HARBIN, China, July 19, 2011 /PRNewswire-Asia-FirstCall/ -- China Sky One Medical, Inc. ("China Sky One Medical" or "the Company") (NASDAQ: CSKI), a leading fully integrated pharmaceutical company in the People's Republic of China ("PRC"), today announced that the Company has won the bidding process on 50-year land use rights (the "Land Use Rights") covering approximately 85,000 m2 of land located in the High-Tech Development Zone of Song Bei District in Harbin, China ("the Land").
The Company acquired the Land Use Rights for total consideration of approximately $7.3 million, which was originally deposited by the Company's wholly owned subsidiary, Harbin Tian Di Ren Medical Science and Technology Company, to Harbin High-Tech Development Zone during the second quarter of 2010.
The Company intends to build a research and development center, an injection manufacturing facility, a logistics center and an office building on the Land during the first phase of development, which the Company currently expects to complete in the mid of 2012.
"We are very pleased to have secured the winning bid on land use rights covering this large parcel of land in Harbin's Song Bei District. We expect to commence development of the land this year, commencing with construction of several facilities that we believe will meaningfully advance our ability to launch higher margin injection products and enhance our overall competitiveness in the China's prescription drug market," commented Mr. Yan-Qing Liu, Chairman and CEO of China Sky One Medical.
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 F