HARBIN, China, June 19 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (Amex: CSY) ("China Sky One" or "the Company"), a China-based manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic kit products, announced today that its wholly-owned subsidiary, Harbin First Bio-Engineering Pharmaceutical Company, was recognized as an advanced research and development center by the Science and Technology Institute of Heilongjiang ("the Institute") in China on June 13, 2008.
The Institute is a government supported entity that promotes the development of high technology companies and technologically advanced products. The Institute will provide Harbin First Bio-Engineering Pharmaceutical Company subsidiary with the title "Disease Kits Technology Research and Development Center" as well as additional support and benefits, including a permanent 15% tax on the sale of new products (the normal tax is 25%), and a subsidy of RMB 2 million for 5 years.
Harbin First Bio-Engineering Pharmaceutical Company is the only research and development center for external use disease testing kits in Heilongjiang Province. Disease testing kits are used for the early detection of diseases. They require users to place a blood or urine sample on a marker and a positive (+) or negative (-) signal will result, showing whether he or she should consult a doctor for further testing.
"China Sky One is honored to receive this prestigious award for its research and development ability from the Science and Technology Institute of Heilongjiang," said Mr. Yan-qing Liu, Chairman, CEO and President of China Sky One Medical, Inc. "We will continue to improve our technology and research and development capabilities, and expect to establish the top research and development and industrialization center for external use disease kits in the world."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a China based company engaged in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic kit products. Through its wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and Technology Company and Harbin First Bio-Engineering Company Limited the Company manufactures and distributes over-the-counter pharmaceutical products as its primary revenue source. For more information, visit http://www.skyonemedical.com .
Safe Harbor Statement
Certain 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. Additional statements that are necessarily forward looking in nature also include, without limitation, statements relating to our research and development activities, expected revenues or sales margins, results of recent acquisitions and our ability to increase sales and expand our presence in the global market place, and risks or uncertainties relating to PRC socioeconomic issues. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. The Company cannot provide any assurance that it will be able to establish listing of its securities on any national or regional securities exchange or market system. Actual results could differ materially from the expectations reflected in such forward- looking statements as a result of a variety of factors, including the inability of the company to meet listing standards of an exchange, 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 both in China and throughout the world 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.
For more information, please contact:
China Sky One Medical, Inc.
Ms. Yanwei Zhang, Board Secretary
Tel: +86-451-53994069
Email: cntiandiren@yahoo.com.cn
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Website: http://www.ccgelite.com
