HARBIN, China, Feb. 1 /PRNewswire-Asia/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), today announced the receipt of government supported policies following the recent move of its corporate headquarters to Songbei New District ("Songbei"), Harbin City.
In an effort to promote the development of Songbei, the Heilongjiang provincial government and Harbin municipal government are jointly establishing a High and New Technological Development Zone ("Development Zone"). The provincial and municipal governments grant preferential policies to companies operating in the Development Zone in an effort to attract investment from Chinese and foreign high-tech enterprises. These policies include land transfer fee concessions that allow entities to acquire land at a discount of at least 30% of market value, expedited approval of permits and availability of credit loans from the local commercial banks. Some governmental institutions are also moving into this district and consolidating their functional departments for a more efficient and simplified reviewing process.
"Receipt of these preferential policies positively reinforces our decision to move our headquarters to Songbei," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "We believe these policies will enhance our growth opportunities, and we plan to expand our operations in Songbei in the years ahead. While we do not have an immediate need to utilize the available loans, they do provide us with more financial flexibility as we grow."
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 ("TDR"), Harbin First Bio-Engineering Company Limited ("First"), Heilongjiang Tianlong Pharmaceutical, Inc. ("Tianlong") and Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang") 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 expectations of future expansion in Songbei and the actual impact of the preferential policies. 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, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
For more information, please contact:
Company Contact:
China Sky One Medical, Inc.
Mr. Stanley Hao, CFO
Phone: +86-451-8703-2617
Email: stanleyhao@cski.com.cn
Investor Relations Contact:
CCG Investor Relations
Ms. Lei Huang, Account Manager
Phone: +1-646-833-3417
Email: lei.huang@ccgir.com
Web: http://www.ccgirasia.com
Ms. Mabel Zhang, Vice President
Phone: +1-310-954-1353
Email: mabel.zhang@ccgir.com
