BEIJING, Nov. 5, 2010 /PRNewswire-Asia-FirstCall/ -- Dehaier Medical Systems Ltd. (Nasdaq: DHRM) ("Dehaier" or the "Company"), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products in China, today announced that it has won a $2 million medical device distribution bid for a new rural healthcare construction project supported by China Development Bank Corp ("CDB").
CDB is a major Chinese state-owned bank focused on supporting China's national infrastructure development initiatives, basic industries, and pillar industries. In support of the State Council's "Agriculture, Farmer and Village" policy to improve rural living conditions, CDB has earmarked approximately $1.5 billion in loans each year since 2007 to implement national rural healthcare initiatives and upgrade medical institutions in nearly 2,900 counties, cities and districts across China. Under the terms of the contract, Dehaier will cooperate with Philips Medical Systems, Olympus Corporation of Japan, and many other companies to distribute medical devices to the new healthcare facility.
Mr. Ping Chen, CEO of Dehaier, stated, "We are pleased to be awarded this new healthcare construction project supported by the China Development Bank. With the advancement of China's healthcare reform plan driving the construction of primary healthcare facilities, we believe the nation's rural areas are a huge market with tremendous potential. Winning this project gives Dehaier entry into the basic-level medical care market. We expect to obtain more projects within this optimal environment."
The Chinese central government plans to spend nearly $125 billion on healthcare reform from 2009 through 2011. The funding will support the construction of 2,000 county-level hospitals and 29,000 township hospitals, as well as upgrades for 5,000 township hospitals. According to market research firm Frost & Sullivan, China's medical device market is expected to roughly double to $53.7 billion between 2010 and 2015.
About Dehaier Medical Systems Ltd.Dehaier Medical Systems is an emerging leader in the development, assembly, marketing and sale of medical products in China, including respiratory and oxygen homecare medical products. The company develops and assembles its own branded products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices and respiratory and oxygen homecare products from IMD (Italy), Welch Allyn (USA), Penlon (UK), HEYER (Germany), Timesco (UK), ResMed (Australia), and JMS (Japan). Dehaier's technology is based on two patents, five pending patents, and proprietary technology. More information may be found at http://www.chinadhr.com .
Forward-looking StatementsThis news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, fulfillment of bids and contracts, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.Contact UsInvestor Relations:Dave Gentry, U.S.RedChip Companies, Inc.Tel: +1-800-733-2447, Ext. 104Email: firstname.lastname@example.orgJing Zhang, ChinaRedChip Beijing Representative OfficeTel: +86 10-8591-0635Web: http://www.RedChip.com
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