HARBIN, China, Sept. 11 /Xinhua-PRNewswire-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (Amex: CSY), a leading fully integrated pharmaceutical company producing over-the-counter drugs in the People's Republic of China ("PRC"), announced today that it completed the acquisition of Peng Lai Jin Chuang Company ("Jin Chuang"). The acquisition was announced on June 12, 2008 and closed on September 5, 2008.
Under the terms of the agreement, China Sky One Medical's wholly-owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, acquired 100% of Jin Chuang's assets for a cash payment of approximately $7.1 million, consisting of $2.5 million in cash and $4.6 million of China Sky One Medical's common shares. Jin Chuang is a newly established pharmaceutical company that has obtained Good Manufacturing Practice Certification (GMP) approval issued by the country's State Food and Drug Administration (SFDA). Its assets include franchise, production and operating rights to a portfolio of twenty (20) medicines approved by the SFDA for the treatment of colds cardiovascular disease, and depression.
"This acquisition complements our business, and we expect to realize greater synergies as we incorporate Jin Chuang's assets and broaden our manufacturing capabilities and product line even further," said Mr. Yan-qing Liu, Chairman, CEO and President of China Sky One Medical. "Even though Jin Chuang is a newly established company not begun to manufacture, we expect it will begin to contribute to our profitability at the end of 2008."
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding
company. The Company engages in the manufacturing
|SOURCE China Sky One Medical, Inc.|
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