TAIAN CITY, China, Feb. 11 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (OTC Bulletin Board: CBPO) (''China Biologic'' or the ''Company''), one of the leading plasma-based pharmaceutical companies in the People's Republic of China (''PRC''), today announced that the Company's indirect majority-owned subsidiary, Shandong Taibang Biological Products Co. Ltd. (''Shandong Taibang'') has been awarded the High-Technology Enterprise Certification (the "Certification'') by the provincial government in Shandong Province.
The Certification is only awarded to qualified enterprises that meet the provincial government's strict requirements and standards. The Certification allows the Company to receive a preferential income tax rate of 15% versus the regular rate of 25%, for a period of 3 years starting from as of January 1, 2008.
"We are pleased that we will benefit from a lower income tax rate, which we expect to have a positive effect on our financial performance in the next few years as we reinvest the savings in our business," said Mr. Chao Ming Zhao, CEO of China Biologic. "We also believe that the Certification will enhance our competitive position and validate our commitment to being an industry leader in the research and development of biopharmaceutical products."
About China Biologic Products, Inc.
Through its indirect majority-owned subsidiary Shandong Taibang Biological Products Co. Ltd. (''Shandong Taibang''), China Biologic Products, Inc., a Delaware corporation (the ''Company''), is principally engaged in the research, development, production and manufacturing and sale of plasma-based biopharmaceutical products to hospitals and other health care facilities in China. The Company's human albumin products are mainly used to increase blood volume and its immunoglobulin products are used for the treatment and prevention of diseases.
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|SOURCE China Biologic Products, Inc.|
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