Renhuang Pharmaceuticals Changes Year-End Reporting Date to October 31.HARBIN, China -- Renhuang Pharmaceuticals, Inc. (or "the Company", OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: RHGP), a leading provider of natural health care products in the People's Republic of China (PRC), today announced that it has changed the date of its fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. to October 31 from April 30. The Company is changing its fiscal year-end because its Chinese operating subsidiary, Harbin Renhuang Pharmaceutical Company, Ltd. of the Peoples Republic of China, has an October 31 fiscal year-end, as outlined in its current 8-K report that was filed with the Securities and Exchange Commission on September 8, 2006. The new year-end date will give both the parent and the subsidiary the same year-end date. In the Company's earnings release guidance that was issued on October 30, 2006, Management reported that it would release its results no later than December 15, 2006. Given the new year-end date, the Company now anticipates that it will release its results via 10-K by January 31, 2007. Renhuang's fourth quarter guidance for the period ending December 31, 2006 remains unchanged: Net income is expected to be US$2.8 to US$3.0 million, compared to US$2.6 million dollars in the third quarter of 2006. Revenue is expected to be between US$8.5 and US$9 million. About Renhuang Pharmaceuticals, Inc.: Renhuang Pharmaceuticals is a leading bio-pharmaceutical company located in Harbin in the Heilongjiang Province in Northeast China. Renhuang is primarily engaged in the research, production, and sales of bio-pharmaceutical products in Mainland China. The Company's main products are Siberian ginseng ginseng (jĭn`sĕng), common name for the Araliaceae, a family of tropical herbs, shrubs, and trees that are often prickly and sometimes grow as climbing forms. , shark liver oil Shark liver oil is obtained from sharks caught for food purposes only, living in cold, deep oceans. The liver oil from sharks has been used by fishermen for centuries as a folk remedy for general debility, for healing wounds, sores, irritations of the respiratory tract and the and several other traditional medical products. It is estimated that 70% of China's natural supply of Siberian Ginseng is currently controlled by the Company. The company also anticipates approval within six to nine months by State Food and Drug Administration The State Food and Drug Administration (SFDA Simplified Chinese: 国家食品药品监督管理局) is founded on the basis of the State Drug Administration. ("SFDA SFDA State Food and Drug Administration (China) SFDA Saudi Food & Drug Authority ") for up to five of its new Monoclonal Antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing Reagent Box series products. These products are 60% more reliable than those from its competitors and also adhere to "Good Manufacturing Practices", or "GMP GMP (guanosine monophosphate): see guanine. ". Moreover, the company is in the process of building its own immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. research and development function. Overall, the company is able to achieve significant cost savings compared to most of its competitors, who purchase their raw materials from third parties. Over 2000 sales agents are employed in seventy sales centers across twenty-four districts and cover over 50% of the greater China area and 80% of its population, including the most populous and developed Eastern China. The Company employs over 50 people in its R&D department, a number of which are well recognized and respected pharmaceutical professors and research scientists from National Navy Pharmaceutical Research Center, Beijing Ellionbio Research Center and other well known institutions. State of the art research and production facilities using the latest technologies are currently used by the Company's scientists to develop new and innovative areas, including antiseptic and immune system products and Diagnostic kits. RHGP-G |
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