HARBIN, China, Feb. 24 /PRNewswire-Asia-FirstCall/ -- 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 its wholly owned subsidiary, Peng Lai Jin Chuang Pharmaceutical Company ("Jin Chuang"), signed an exclusive distribution agreement with Shaanxi Buchang Group ("Buchang") for Naftopidil Dispersible tablets with an expected sales target of 100 million RMB (US $14.6 million) over five years.
Naftopidil Dispersible tablets are used to treat benign enlargement of the prostate in middle aged men. Buchang has a strong national sales network for medicines that treat prostate diseases and Jin Chuang selected Buchang as its exclusive sales agent for Naftopidil Dispersible tablets after careful consideration and review. Jin Chuang will monitor and appraise Buchang’s sales performance annually and maintains the right to terminate the distribution agreement if Buchang does not meet its expected sales target. Jin Chuang received SFDA approval to produce and distribute Naftopidil Dispersible tablets in 2005.
"We look forward to a successful collaboration with Buchang on the sale of Naftopidil Dispersible tablets," said Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical. "Naftopidil Dispersible tablets have huge market potential and Buchang has a strong sales network for drugs that treat prostate diseases, which makes this a mutually beneficial agreement. As part of our growth strategy, we will continue to seek out favorable collaborative agreements in R&D, production and sales to further grow the business."
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 engagement of Shaanxi Buchang Group to be the national exclusive sales agent of Naftopidil Dispersible tablets. 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. Yu-Bo Hao, CFO
Tel: +86-451-5399-4069
Email: china_sky_one@yahoo.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
