GUANGZHOU, China, July 8 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading distributor and developer of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines ("TCM"), nutritional and dietary-supplements, medical devices, and medical formulations in the People's Republic of China ("PRC"), announced today that it has received a RMB 20 million (approximately U.S. $2.9 million) loan from the Bank of China, Guangdong branch. The term of the loan is one year with an interest rate of 5%.
Due to an award the Company received as one of the "Best 1000 Small & Medium Enterprises (SME)" in Guangdong province, China Medicine enjoys the 5% interest rate payment on the loan reimbursable by both Guangzhou municipal and Guangdong provincial governments. The Company will use the loan to increase its working capital.
"We are honored to be chosen as one of the 'Best 1000 SME Companies' in Guangdong province and very pleased to receive this loan, which will facilitate our business expansion and increase our working capital," said Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation.
About China Medicine Corporation
China Medicine Corporation is a leading pharmaceutical company that discovers and develops medical formulations and distributes over 2,200 pharmaceutical products in China including prescription and over-the-counter ("OTC") drugs, traditional Chinese medicine products, herbs and
dietary-supplements. The Company distributes its products to wholesale distributors in 28 provinces, more than 300 hospitals, 500 medicine companies, and 1,788 drug stores throughout China. The Company actively develops a number of proprietary products for a variety of uses, including oncology, high blood pressure and the removal of toxins from food and animal feeds. For more information visit the Company's website at http://www.chinamedicinecorp.com .
