China Biologic Products Receives High-Technology Enterprise Certification to Qualify for Preferential Income Tax Rate
Feb 11, 2009
TAIAN CITY, China, Feb. 11 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (OTC: CBPO) (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.
Safe Harbor Statement
This release may contain certain ''forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are ''forward-looking statements," including statements regarding: the significance of the new preferential income tax rate and its effect on the Company's ability to increase its financial performance and become more competitive, and on the Company's overall production capacity, revenues and market share; the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other 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 the Company 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. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company'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 the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov/ ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact: Company Contact: Mr. Y. Tristan Kuo CFO China Biologic Products, Inc. Tel: +86-538-6202206 Email: IR@chinabiologic.com Web: http://www.chinabiologic.com/ Investor Relations Contact: CCG Investor Relations Mr. Crocker Coulson, President Tel: +1-646-213-1915 (NY office) Email: firstname.lastname@example.org Mr. Gary Chin Tel: +1-646-213-1909 Web: http://www.ccgirasia.com/
SOURCE: China Biologic Products, Inc.
CONTACT: Mr. Y. Tristan Kuo, CFO of China Biologic Products, Inc.,
+86-538-6202206, IR@chinabiologic.com; or Investor Relations, Mr. Crocker
Coulson, President, +1-646-213-1915 (NY office), email@example.com, or
Mr. Gary Chin, +1-646-213-1909, both of CCG Investor Relations
Web site: http://www.chinabiologic.com/