XI'AN, CHINA--(Marketwire - June 28, 2010) - Skystar Bio-Pharmaceutical Company (
Mr. Weibing Lu, chairman and CEO, said, "In light of recent market conditions and our future growth outlook, it is the Board's and Management's decision to not issue shares of our common stock at the present valuation at this time. As of March 31, 2010, Skystar has been generating positive cash flow on a sequential basis and cash on the balance sheet is $5.9 million. We believe Skystar is well funded through its organic financial performance to continue its growth trajectory in a very young industry in China. We will continue to monitor market conditions and our financial position and take appropriate measures to facilitate our strategy to maintain leadership in China's growing animal healthcare 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 over 195 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 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.
Contact Information:
Contacts:
Skystar Bio-Pharmaceutical Company
Scott Cramer
Director Corporate Development and U.S. Representative
(407) 645-4433
Investor Relations
Grayling
Christopher Chu
Director
(646) 284-9426
christopher.chu@grayling.com