HARBIN, China,
Dec. 16, 2011 /PRNewswire-Asia/ --
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 its wholly-owned
subsidiary, Harbin Tian Di Ren Medical Science and Technology
Company ("TDR"), signed an agreement (the "Agreement") to jointly
set up a new company, Harbin Tian Xin Biological Engineering
Ltd.
Harbin Tian Xin Biological Engineering Ltd. is being organized
to perform the storage of umbilical cord stem cells. It is also to
perform the clinical applications of bone marrow stem cells,
intercord mesenchymal stem cells and other human stem cells.
"As we have been involved in this area of research for the past
several years, we are optimistic as to the potential of the stem
cell storage and application sector. We are pleased to attract
outside investors to this new venture to strengthen our capability
in terms of technology and capital," commented Mr. Yan-Qing Liu, Chairman and CEO of China Sky One
Medical. "We expect that Harbin Tian Xin Biological Engineering
Ltd. will be formally put into operation in the first quarter of
2012 and new products and services might be introduced into the
market as early as year-end 2012." Mr. Liu added.
On December, 12, 2011, TDR entered into an Agreement with three
parties, the No. Four Hospital Associated with Harbin Medical
Science University, Harbin Zheng Yuan Construction Group and Mr.
Xiao-wei Zhang, pursuant to which
they will jointly set up the new company for a total capital
commitment of RMB 230.0 million
(approximately around $36.3 million).
TDR shall invest RMB 90.0
(approximately around $14.2 million)
for an ownership stake of 39%. The four parties agreed in the
Agreement that 65% of the committed capital is payable within 15
days upon execution of the Agreement, and the remaining 35% is
payable within six months after initial payment is made. In
addition, TDR shall have the right to appoint Harbin Tian Xin's Chairman and General Manager.
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.
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:
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.