HARBIN, China, May 31, 2012 /PRNewswire-Asia/ -- China Botanic Pharmaceutical Inc. (NYSE AMEX: CBP) ("China Botanic" or the "Company"), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and Traditional Chinese Medicines ("TCM") in China, today announced that the Company's TCM (Traditional Chinese Medicine) Extract Powder and Innovation Laboratory has successfully passed preliminary examination by the Heilongjiang Provincial Key Laboratory.
Certification by the Heilongjiang Provincial Key Laboratory is one of the most important qualifications in the science and research field in Heilongjiang Province. Certification criteria are mainly based on a series of strict national and provincial level regulations and policies, such as "The National Key Laboratory Evaluation Standard" and "The Heilongjiang Key Laboratory Construction and Management Rule". Once a company is officially certified as a key laboratory by the Heilongjiang government, it will receive a set of favorable policies as well as regular government subsidies. Today only four pharmaceutical companies have passed the preliminary examination stage.
The evaluation process of China Botanic's TCM Extract Powder and Innovation Laboratory began in 2008. Following the preliminary examination, the Company is expecting to start the final review process in the near future. This process will take up to 5 months to be completed.
"We are very pleased that our TCM Extract Powder and Innovation Laboratory has finally passed the preliminary examination, which followed complex and comprehensive examinations by the relevant government department," commented Mr. Shaoming Li, Chairman and Chief Executive Officer of China Botanic. "We feel very confident that we can now achieve certification by the Heilongjiang Provincial Key Laboratory, which will further strengthen our R&D profile and help us introduce higher quality TCM products to the market more efficiently. We will keep the investors updated on our progress toward certification."
ABOUT CHINA BOTANIC PHARMACEUTICAL INC.
China Botanic Pharmaceutical Inc. is engaged in the research, development, manufacturing, and distribution of botanical products, bio-pharmaceutical products, and traditional Chinese medicines ("TCM"), in the People's Republic of China. All of the Company's products are produced at its three GMP-certified production facilities in Ah City, Dongfanghong and Qingyang. The Company distributes its botanical anti-depression and nerve-regulation products, biopharmaceutical products, and botanical antibiotic and OTC TCMs through its network of over 3,000 distributors and over 70 sales centers across 24 provinces in China. For more information, please visit www.renhuang.com.
Safe Harbor Statement
This press release contains certain statements that may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's beliefs, assumptions and expectations of the Company's future operations and financial performance, taking into account the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known that may cause actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition expressed or implied in any forward-looking statements. These forward-looking statements are based on current plans and expectations and are subject to a number of uncertainties including, but not limited to, the Company's ability to manage expansion of its operations effectively, and other factors detailed in the Company's annual report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented herein.
SOURCE China Botanic Pharmaceutical Inc.