HARBIN, China, Dec. 1 /PRNewswire-Asia/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Nasdaq: CSKI), a leading fully integrated pharmaceutical company developing and producing over-the-counter drugs in the People's Republic of China ("PRC"), today announced that the Company has engaged Guangdong Mediacy Kind Medical Devices Industry Service Company ("MDK") to serve as its exclusive sales agent for the Company's AMI Diagnostic Kit and Human Urinary Albumin Elisa Kit in Southeast Asia.
MDK's management team was impressed by China Sky One Medical's state-of-the-art production facilities and its strict quality control system. MDK, which performed its own market research and financial forecasts, has the utmost confidence in the market prospects of the Company's two new diagnostic kits. The distribution agreement has an initial trial period of three months. A more formal contract will be developed to define the annual sales guidelines.
The AMI Diagnostic Kit is used to diagnose early acute myocardial infarction and the Human Urinary Albumin Elisa Kit is used to diagnose early acute kidney disease. For the first nine months ended September 30, 2009, sales of the AMI Diagnostic Kit reached $7.5 million, accounting for approximately 7.5% of the Company's total revenues. Sales of the Human Urinary Albumin Elisa Kit reached $1.6 million, accounting for approximately 1.6% of the Company's total revenues, during the same period.
"We look forward to a successful collaboration with MDK on the sale of our AMI Diagnostic Kit and our Human Urinary Albumin Elisa Kit, both of which have huge market potential," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "Our international sales team has already built a good market foundation in some Southeast Asian countries. We believe that MDK's mature sales network for medical devices will make this a mutually beneficial agreement."
"As part of our growth strategy, we will continue to expand our sales network in Southeast Asia, which is one of the most attractive overseas markets for China Sky One Medical due to its geographical and cultural proximity to China," Mr. Liu added.
About Guangdong Mediacy Kind Medical Devices Industry Service Company ("MDK")
Headquartered in Zhuhai, China, MDK is a professional medical devices supply chain service provider. MDK is known as a pioneer in its industry and introduced an international medical supply chain management system into China. MDK has built a wide business network in China as well as in other Asian countries, and recorded foreign sales revenues over $100 million over past twelve months. For more information, visit http://www.mdkchina.com .
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.cski.com.cn .
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 business collaboration with MDK and other market expansion efforts. 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.
For more information, please contact:
Company Contact:
China Sky One Medical, Inc.
Mr. Stanley Hao, CFO
Tel: +86-0451-53994069
Email: stanleyhao@cski.com.cn
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com