Company filed Form 10-KSB for fiscal year ended December 31, 2006
LAS VEGAS, April 9 /Xinhua-PRNewswire-FirstCall/ -- China Health Holding, Inc. (OTC Bulletin Board: CHHH), a development stage company with the goal of becoming a leading developer, manufacturer, marketer and distributor of pharmaceutical drugs and dietary supplements in China and worldwide, announced today its full year 2006 highlights and the filing of its 2006 Audited Financial Statements on Form10-KSB on April 2 2007.
"We are very pleased with our progress in 2006," said China Health's founder and CEO Julianna Lu. "We have identified four key China Pharmaceutical Companies as acquisition targets that upon closing, will bring us a significant step closer to commercializing Traditional Chinese Medicine on a global scale."
In 2006, the Company executed pending acquisition agreements with Beijing Boran Pharmaceutical, Xi'An Meichen Pharmaceutical, Henan Furen Huaiqingtang Pharmaceutical and Shaanxi Meichen Pharmaceutical. The acquisition agreements are subject to several closing conditions, including, the delivery of audited financial statements according to US General Accepted Accounting Principles ("US GAAP") of the acquisition targets. These pending acquisitions will bring a comprehensive suite of Traditional Chinese Medicines, ("TCM") based pharmaceutical drugs pipeline, Good Manufacturing Practice ("GMP") pharmaceutical manufacturing facilities, R&D capabilities, pharmaceutical drugs distribution networks/channels, real estate properties and lands to the Company's portfolio.
"Our insider knowledge has enabled us to identify attractive Pharmaceutical Companies and structure favorable terms for acquisition," continued Ms. Lu. "We will continue to leverage our resources in order to form a TCM-based, global pharmaceutical company."
Also in 2006, the Company named Xiaofei Yu as President of the Company and added Dr. Zhenglun Fan to the Board of Directors. Mr. Yu, formerly the Company's Vice President, developed over 26 of the Company's 134 proprietary TCM-based drugs. China renowned TCM expert Dr. Fan has practiced TCM-based medicine for over 40 years. Dr. Fan also serves as a Professor and Chief Physician Research Fellow at Cui Yue-li Research Center of Traditional Chinese Medicine, Beijing, P.R. China. Ms. Lu also noted that a strong management team is the key to acquiring profitable pharmaceutical companies with potential to commercialize globally.
To further strengthen the Company's management team, on April 3, 2007, the Company appointed Mr. Ron Shon as the chairman of its advisory board. Mr. Shon is the President of The Shon Group of Companies, a group of privately held real estate investment (such as the AAA+ Carsideral Office Building in downtown Vancouver, Canada) and development companies. Mr. Shon is also the President of China Education Resources Inc., and a director of the Spectra Group of Great Restaurants Inc. Mr. Shon holds a B.A. from Stanford University and a M.B.A. from the Wharton School, University of Pennsylvania.
The Company's immediate goals for 2007 include the profitable penetration of the growing global pharmaceutical industry and market through acquisitions of major pharmaceutical companies in the People's Republic of China (PRC) and worldwide. The Company intends to remain focused on leveraging synergies, complementary pharmaceutical drugs pipeline, distribution channels, and management expertise across its pending and or planned acquisitions, and to continue evaluating additional acquisition opportunities in China and Worldwide.
The Company's Long-term plans include the development of an extensive pharmaceutical drug pipeline, innovative technology, and worldwide retail and franchise infrastructure dedicated to promoting and distributing Traditional Chinese Medicine (TCM) based natural product lines owned by the Company, including its King of Herbs-based products and Taoist Medicinal products.
The Company is continuing to prepare for a listing on a larger exchange such as NASDAQ or American Stock Exchange in the next 12 to 18 months. The Company's main objective remains to continue partnering with China SFDA certified drugs producers, China GMP accredited manufacturing facilities, research and development centers and universities.
In next 12 to 48 months, further pending acquisitions and new acquisitions are expected to bring to the Company approximately total assets of up to US$100 million, gross revenue of approximately US$100 million and an annual net income of US$10-15 million.
About China Health Holding
China Health Holding, Inc. is a development stage company with the goal of becoming a leading developer, manufacturer, marketer and distributor of pharmaceutical products and dietary supplements in China and worldwide. It has extensive expertise in the field of traditional Chinese medicine and the Chinese pharmaceutical industry. Its immediate goal is the profitable penetration of the growing global and China pharmaceutical industry and market through acquisitions of major pharmaceutical companies in the People's Republic of China and worldwide. Its long-term plans include the development of a pharmaceutical drug pipeline and technology based on its knowledge of traditional Chinese medicine and the pharmaceutical industry in the People's Republic of China.
The Company has two wholly-owned subsidiaries: (i) China Health World Pharmaceutical Corporation, which will develop, manufacture and commercialize natural medications for diseases and conditions related to diabetes, cardiovascular disease and neurological disorders; and (ii) China Health World Trade Corporation, which will develop China Health's retail franchise infrastructure along with worldwide branding, multimedia marketing and multi- channel distribution to global customers and markets.
China Health owns the exclusive worldwide rights to a total of 134 proprietary natural herbal medicinal products and formulas in two natural herbal medicinal product lines: King of Herbs and Taoist Medicinal. Please visit http://www.chinahealthholding.com for the Company's profile.
For Worldwide Investor and Media Inquiries, Please Contact:
China Health Holding, Inc., Las Vegas
Xiaofei Yu
President, Corporate Development
Tel: +1-604-608-6788 and +1-877-883-0979 (U.S.)
Tel: +86-10-1370-133-1287 (Beijing, China)
Email: info@chinahealthholding.com
Web: http://www.chinahealthholding.com
Ogilvy Public Relations Worldwide
Rory Macpherson
Senior Associates
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
Safe Harbor Statement: To the extent that statements in the press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward looking, all forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements, which may accompany the forward-looking statements, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. In addition, the company disclaims any obligation to update or correct any forward-looking statements in all of the Company's press releases to reflect events or circumstances after the date hereof.
