $7.3 million, which was originally deposited by the Company's wholly owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, to Harbin High-Tech Development Zone during the second quarter of 2010.
The Company intends to build a research and development center, an injection manufacturing facility, a logistics center and an office building on the Land during the first phase of development, which the Company currently expects to complete in the mid of 2012.
"We are very pleased to have secured the winning bid on land use rights covering this large parcel of land in Harbin's Song Bei District. We expect to commence development of the land this year, commencing with construction of several facilities that we believe will meaningfully advance our ability to launch higher margin injection products and enhance our overall competitiveness in the China's prescription drug market," commented Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical.
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 information, visit http://www.cski.com.cn.
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the Company's business development and product quality. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, the potential of introduced or undetected flaws and defects in products, consumer acceptance of new products to be launched and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.Investor Relations Contact:China Sky One Medical
CCG Investor RelationsHongyu Pan, CFO
Crocker Coulson, President Email: email@example.com
|SOURCE China Sky One Medical, Inc.|
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