China Sky One Awarded “Innovative Enterprise” Grant

China Sky One Medical, Inc. (CSKI.OB) has received a three-year grant from the Government of Harbin, the city in which it is located, for being an “Innovative Enterprise.” The grant was awarded by the city to ten companies that use new technology.

The grant will pay RMB 4 million ($512,000) annually for the next 3 years.

China Sky One Medical will use the money to underwrite its R&D efforts. The company makes and distributes pharmaceutical, medicinal and diagnostic products in China. It was the only consumer healthcare company to receive an award.

The City of Harbin will also set aside RMB 6 million ($770,000) per company for future investment. As an example of how this money might be used, it could be paid to research institutes for technology consulting or educational programs which would benefit the recipients.

Mr. Yanqing Liu, CEO and President of the company said that it would use the money to “enhance our new product pipeline.”

China Sky One Medical is a Nevada-based holding company that produces OTC pharmaceutical, medicinal and diagnostic products in China. Its wholly-owned subsidiaries include: American California Pharmaceutical Group, Inc., Harbin Tian Di Ren Medical Science and Technology Company, Kangxi Medical Care Product Factory, and Harbin First Bio-Engineering Company Limited.

Disclosure: none.

Comments

[SolRosenberg]

Oh boy, another OTCBB stock incorporated in Nevada with China in the name. Hope my broker's seclending department can find some shares to loan me.