HARBIN, China, May 19 /PRNewswire-Asia/ -- 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"), today announced that it engaged Pricewaterhouse Coopers ("PWC") to assist the Company in complying with the financial reporting and control requirements of Sarbanes-Oxley Act Section 404 ("SOX 404") by December 31, 2009.
Since the beginning of this year, China Sky One Medical has been engaged in improving its financial reporting and internal control system and in the selection of reputable consulting firms. As a result of this effort, PWC will work closely with the Company's management to help prepare a SOX 404 compliance program by drawing on its experience in complying with SOX 404 requirements on an ongoing basis. As part of its compliance with SOX 404, the Company and its external auditor will examine and report on the adequacy of the Company's internal financial reporting and controls systems after documenting and testing financial reporting and control procedures.
"We are pleased to engage PWC for this important undertaking as we strive to ensure that the Company is in full compliance with SOX 404 reporting requirements as we continue to pave the way for our long term growth," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "We are committed to making every effort to increase shareholders' confidence in our financial reporting and internal control standards."
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"), Harbin First Bio- Engineering Company Limited ("First"), Heilongjiang Tianlong Pharmaceutical, Inc. ("Tianlong") and Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang") 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 the Company's implementation of SOX 404. 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.
