Attached files
| file | filename |
|---|---|
| 8-K - Jiangbo Pharmaceuticals, Inc. | v167251_8k.htm |
Exhibit
99.1
For
Immediate Release
|
Contact:
|
|
|
Jiangbo
Pharmaceuticals, Inc.
|
CCG
Investor Relations
|
|
Ms.
Elsa Sung, CFO
|
Mr.
Crocker Coulson, President
|
|
Phone:
(954) 727-8435
|
Phone:
(646) 213-1915
|
|
E-mail:elsasung@jiangbo.com
|
E-mail:crocker.coulson@ccgir.com
|
|
http:// www.jiangbopharma.com
|
http://www.ccgirasia.com
|
Jiangbo
Pharmaceuticals Announces
First
Quarter Fiscal Year 2010 Results
Laiyang, China, November 17,
2009 – Jiangbo Pharmaceuticals, Inc. (OTC Bulletin Board: JGBO)
(“Jiangbo” or the “Company”), a pharmaceutical company with its principal
operations in the People's Republic of China, today announced its financial
results for its first quarter of fiscal year 2010 ended September 30,
2009.
First
Quarter Fiscal Year 2010 Highlights:
|
·
|
Revenues
were $24.4 million
|
|
·
|
Gross
profit was $18.1 million
|
|
·
|
Operating
income rose 72.6% year-over-year to $12.7 million compared to $7.3 million
in the first quarter of fiscal year
2009
|
|
·
|
Net
income was $2.0 million, or $0.18 per fully diluted
share
|
|
·
|
Excluding
non-cash expenses related to the change in fair value from derivative
liabilities of $4.8 million and the amortization of debt discount and debt
issuance costs related to convertible debentures of $2.3 million, non-GAAP
adjusted net income was $9.1 million, or $0.60 per fully diluted share for
the three months ended September 30, 2009, up 128.5% from non-GAAP
adjusted net income of $4.0 million, or $0.28 per fully diluted share, for
the quarter ended September 30,
2008.*
|
“Our first quarter fiscal
2010 results reflect the restructuring of our distribution and sales system,
which we began in January 2009,” said Mr. Wubo Cao, Chairman and Chief Executive
Officer. “Although summer is usually the slowest season for our
sales, we believe that we were able to still achieve strong growth in our
operating income as we efficiently managed our selling and marketing expenses.
We believe that our strong cash position will provide us with significant
flexibility to pursue continued organic growth and strategic
acquisitions.”
First
Quarter Results
Total
revenue was $24.4 million, an 11.5% decrease compared to $27.6 million for the
first quarter of 2009. While the quantities sold for Clarithromycin
sustained-released tablets and Baobaole chewable tablets increased this quarter
compared to the same period last year, the decrease in the total revenue was
primarily attributable to the decrease of the per unit price by an average of
26% for Clarithromycin sustained-released tablets, Itopride Hydrochloride
granules and Baobaole chewable tablets, the Company’s top three selling
products, for the period ended September 30, 2009. The three products accounted
for approximately 86.5% of total revenue for the quarter.
In
January 2009, the Company restructured its distribution and sales system to sell
its products primarily through 28 large independent regional distributors and
lowered the per unit prices of the three major products to the
distributors. The Company also significantly reduced the commission
paid to its sales representatives on those products.
The
decrease in the revenue generated from the three major products was partially
offset by the increase in revenue from Radix Isatidis dispersible tablets which
were first released in the second quarter of fiscal year 2009. Radix
Isatidis dispersible tablets experienced a significant increase in demand caused
by H1N1 concerns during the three months ended September 30, 2009.
In the
first quarter of fiscal 2010, sales of traditional Chinese medicines (“TCMs”)
accounted for 39.2% of total revenues, compared to 26.7% for the comparable
period of fiscal 2009.
Gross
profit decreased 16.9% to $18.1 million from $21.8 million in the comparable
period of fiscal 2009. Gross margin was 74.3%, compared to 79.1% in the first
quarter of fiscal 2009, primarily due to the lower unit price charged as a
result of the previously mentioned sales network restructuring.
