China Biologic Products Gains Financial Support from Shandong Provincial Government on the Improvement of Production Facilities
January 14 2008 - 12:34PM
PR Newswire (US)
TAI'AN CITY, Shandong, China, Jan. 14 /Xinhua-PRNewswire-FirstCall/
-- China Biologic Products, Inc. (Pink sheets: CBPO) ("China
Biologic" or the "Company"), one of the leading manufacturers of
plasma-based pharmaceutical products in the People's Republic of
China ("China" or the "PRC"), today announced that it was granted a
RMB1.5 million (approximately US$0.2 million) award by the Shandong
Provincial Government for use in the improvement of its plasma
production facilities in accordance with Shandong's "Double Hundred
Project" initiative. The Double Hundred Project initiative was
launched in January 2006 by Shandong Province, in response to
China's Eleventh Five-year Development Plan. Through the Double
Hundred Project, Shandong set up a special fund to develop what it
identified as one hundred key products and one hundred key
technology innovation centers in the province. The project
provides, among other things, policy and financial support as well
as quantitative government assessment to develop the chosen one
hundred key products into eventually becoming, within five years,
among China's top three products in terms of production capacity in
their respective industries. Recognition of a product by the
project also results in brand recognition for a manufacturer within
Shandong Province and throughout China. The Company's grant award
was preceded by the Company's formal acceptance into the Double
Hundred Project by the Shandong Economic and Trade Committee on
December 21, 2007. "We consider this award from the government as a
strong endorsement of our continuous efforts in research and
development and of our achievements in upgrading our production
facilities to develop more technologically advanced plasma based
products," said Mr. Stanley Wong, CEO of China Biologic. "We expect
that support from the project will provide us with a competitive
edge for our manufacturing technology and our products." About
China Biologic Products, Inc. China Biologic Products, Inc. (the
"Company"), through its indirect majority-owned subsidiary Shandong
Taibang Biological Products Co. Ltd., 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 principal products
are human albumin and immunoglobulin products that are used mainly
to increase blood volume and for disease prevention and treatment.
Safe Harbor Statement This press 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 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. Stanley Wong CEO China Biologic Products, Inc. Tel:
+86-538-6202608 Email: Investor Relations Contact: Mr. Crocker
Coulson President CCG Elite Investor Relations Tel: +1-646-213-1915
(NY office) Email: DATASOURCE: China Biologic Products, Inc.
CONTACT: Crocker Coulson, President of CCG Elite, +1-646-213-1915,
; or Stanley Wong, Chief Executive Officer of China Biologic
Products Inc., +86-538-6202608, , both for China Biologic Products
Inc.
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