TAI'AN CITY, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- China Biologic
Products, Inc. (OTC 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: IR@chinabiologic.com
Web site: http://www.chinabiologic.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web site: http://www.ccgirasia.com
SOURCE China Biologic Products, Inc.