Selling,
general and administrative expenses decreased 67.5% to $4.3 million from $13.4
million in the same period of fiscal 2009, primarily because the Company
significantly reduced the commissions paid to its sales representatives and
better managed its marketing, advertising, and promotional
spending.
Operating
income rose 72.6% to $12.7 million, as compared to $7.3 million in the same
period of fiscal 2009. Operating margin as a percentage of revenue increased 25
percentage points to 52.0% from 26.7% in the same period of fiscal
2009.
Other
expenses were $7.4 million compared to $2.2 million for the three months ended
September 30, 2008. The increase in other expenses was primarily due to non-cash
expenses related to the change in fair value from derivative liabilities of $4.8
million, which the Company did not incur in the prior corresponding period, and
the amortization of debt discount and debt issuance costs related to convertible
debentures of $2.3 million versus $0.7 million in the prior year
period.
Net
income was $2.0 million, or $0.18 per fully diluted share, versus $3.1 million,
or $0.32 per fully diluted share, in the same period last
year. Excluding non-cash expenses related to the change in fair value
from derivative liabilities of $4.8 million and the amortization of debt
discount and debt issuance costs related to convertible debentures of $2.3
million, non-GAAP adjusted net income was $9.1 million, or $0.60 per
fully diluted share, for the three months ended September 30, 2009, up 128.5%
from non-GAAP adjusted net income of $4.0 million, or $0.28 per fully diluted
share, for the quarter ended September 30, 2008.*
*See the
reconciliation table at the end of this press release for a reconciliation of
net income and EPS to non-GAAP adjusted net income and EPS.
Financial
Condition
As of
September 30, 2009, the Company had $122.9 million in cash and an additional
$14.6 million in restricted cash, as compared to $104.4 million and $7.3
million, respectively, at the end of fiscal 2009. Working capital was $66.3
million versus $99.8 million as of June 30, 2009. Shareholder’s
equity was $90.2 million, as compared to $126.1 million at the end of
fiscal 2009. The decrease in working capital and shareholder’s equity
is the result of the reclassification of the Company’s derivative instruments
from the equity section to the liability section of the balance sheet.
The Company generated $17.9 million in cash flow from operating
activities for the first quarter of fiscal 2010.
Business
Outlook and Guidance
While the
Company expects its sales from TCMs to continue to grow, its sales from western
pharmaceutical medicines will have minimal growth as both Clarithromycin
sustained-release tablets and Itopride Hydrochloride granules have entered into
their maturity phase. In terms of its TCM business, the Company
expects sales of Radix Isatidis dispersible tablets to remain strong, in part
due to the threat posed by the H1N1 flu. In addition, the Company
expects its TCM business to benefit from the renovation of the Hongrui
production facility, which is on track and scheduled to be fully online by April
2010. The Company believes that Hongrui’s TCM products have good
sales potential, and some of those products have been classified by the PRC
government as appropriate for early treatment of the H1N1 flu. The Company
continues to expect that once production has been ramped up, Hongrui’s products
should contribute between $4.5 million and $8 million in revenues per
year.
The
Company anticipates that it will receive final SFDA approval for the production
of Felodipine sustained release tablets in the third quarter of fiscal 2010,
which is expected to have a gross margin of approximately 85%.
The
Company continues to expect revenues for fiscal 2010 of between $96 million and
$98 million and operating income of between $42 million and $44
million. The Company’s current outlook reflects only the drugs that
it has in production today and will be subject to update as the Company upgrades
its Hongrui production facility, prepares for the introduction of new drugs, and
pursues additional opportunities for both organic growth and potential strategic
acquisitions.
