HARBIN, China, Oct. 21 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") , a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), announced today that the Company's wholly-owned subsidiary, Harbin First Bio-Engineering Co. Ltd. ("Harbin First Bio-Engineering"), received $800,000 in tax savings from the Heilongjiang Binxi Economic Zone.
China Sky One Medical entered into an agreement with the Heilongjiang Binxi Economic Zone in 2005, when the Company decided to invest in Harbin First Bio-Engineering. Under the agreement, the Heilongjiang Binxi Economic Zone agreed to provide fiscal support by refunding local income taxes for Harbin First Bio-Engineering until 2010. As a result, Harbin First Bio-Engineering received a 2007 local income tax refund of $800,000 in October, 2008.
"We are pleased to obtain local government fiscal support from the Heilongiang Binxi Economic Zone," said Mr. Yan-qing Liu, Chairman, CEO and President of China Sky One Medical. "We will invest this refund back into our business in order to further improve operations and carry out our growth strategy of strengthening our distribution channel and developing exciting new drugs."
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, and Heilongjiang Tianlong Pharmaceutical, Inc., the Company manufactures and distributes over-the-counter pharmaceutical products, which make up its major revenue source. For more information, visit http://www.skyonemedical.com .
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 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.
CONTACT: Company Contact, Mr. Yu-Bo Hao, Board Secretary of China Sky One
Medical, Inc., +86-451-5399-4069, or china_sky_one@yahoo.cn; or Investor
Relations Contact at CCG Investor Relations, Mr. Crocerk Coulson,
President, +1-646-213-1915, or crocker.coulson@ccgir.com
Web site: http://www.skyonemedical.com/
http://www.ccgir.com/
