XI’AN, China, March 31 /Xinhua-PRNewswire-FirstCall/ -- Huifeng Bio- Pharmaceutical Technology, Inc. , a developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production, is pleased to announce its audited financial results for the year ended December 31, 2007.
Full Year 2007 Highlights:
The following is a summary of our financial results for the full year ended Dec. 31, 2007.
Huifeng achieved outstanding growth during 2007, with sales more than doubling and net income increasing by over 800%. “Huifeng achieved a number of significant milestones in 2007. We have increased our product offering and achieved significant sales in both Rutin and Diosmin,” states company CEO Jing’An Wang. Furthermore, in late 2007, Huifeng signed the largest supply agreement in company history and completed a $2 million fundraising.
“Huifeng expects to continue achieving significant gains in both sales and net income in 2008 through organic growth of our current products,” forecasted Mr. Wang. The company restructured its production lines in the fourth quarter to accommodate the increased production levels of Diosmin necessitated under its current contract with Safic-Alcan of France. Huifeng also hopes to close a strategic acquisition in 2008 under its stated policy of seeking synergistic, accretive acquisitions in the Xi’an region of China.
The company is maintaining its stated guidance of sales of US$18 million and net income of US$4 million ($0.18 cents per share) in 2008.
For more detailed information on this transaction, investors should refer to Huifeng’s Current Report on Form 10-KSB and related exhibits filed with the Securities and Exchange Commission on Friday, March 31, 2008.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
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. http://www.hfgb.cn/
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, included or incorporated by reference herein relating to management’s current expectations of future financial performance, continued growth, changes in economic conditions or capital markets and our ability to consummate strategic acquisitions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “hopes,” “predicts,” “projects,” “targets,” “will likely result,” “will continue” or similar expressions identify forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and believe such statements are based on reasonable assumptions, including without limitation, management’s examination of historical operating trends, data contained in records and other data available from third parties, we cannot assure you that our projections will be achieved.
DCarlson@PrimaryLLC.com
CONTACT: Dan Carlson, Primary Capital LLC, DCarlson@PrimaryLLC.com
Web site: http://www.hfgb.cn/