Mr. Cao
concluded, “We continue to remain confident with respect to our future
prospects. We are leveraging our sales network and expect to maximize
the contribution of our products that are in their maturity phase. We
believe that our TCM business is healthy, with strong growth in our Radix
Isatidis dispersible tablets product. Additionally, we are looking
forward to the full re-opening of our Hongrui production facility in a couple of
months. Overall, we continue to believe that fiscal 2010 will
be a transition year for the Company, as we lay the groundwork and make the
investments necessary for our next phase of growth.”
Conference
Call
Jiangbo
Pharmaceuticals, Inc. management will host a conference call at 9:00 a.m.
Eastern Time on Wednesday, November 18, 2009, to discuss financial results for
the quarter and fiscal year ended September 30, 2009. Mr. Wubo Cao, Chairman and
CEO, and Ms. Elsa Sung, CFO, of Jiangbo will host the conference call. To
participate in this live conference call, please dial the following number five
to ten minutes prior to the scheduled conference call time: (800) 688-0796.
International callers should call +1 (617) 614-4070. The conference passcode is
61681613. A replay of the conference call will be available from Wednesday,
November 18, 2009, at 11:00 a.m. Eastern Time for 14 days. To access the replay,
call (888) 286-8010. International callers should call +1 (617) 801-6888. The
conference passcode is: 46413398.
Use
of Non-GAAP Adjusted Financial Information
This
press release includes certain financial information, non-GAAP adjusted net
income and non-GAAP adjusted fully diluted earnings per share, which are not
presented in accordance with GAAP. Non-GAAP adjusted net income was derived by
taking net income and adjusting it with non-cash expenses related to the change
in fair value from derivative liabilities and the amortization of debt discount
and debt issuance costs related to convertible debentures. The Company's
management believes that these non-GAAP adjusted measures provide investors with
a better understanding of the Company’s historical results from its core
business operations. To supplement the Company's condensed consolidated
financial statements presented on a non-GAAP adjusted basis, the Company has
provided non-GAAP adjusted financial information, which is non-GAAP adjusted net
income and non-GAAP adjusted earnings per share, excluding the impact of these
items in this press release. The non-GAAP adjusted information is not meant to
be considered in isolation or as a substitute for GAAP financials. The non-GAAP
adjusted financial information provided by the Company may also differ
from non-GAAP adjusted information provided by other
companies. A table at the end of this press release provides a
reconciliation of the non-GAAP adjusted financial information to the nearest
GAAP measure.
About
Jiangbo Pharmaceuticals, Inc.
Jiangbo
Pharmaceuticals, Inc. is a U.S. public company engaged in the research,
development, production, marketing and sales of pharmaceutical products in the
People's Republic of China. Its operations are located in Eastern China in an
Economic Development Zone in Laiyang City, Shandong province. Jiangbo is a major
pharmaceutical company in China producing both western and Chinese herbal-based
medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup)
form. http://www.jiangbopharma.com
Safe
Harbor Statement
Certain
statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause the
Company's actual results and financial position to differ materially from those
included within the forward-looking statements. Forward-looking statements
involve risks and uncertainties, including those relating to the Company's
ability to introduce, manufacture and distribute new drugs. Actual results may
differ materially from predicted results, and reported results should not be
considered as an indication of future performance. The potential risks and
uncertainties include, among others, the Company’s ability to obtain raw
materials needed in manufacturing, the continuing employment of key employees,
the failure risks inherent in testing any new drug, the possibility that
regulatory approvals may be delayed or become unavailable, patent or licensing
concerns that may include litigation, direct competition from other
manufacturers and product obsolescence. More information about the potential
factors that could affect the Company's business and financial results is
included in the Company's filings, available via the United States Securities
and Exchange Commission.
