TAI'AN CITY, Shandong, China, Jan. 15 /Xinhua-PRNewswire/ -- China Biologic Products, Inc. (Pink sheets: CBPO) ("China Biologic" or the "Company"), one of the leading manufacturers of plasma-based pharmaceutical products in the People's Republic of China ("China" or the "PRC"), today announced that it was granted a RMB1.5 million (approximately US$0.2 million) award by the Shandong Provincial Government for use in the improvement of its plasma production facilities in accordance with Shandong's "Double Hundred Project" initiative.
The Double Hundred Project initiative was launched in January 2006 by Shandong Province, in response to China's Eleventh Five-year Development Plan. Through the Double Hundred Project, Shandong set up a special fund to develop what it identified as one hundred key products and one hundred key technology innovation centers in the province. The project provides, among other things, policy and financial support as well as quantitative government assessment to develop the chosen one hundred key products into eventually becoming, within five years, among China's top three products in terms of production capacity in their respective industries. Recognition of a product by the project also results in brand recognition for a manufacturer within Shandong Province and throughout China.
The Company's grant award was preceded by the Company's formal acceptance into the Double Hundred Project by the Shandong Economic and Trade Committee on December 21, 2007.
"We consider this award from the government as a strong endorsement of our continuous efforts in research and development and of our achievements in upgrading our production facilities to develop more technologically advanced plasma based products," said Mr. Stanley Wong, CEO of China Biologic. "We expect that support from the project will provide us with a competitive edge for our manufacturing technology and our products."
About China Biologic Products, Inc.
China Biologic Products, Inc. (the "Company"), through its indirect majority-owned subsidiary Shandong Taibang Biological Products Co. Ltd., is principally engaged in the research, development, production and manufacturing and sale of plasma-based biopharmaceutical products to hospitals and other health care facilities in China. The Company's principal products are human albumin and immunoglobulin products that are used mainly to increase blood volume and for disease prevention and treatment.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the ability of the Company to achieve its commercial objectives, the business strategy, plans and objectives of the Company and its subsidiaries and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
