LOS ANGELES, Dec. 4 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. has been notified that at an accreditation meeting on November 21, the research and development center of Harbin First Bio-engineering Co., Ltd., a wholly owned subsidiary of China Sky One, was named by the Heilongjiang Provincial Science and Technology Department, as one of the key Provincial laboratories in Heilongjiang Province. This designation was a result of the Company's advanced laboratory equipment, strong research department, and intellectual property.
As a means of promoting scientific and technological innovation in Heilongjiang Province, the Heilongjiang Provincial Science and Technology Department decided in July 2006, to start a Province-wide program to identify and award a number of key laboratories. All institutes, academies and enterprises are eligible to apply for evaluation, and it has been reported that the Company's subsidiary has been chosen from more than 1,000 laboratories that have submitted applications during the 2006 calendar year. Beginning in September 2006, the Heilongjiang Provincial Science and Technology Department assembled a team of experts to inspect and evaluate laboratory applicants. The inspection results were submitted in November 2006. The Heilongjiang Provincial Science and Technology Department has authorized 15 applicants as provincial-level key laboratories, of which 4 designated key laboratories are in the medical industry. Harbin Bio-engineering is one of the 4 provincial-level key laboratories in the medical industry selected for its outstanding achievements.
Each laboratory selected as a Provincial Key Laboratory will be entitled to receive, from the Heilongjiang Provincial Science and Technology Department, awards in a number of forms, including non-refundable financial support for laboratory construction, in amounts to be determined, and funding for annual research and development projects, as well as preferential policy support for selected projects.
Certain of the statements made herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. 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, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
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China Sky One Medical, Inc.