China Sky One Medical Reiterates CEO Sick Leave and Announces Significant Middle Management Resignations
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
SOURCE China Sky One Medical, Inc.
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