LOS ANGELES, Dec. 4 /Xinhua-PRNewswire/ -- China Sky One Medical, Inc.
(OTC Bulletin Board: CSKI) has been notified that at an accreditation meeting
on November 21, the research and development center of Harbin First Bio-
engineering Co., Ltd., a wholly owned subsidiary of China Sky One, was named
by the Heilongjiang Provincial Science and Technology Department, as one of
the key Provincial laboratories in Heilongjiang Province. This designation
was a result of the Company’s advanced laboratory equipment, strong research
department, and intellectual property.
As a means of promoting scientific and technological innovation in
Heilongjiang Province, the Heilongjiang Provincial Science and Technology
Department decided in July 2006, to start a Province-wide program to identify
and award a number of key laboratories. All institutes, academies and
enterprises are eligible to apply for evaluation, and it has been reported
that the Company’s subsidiary has been chosen from more than 1,000
laboratories that have submitted applications during the 2006 calendar year.
Beginning in September 2006, the Heilongjiang Provincial Science and
Technology Department assembled a team of experts to inspect and evaluate
laboratory applicants. The inspection results were submitted in November
2006. The Heilongjiang Provincial Science and Technology Department has
authorized 15 applicants as provincial-level key laboratories, of which 4
designated key laboratories are in the medical industry. Harbin Bio-
engineering is one of the 4 provincial-level key laboratories in the medical
industry selected for its outstanding achievements.
Each laboratory selected as a Provincial Key Laboratory will be entitled
to receive, from the Heilongjiang Provincial Science and Technology
Department, awards in a number of forms, including non-refundable financial
support for laboratory construction, in amounts to be determined, and funding
for annual research and development projects, as well as preferential policy
support for selected projects.
Certain of the statements made herein constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. 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.
