WEIFANG, China, Oct. 8 /Xinhua-PRNewswire/ -- Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) ("Shengtai" or "the Company"), a leading manufacturer and distributor of high-quality, pharmaceutical grade glucose products in China, today announced that it has received a "Good Manufacturing Practice" (GMP) certificate for its new glucose manufacturing facility. The certificate of compliance, issued by the government after a rigorous inspection process, certifies that pharmaceutical ingredients manufactured by Shengtai are produced and quality-controlled according to generally accepted standards.
The new glucose production facility has an annual production capacity of 120,000 tons. Combining this new capacity with our existing glucose plant, we have the ability to produce up to 180,000 tons of glucose on an annual basis and can be expanded up to 210,000 tons, if necessary. "The GMP certification is an important milestone for our glucose production process," said Ms. Yiru Melody Shi, Shengtai’s Chief Financial Officer. "With this new glucose facility, we are now commencing operations in stages and will gradually ramp up production to expand our offerings to the pharmaceutical and food and beverage industry."
"GMP is the standard in quality assurance in the pharmaceutical industry. It is a major achievement for Shengtai to pass the rigorous inspection and receive the GMP certification just two months after the facility’s completion in July 2008," said Mr. Qingtai Liu, Chairman and CEO of Shengtai Pharmaceutical. "We now have a plant with the design capability for
large-scale production of high-quality glucose as well as a solid platform from which we can grow a sustainable business."
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly-owned subsidiary Shengtai Holding, Inc. (SHI), a New Jersey corporation, and the Chinese operating company of Weifang Shengtai Pharmaceutical Co., Ltd., is a leading manufacturer and supplier of pharmaceutical grade glucose used for medical purposes, and the glucose and cornstarch products for the food and beverage industry and for industrial production in China. For more information about Shengtai Pharmaceutical, Inc., please visit
http://www.shengtaipharmaceutical.com .
Forward-looking Statements
Certain statements made in this news release, may contain forward-looking statements concerning the Company’s business and products. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company’s planned capacity expansion in 2008 and predictions and guidance relating to the Company’s future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the pharmaceutical industry, pricing and demand trends for the Company’s products, changes to government regulations, risk associated with operation of the Company’s new facilities, risk associated with large scale implementation of the company’s business plan, the ability to attract new customers, ability to increase its product’s applications, cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company’s filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
