Huifeng Bio-Pharmaceutical Technology, Inc. Provides Update on COS Application Status
SHAANXI, China, July 29 /Xinhua-PRNewswire-FirstCall/ -- Huifeng Bio- Pharmaceutical Technology, Inc. , a leading developer and producer of plant extracts and raw materials used in the production of pharmaceuticals, nutraceuticals and food production, today released an investor update on the status of its application for COS approval for the delivery of Diosmin to Safic-Alcan.
COS, or European Certification of Suitability, approval is required before Huifeng can begin shipments of Diosmin to the European Community. As previously announced, Huifeng estimates COS approval in September.
In order to assure compliance with the application process, Huifeng recently retained and was visited by a certified COS approval consulting firm. The consultants performed a thorough, on-site inspection of Huifeng's Diosmin production facilities, including an evaluation of the purification testing, procedures and standards. In addition, the consultants provided the company with guidance pertaining to the COS application filing process.
"Huifeng is taking all necessary steps to keep pace with the established timeline for the COS application filing and approval process," stated Jing'An Wang, CEO/President of Huifeng. "Our COS consultants have not only assisted us in this process, but gave us very high marks regarding our Diosmin preparation and compliance with the COS standards."
COS certification is the final stage of approval for Huifeng to begin shipments of Diosmin to French company Safic-Alcan under a supply agreement announced last November. The supply agreement between Huifeng and Safic-Alcan grants Safic-Alcan exclusive rights to market Diosmin in the European market. The agreement also sets forth minimum guaranteed quantities to be delivered over each of the five years of the contract. The minimum quantity of Diosmin to be delivered in year one is 50 tons, increasing yearly to at least 500 tons in the last year of the contract.
Huifeng has been increasing their inventory of Diosmin in anticipation of COS approval and expects to be able to begin shipments to Safic-Alcan in the fall.
About Diosmin
Diosmin is a flavonoid that can be isolated from various plant sources or derived from the flavonoid hesperidin. Diosmin is used as a pharmaceutical material as a supplement to treat chronic venous insufficiency, hemorrhoids, lymphedema, and varicose veins.
About Huifeng Bio-Pharmaceutical Technology, Inc.
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. More information can be found on the company's web site at: http://www.hfgb.cn/
Forward-Looking Statement Notice:
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (the "SEC"), including statements regarding COS certification and shipments of products. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the company believes or anticipates will or may occur in the future are forward- looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company and may not materialize, including the timeline for COS approval, receipt of COS approval, delays in manufacturing or transporting product. Investors are cautioned that any such statements are not guarantees of future performance.
CONTACT: Daniel Carlson, Primary Capital LLC, +1-415-460-1165, or
DCarlson@PrimaryLLC.com, for Huifeng Bio-Pharmaceutical Technology, Inc.
Web site: http://www.hfgb.cn/