SHENZHEN, China, Sept. 11 /PRNewswire-Asia/ -- Winner Medical Group Inc. , a leading exporter of medical dressings and medical disposables in China, announced today that its subsidiary, Winner Industries (Shenzhen) Co., Ltd., or "Winner Shenzhen", obtained the High and New Technology Enterprise Certificate granted by the Ministry of Science and Technology of China, the Ministry of Finance and the State Administration of Taxation.
As a result of this new status, which will be reevaluated by Chinese government authorities every three years, Winner Shenzhen will enjoy a 15% corporate income tax rate for calendar years 2009, 2010 and 2011. Currently, Winner Shenzhen contributes to approximately 80% of the Company's consolidated net profit. Before receiving this certificate, the Company was subject to the new PRC Enterprise Income Tax Law, effective on January 1, 2008, which gives existing foreign investment enterprises a five-year grandfather period, with an income tax rate of 18% in 2008 for enterprises located in Shenzhen, which will increase to 20%, 22%, and 24% in years 2009, 2010, and 2011 respectively, reaching 25% in 2012 and thereafter.
Mr. Jianquan Li, President and Chief Executive Officer of Winner Medical commented, "The recognition of the High and New Technology Enterprise Certificate reflects our continued strength and progress in fundamental areas such as research and development and product commercialization. As a high technology enterprise, Winner Medical benefits substantially from this status in reducing our expenses and increasing our profits. We are very pleased to be granted this esteemed certificate and are well positioned to continue to build shareholder value."
About Winner Medical
Winner Medical is a leading manufacturer in the medical dressing industry (medical and wound care products) in China. Headquartered in Shenzhen, the Company has seven wholly owned operating subsidiaries, four joint-ventures and over 5,000 employees. The Company engages in the manufacture, sale, research, and development of medical care products, wound care products, home care products and PurCotton products, a nonwoven fabric made from 100% natural cotton. The products are sold worldwide, with Europe, the United States and Japan serving as the top three markets. The Company currently holds 50 patents and patent applications for various products and manufacturing processes and is one of the few Chinese companies licensed by the U.S. Food and Drug Administration (FDA) to ship finished, sterilized products directly to the United States market. To learn more about Winner Medical, visit Winner Medical's web site http://www.winnermedical.com .
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding Winner Medical and its subsidiary companies' business strategy, plans and objective and statements of non-historical information. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although Winner Medical believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Winner Medical's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Winner Medical's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to Winner Medical or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Winner Medical does not assume a duty to update these forward-looking statements.
SOURCE Winner Medical Group Inc.
CONTACT: Peng Zhai, Assistant Manager, Investor Relations of Winner
Medical Group Inc., +86-755-2806-6858, investors@winnermedical.com
Web site: http://www.winnermedical.com/
