AMDL Reports Going Concern Qualification
May 09 2008 - 11:47PM
PR Newswire (US)
TUSTIN, Calif., May 9 /PRNewswire-FirstCall/ -- AMDL, Inc.
(AMEX:ADL), an international vertically integrated specialty
pharmaceutical company with operations in China through its wholly
owned subsidiary, Jade Pharmaceutical Inc., today announced that
its consolidated financial statements for the year ended December
31, 2007, which were included in its Annual Report on Form 10-K
filed with the Securities and Exchange Commission on April 14,
2008, contained a 'going concern' qualification from its
independent registered public accounting firm KMJ Corbin &
Company LLP. This announcement is in compliance with the AMEX
Company Guide Rule 610(b) requiring a public announcement of the
receipt of an audit opinion that contains a going concern
qualification. This announcement does not reflect any change or
amendment to the consolidated financial statements as filed.
Further information regarding the going concern qualification is
contained in AMDL's Annual Report on Form 10-K for the year ended
December 31, 2007. Mr. Gary Dreher, CEO, stated, "Significant
improvements in AMDL's China operations combined with other
recently announced events provide a financial platform for the
Company to improve its sales and earning profile during the second
half of FY2008 and beyond, giving us greater confidence in AMDL's
financial performance in 2008. Accordingly, we anticipate AMDL will
be to in a position to have our auditors remove the 'going concern'
qualification after the end of the current fiscal year." The
business improvement and opportunities referenced above include: *
FY2007 Sales of $15 million and, Gross Profits of $8.1 million; *
In-licensed Human Papilloma Virus ("HPV") Diagnostic Test; * Signed
LOI for the Purchase a China Based Pharmaceutical Distribution
Company; * Signed an MOU for 200 Store Distribution Arrangements
for theGoodnak Product Line; About Jade Pharmaceutical: Jade has
access to the fastest growing pharmaceutical and consumer market in
the world: China. AMDL, through its subsidiaries, Jade currently
manufactures large volume injection fluids, tablets and other
related products, holding licenses for 133 products. It also
manufactures 107 generic, over the counter and supplemental
pharmaceutical products under certified Chinese Good Manufacturing
Practice (CGMP) standards. About AMDL: More information about AMDL
and its products can be obtained at http://www.amdl.com/. Contact:
AMDL, Inc. Mr. Paul Knopick AMDL Investor Relations Direct Line:
949.707.5365 VoiceMail: 714.505.4460 DATASOURCE: AMDL, Inc.
CONTACT: Mr. Paul Knopick, direct, +1-949-707-5365, voicemail,
+1-714-505-4460, for AMDL, Inc. Investor Relations Web site:
http://www.amdl.com/
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