HARBIN, China, July 19, 2011 /PRNewswire-Asia-FirstCall/ --
China Sky One Medical, Inc. ("China Sky One Medical" or "the
Company") (NASDAQ: CSKI), a leading fully integrated pharmaceutical
company in the People's Republic of
China ("PRC"), today announced that the Company has won the
bidding process on 50-year land use rights (the "Land Use Rights")
covering approximately 85,000 m2 of land located in the High-Tech
Development Zone of Song Bei District in Harbin, China ("the Land").
The Company acquired the Land Use Rights for total consideration
of approximately $7.3 million, which
was originally deposited by the Company's wholly owned subsidiary,
Harbin Tian Di Ren Medical Science and Technology Company, to
Harbin High-Tech Development Zone during the second quarter of
2010.
The Company intends to build a research and development center,
an injection manufacturing facility, a logistics center and an
office building on the Land during the first phase of development,
which the Company currently expects to complete in the mid of
2012.
"We are very pleased to have secured the winning bid on land use
rights covering this large parcel of land in Harbin's Song Bei District. We expect to
commence development of the land this year, commencing with
construction of several facilities that we believe will
meaningfully advance our ability to launch higher margin injection
products and enhance our overall competitiveness in the
China's prescription drug market,"
commented Mr. Yan-Qing Liu, Chairman
and CEO of China Sky One Medical.
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, Harbin First Bio-Engineering Company Limited,
Heilongjiang Tianlong Pharmaceutical, Inc. and Peng Lai Jin Chuang
Pharmaceutical Company, 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
Company's business development and
product quality. 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, the potential of introduced or undetected flaws and defects
in products, consumer acceptance of new products to be
launched and other risk factors detailed in reports filed
with the Securities and Exchange Commission from time to
time.
Investor
Relations Contact:
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China Sky
One
Medical
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CCG Investor
Relations
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Hongyu Pan, CFO
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Crocker Coulson,
President
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Email: ir@cski.com.cn
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Tel:
+1-646-213-1915
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Email: crocker.coulson@ccgir.com
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Website:
www.ccgirasia.com
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Mabel Zhang, Vice
President
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Tel:
+1-310-954-1353
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Email: mabel.zhang@ccgir.com
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SOURCE China Sky One Medical, Inc.