China Biologic Products Enters into Short-Term Loan Agreement
January 13 2009 - 2:15PM
PR Newswire (US)
TAI'AN CITY, China, Jan. 13 /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 Shandong Taibang Biological Products Co., Ltd.
("Taibang"), a Chinese subsidiary of the Company, entered into a
short term bank loan ("the Loan Agreement") with the Bank of China
("the Bank") on January 8, 2009. Pursuant to the Loan Agreement,
the Bank loaned Taibang RMB 40 million (approximately $5.8 million)
(the "Loan"). The Loan has an annual interest rate of 5.31% on all
outstanding principal and is due and payable in full on January 7,
2010 (the "Maturity Date"). The Loan is to be used solely for the
purpose of funding the purchase of raw materials. Taibang is
obligated under the Loan Agreement to pay the interest quarterly
and repay the principal and any remaining interest in full on the
Maturity Date. "We are pleased to secure this loan with the Bank of
China at a very reasonable interest rate," said Mr. Chao Ming Zhao,
CEO of China Biologic Products. "This loan will help to support our
necessary working capital requirements to fund the purchase of raw
materials, helping us to achieve our growth objectives." 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 loan agreement with the Bank of
China on the Company's ability to increase its 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: +86-538-6202-206 Email: Web
site: http://www.chinabiologic.com/ Investor Relations Contact: Mr.
Crocker Coulson, President CCG Investor Relations Tel:
+1-646-213-1915 (NY office) Email: Web site:
http://www.ccgirasia.com/ DATASOURCE: China Biologic Products, Inc.
CONTACT: China Biologic Products, Inc., Mr. Y. Tristan Kuo, CFO,
+86-538- 6202-206, or ; or CCG Investor Relations, Mr. Crocker
Coulson, President, +1-646-213-1915 (NY office), or , for China
Biologic Products, Inc. Web site: http://www.chinabiologic.com/
http://www.ccgirasia.com/
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