-
Financial Statements Follow -
JIANGBO
PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY
KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED
STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THREE
MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)
|
2009
|
2008
|
|||||||
|
REVENUES:
|
||||||||
|
Sales
|
$
|
24,384,054
|
$
|
27,320,750
|
||||
|
Sales
- related parties
|
-
|
243,843
|
||||||
|
Total
revenues
|
24,384,054
|
27,564,593
|
||||||
|
COST
OF SALES
|
||||||||
|
Cost
of sales
|
6,260,399
|
5,713,059
|
||||||
|
Cost
of sales - related parties
|
-
|
54,478
|
||||||
|
Total
cost of sales
|
6,260,399
|
5,767,537
|
||||||
|
GROSS
PROFIT
|
18,123,655
|
21,797,056
|
||||||
|
RESEARCH
AND DEVELOPMENT EXPENSE
|
1,099,575
|
1,097,925
|
||||||
|
SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES
|
4,341,806
|
13,351,975
|
||||||
|
INCOME
FROM OPERATIONS
|
12,682,274
|
7,347,156
|
||||||
|
OTHER
(INCOME) EXPENSE:
|
||||||||
|
Change
in fair value of derivative liabilities
|
4,821,093
|
-
|
||||||
|
Other
(income) expense, net
|
-
|
914,970
|
||||||
|
Other
income - related parties
|
(80,636
|
)
|
(143,950
|
)
|
||||
|
Non-operating
(income) expense
|
(152,414
|
)
|
74,621
|
|||||
|
Interest
expense, net
|
2,757,178
|
1,352,794
|
||||||
|
Loss
from discontinued operations
|
77,208
|
45,216
|
||||||
|
Total
other expense, net
|
7,422,429
|
2,243,651
|
||||||
|
INCOME
BEFORE PROVISION FOR INCOME TAXES
|
5,259,845
|
5,103,505
|
||||||
|
PROVISION
FOR INCOME TAXES
|
3,287,791
|
1,970,021
|
||||||
|
NET
INCOME
|
1,972,054
|
3,133,484
|
||||||
|
OTHER
COMPREHENSIVE INCOME:
|
||||||||
|
Foreign
currency translation adjustment
|
152,180
|
330,641
|
||||||
|
Unrealized
holding gain (loss)
|
23,544
|
(1,562,967
|
)
|
|||||
|
COMPREHENSIVE
INCOME
|
$
|
2,147,778
|
$
|
1,901,158
|
||||
|
BASIC
WEIGHTED AVERAGE NUMBER OF SHARES
|
10,502,527
|
9,769,329
|
||||||
|
BASIC
EARNINGS PER SHARE
|
$
|
0.19
|
$
|
0.32
|
||||
|
DILUTED
WEIGHTED AVERAGE NUMBER OF SHARES
|
10,885,535
|
9,861,671
|
||||||
|
DILUTED
EARNINGS PER SHARE
|
$
|
0.18
|
$
|
0.32
|
||||
JIANGBO
PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY
KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED
BALANCE SHEETS
|
September 30,
|
June 30,
|
|||||||
|
2009
|
2009
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
|
$
|
122,865,467
|
$
|
104,366,117
|
||||
|
Restricted
cash
|
14,552,640
|
7,325,000
|
||||||
|
Investments
|
758,238
|
879,228
|
||||||
|
Accounts
receivable, net of allowance for doubtful accounts of $822,469 and
$694,370 as of September 30, 2009 and June 30, 2009,
respectively
|
12,138,964
|
19,222,707
|
||||||
|
Other
receivable - related parties
|
80,685
|
-
|
||||||
|
Inventories
|
2,762,438
|
3,277,194
|
||||||
|
Other
receivables
|
299,998
|
167,012
|
||||||
|
Advances
to suppliers
|
370,424
|
236,496
|
||||||
|
Financing
costs - current
|
669,692
|
680,303
|
||||||
|
Total
current assets
|
154,498,546
|
136,154,057
|
||||||
|
PLANT
AND EQUIPMENT, net
|
13,817,279
|
13,957,397
|
||||||
|
OTHER
ASSETS:
|
||||||||
|
Restricted
investments
|
902,623
|
1,033,463
|
||||||
|
Financing
costs, net
|
379,191
|
556,365
|
||||||
|
Intangible
assets, net
|
16,662,666
