HARBIN, China, Oct. 23 /Xinhua-PRNewswire-FirstCall/ -- 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"), announced today that it signed an agreement with Shaanxi Xintai Pharmaceutical Company ("Shaanxi Xintai") on October 15 to distribute the Company's Asthma Patch product.
Shaanxi Xintai and China Sky One cooperated successfully on the distribution of the Company's Slim Patch products from early this year. Over a five month period from April to September, China Sky One Medical's Slim Patch products became the one of the top-selling brands of weight loss drugs in China. Shaanxi Xintai has an extensive drug distribution network covering China rural areas where asthma and bronchitis incidence rates are much higher. Since China Sky One's distribution channels focus mainly on metropolies, this agreement fills the market gaps of China Sky One. The Asthma Patch, a newly developed product from CSKI, is intended for the treatment of asthma and bronchitis. Due to the market coverage, CSKI is confident to the debut of the Asthma Patch.
The distribution agreement with Shaanxi Xintai initially runs over three years. China Sky One Medical expects it will generate sales of approximately $5 million in the year of 2009, and will increase sales of its Asthma Patch by 50% each year.
"We are excited to work with Shaanxi Xintai Pharmaceutical Company and to expand our relationship based on the success of the collaboration on our Slim Patch," said Mr. Yan-Qing Liu, Chairman, CEO and President of China Sky One Medical, Inc. "We are confident that distributing our Asthma Patch through Shaanxi Xintai's network will be just as successful and represent another a solid opportunity for future growth."
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'') and Harbin First Bio-Engineering Company Limited ("First"), the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. For more information, visit http://www.skyonemedical.com .
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 our future plans, objectives or performance. 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. Yu-Bo Hao, Board Secretary
Tel: +86-0451-53994069
Email: china_sky_one@yahoo.cn
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
