China Sky One Medical Receives Grant from Harbin Government

2007-06-20 20:33 553

Company Honored as Innovative Enterprise in China

HARBIN, China, June 20 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. (OTC Bulletin Board: CSKI), a manufacturer, marketer and distributor of pharmaceutical, medicinal and diagnostic products in China, today announced that the Company has been recognized as an “Innovative Enterprise” by the Government of Harbin.

As part of this recognition, the Company will receive an annual grant of RMB 4.0 million for the next three years, beginning June 2007 through June 2010. China Sky One Medical expects to recognize the annual payments in installments going forward. The grant will support the Company’s new product research and development efforts.

Mr. Yanqing Liu, Chief Executive Officer and President of China Sky One Medical stated, "We are pleased to be the only consumer healthcare company in Harbin to be recognized as an Innovative Enterprise today and we are delighted to receive the annual grant, which we will put to good use enhancing our new product pipeline.”

The Harbin Science and Technology bureau recently named ten local companies “Innovative Enterprises” and offered the Companies grant money in order to encourage innovation in the geographic region. In addition to the annual grant described above, the local government set aside RMB 6.0 million per Company for future investment in the area. This additional support would, for example, be paid to research institutes for technology consulting or educational programs which, ultimately, would benefit the recipients.

About China Sky One Medical, Inc.

China Sky One Medical, Inc., a Nevada corporation, is a holding company whose principal operations are through its subsidiaries, which are engaged in the manufacturing, marketing and distribution of pharmaceutical, medicinal and diagnostic products in China. Through its wholly-owned subsidiaries, American California Pharmaceutical Group, Inc. ("ACPG"), Harbin Tian Di Ren Medical Science and Technology Company ("TDR"), Kangxi Medical Care Product Factory ("Kangxi"), and Harbin First Bio-Engineering Company Limited ("First"), the Company’s principal revenue source is the manufacturing and sale of over-the-counter healthcare products. .

Certain of the statements made herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. 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.

Source: China Sky One Medical, Inc.
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