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Dehaier Medical Announces 2011 Fourth Quarter and Year End Financial Results
Date:3/19/2012

irst distribution authorization outside of China.
  • August 2011: the Company obtained export certificates for homecare medical products from the State Food and Drug Administration ("SFDA") of the PRC, allowing five of Dehaier's sleep diagnostics products to be exported without restriction.
  • November 2011: the Company established a wholly-owned subsidiary in the state of Illinois, USA. This is a long-term strategic action aimed at penetrating North American markets.
  • December 2011: the Company signed with three Romanian companies to distribute Dehaier's DHR-5L oxygen concentrators in Romania. This marks Dehaier's first entry into the European homecare medical product market.
  • In fiscal 2011, the Company received multiple intellectual property protections, including three design patents for products of sleep diagnostic device DHR998, CPAP DHR-C5, and air compressor DHR280, and two software copyrights for CPAP devices. 
  • Financial ReviewMs. Aileen Qi, Chief Financial Officer of Dehaier, commented, "We were pleased with our financial performance during the year, as we continued to gain traction with direct sales of our respiratory and oxygen homecare products and participated in frequent bids for government centralized procurement projects. Our 2011 fourth quarter and year end results were affected by Dehaier reporting a non-cash provision for doubtful accounts of approximately $0.86 million. During 2011, we experienced delays in payments from certain distributors, largely due to difficult market conditions that affected these distributors' businesses. After a thorough review, we changed the accounting estimate on the allowance for doubtful accounts. We are also continuing to work with our distributors to collect receivables efficiently and believe that we will be able to collect on these receivables in the coming quarters. We continue to expand our accounts collection department to seek prompt
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