XI'AN, CHINA--(Marketwire -06/26/12)- Skystar Bio-Pharmaceutical Company (SKBI) ("Skystar" or the "Company"), a China-based manufacturer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today announced that China's Ministry of Agriculture (MOA) Good Manufacturing Process "GMP" experts have physically inspected Skystar's Huxian veterinary drug manufacturing plant and has published its recommendation to renew Skystar's GMP certificate which is valid for a period of five years.
The MOA's comprehensive onsite evaluation and recommendation that Skystar should be granted a GMP renewal certificate was published as of June 21, 2012 on the China Institute of Veterinary Drug Control's website at: http://www.ivdc.gov.cn/zzys/gmpys/201206/t20120621_38131.htm (Company number ten on the list).
Following post-inspection protocol, Skystar is expecting to receive its renewed GMP certificate by the end of July 2012 and to resume the production thereafter.
Skystar is still waiting for the MOA to schedule a first time physical GMP certification inspection of its expanded vaccine manufacturing plant in Huxian. Skystar believes that the physical inspection process should occur by the second half of fiscal 2012. The Company believes it will see this facility generate revenue beginning in our fiscal 2013 operating year.
Weibing Lu, Skystar's chairman and CEO, commented, "We are pleased that Skystar's veterinary medicine facility has passed the MOA's onsite inspection and that the process was concluded in a timely manner. We have forecasted a partial revenue contribution from this veterinary drug manufacturing plant for fiscal 2012 and maintain our previously announced revenue guidance of $53 million to $57 million for the full year. We are also optimistic that Skystar's expanded vaccine manufacturing plant in Huxian will complete its GMP certification process by the end of the fiscal year. We thank investors for their patience during this transition period as the Ministry of Agriculture continues to issue new guidelines and adopt more stringent inspection procedures intended to standardize veterinary product manufacturing for China's growing animal husbandry industry."
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About Skystar Bio-Pharmaceutical Company
Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and 287 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: 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 progress of new product development. 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 Company's ability to secure renewed GMP certificate in July 2012, the Company's ability to realize the earnings guidance for the fiscal 2012 year, 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, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
Skystar Bio-Pharmaceutical Company
Director - Director Corporate Development and U.S. Representative