HARBIN, China, Feb. 15, 2012 /PRNewswire-Asia/ -- China Sky One
Medical, Inc. ("China Sky One Medical" or "the Company") (NASDAQ:
CSKI), a fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today
announced that Mr. Yanqing Liu, the
Company's Chairman, President and Chief Executive Officer, is being
treated for a life-threatening illness. Following surgery, he is
expected to undergo long-term chemotherapy and traditional Chinese
medicine treatments. As a result, Mr. Liu's availability to devote
time to the Company's business will be substantially reduced.
Recently, 26 middle-management level employees have resigned, of
which nine were in the accounting department, two were in the
internal control department, two were in the information technology
department, 11 were in the sales department, and two were in the
production center. Although the Company is seeking to recruit
personnel, it may not be able to hire qualified personnel in a
timely manner, or at all.
Mr. Liu's health concerns and the loss of such management
employees are likely to materially adversely affect many aspects of
the Company's business, including its ability to maintain customer
relationships, meet production schedules, as well as maintain its
internal controls.
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a holding company. The
Company engages in the manufacturing, marketing and distribution of
pharmaceutical, medicinal and diagnostic products. Through its
wholly-owned subsidiaries, Harbin Tian Di Ren Medical Science and
Technology Company, Harbin First Bio-Engineering Company Limited,
Heilongjiang Tianlong Pharmaceutical, Inc. and Peng Lai Jin Chuang
Pharmaceutical Company, the Company manufactures and distributes
over-the-counter pharmaceutical products, which make up its major
revenue source. For more information, visit
http://www.cski.com.cn.
Safe Harbor Statement
Certain of the statements made in the press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
can be identified by the use of forward- looking terminology such
as "believe,"
"expect," "may,"
"will," "should,"
"project," "plan,"
"seek," "intend,"
or "anticipate" or the negative
thereof or comparable terminology. Such statements typically
involve risks and uncertainties and may include financial
projections or information regarding the
Company's daily operation and
performance. Actual results could differ materially
from the expectations reflected in such forward-looking statements
as a result of a variety of factors, including the risks associated
with the effect of changing economic conditions in The
People's Republic of
China, variations in cash flow, reliance on collaborative
retail partners and on new product development, variations in new
product development, risks associated with rapid technological
change, the potential of introduced or undetected flaws and defects
in products, consumer acceptance of new products to be
launched and other risk factors detailed in reports filed
with the Securities and Exchange Commission from time to
time.
Investor Relations Contact:
China Sky One Medical
Queenie Liu, Corporate Secretary
Email: ir@cski.com.cn
SOURCE China Sky One Medical, Inc.