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Jiangbo Pharmaceuticals Reports Results for Third Quarter of Fiscal Year 2010
Date:5/17/2010

ts, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.


                        - Financial Statements Follow -




                JIANGBO PHARMACEUTICALS, INC. AND SUBSIDIARIES
         (FORMERLY KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
                         CONSOLIDATED BALANCE SHEETS

                                           March 31,           June 30,
                                              2010               2009
                                          (Unaudited)
    ASSETS
    CURRENT ASSETS:
      Cash                                $96,464,482       $104,366,117
      Restricted cash                      11,523,285          7,325,000
      Investments                              26,362            879,228
      Accounts receivable, net
       of allowance for doubtful
       accounts of $1,141,756 and
       $822,469 as of March 31,
       2010 and June 30, 2009,
       respectively                        27,619,639         19,222,707
      Inventories                           3,368,308          3,277,194
      Other receivables                        12,523            167,012
      Other receivable - related
       parties                                242,055                 --
      Advances to suppliers                   510,288            236,
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SOURCE Jiangbo Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

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