|
17,041,181
|
||||||
|
Total
other assets
|
17,944,480
|
18,631,009
|
||||||
|
Total
assets
|
$
|
186,260,305
|
$
|
168,742,463
|
||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable
|
$
|
3,902,884
|
$
|
6,146,497
|
||||
|
Short
term bank loans
|
2,200,500
|
2,197,500
|
||||||
|
Notes
payable
|
14,552,640
|
7,325,000
|
||||||
|
Other
payables
|
2,678,757
|
2,152,063
|
||||||
|
Refundable
security deposits due to distributors
|
4,107,600
|
4,102,000
|
||||||
|
Other
payables - related parties
|
284,501
|
238,956
|
||||||
|
Accrued
liabilities
|
342,719
|
1,356,898
|
||||||
|
Liabilities
assumed from reorganization
|
1,609,208
|
1,565,036
|
||||||
|
Derivative
liabilities
|
44,369,176
|
-
|
||||||
|
Taxes
payable
|
14,126,847
|
11,248,226
|
||||||
|
Total
current liabilities
|
88,174,832
|
36,332,176
|
||||||
|
CONVERTIBLE
DEBT, net of discount $26,412,221 and $28,493,089 as of September 30, 2009
and June 30, respectively
|
7,927,779
|
6,346,911
|
||||||
|
Total
liabilities
|
96,102,611
|
42,679,087
|
||||||
|
SHAREHOLDERS’
EQUITY:
|
||||||||
|
Convertible
preferred stock Series A ($0.001 par value; 0 shares issued and
outstanding as of September 30, 2009 and June 30,
2009)
|
-
|
-
|
||||||
|
Common
stock ($0.001 par value, 22,500,000 and 15,000,000 shares authorized,
10,582,046 and 10,435,099 shares issued and outstanding as of
September 30, 2009 and June 30, 2009, respectively)
|
10,582
|
10,435
|
||||||
|
Paid-in-capital
|
15,285,350
|
48,397,794
|
||||||
|
Capital
contribution receivable
|
(11,000
|
)
|
(11,000
|
)
|
||||
|
Retained
earnings
|
64,919,558
|
67,888,667
|
||||||
|
Statutory
reserves
|
3,253,878
|
3,253,878
|
||||||
|
Accumulated
other comprehensive income
|
6,699,326
|
6,523,602
|
||||||
|
Total
shareholders' equity
|
90,157,694
|
126,063,376
|
||||||
|
Total
liabilities and shareholders' equity
|
$
|
186,260,305
|
$
|
168,742,463
|
||||
(FORMERLY
KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR THREE
MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited)
|
2009
|
2008
|
|||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net
income
|
$ | 1,972,054 | $ | 3,133,484 | ||||
|
Loss
from discontinued operations
|
77,208 | 45,216 | ||||||
|
Income
from continuing operations
|
2,049,262 | 3,178,700 | ||||||
|
Adjustments
to reconcile net income to net cash, net of acquisition, provided by
operating activities:
|
||||||||
|
Depreciation
|
196,353 | 146,694 | ||||||
|
Amortization
of intangible assets
|
401,533 | 73,540 | ||||||
|
Amortization
of deferred debt issuance costs
|
187,785 | 170,076 | ||||||
|
Amortization
of debt discount
|
2,080,868 | 662,551 | ||||||
|
Loss
from issuance of shares in lieu of interest
|
317,124 | - | ||||||
|
Bad
debt expense
|
127,073 | 63,350 | ||||||
|
Realized
gain on marketable securities
|
(19,065 | ) | (124,523 | ) | ||||
|
Unrealized
(gain) loss on marketable securities
|
(251,004 | ) | 1,044,083 | |||||
|
Other
non-cash settlement
|
- | (20,000 | ) | |||||
|
Change
in fair value of derivative liabilities
|
4,821,093 | - | ||||||
|
Stock-based
compensation
|
87,400 | 23,854 | ||||||
|
Changes
in operating assets and liabilities
|
||||||||
|
Accounts
receivable
|
6,978,550 | (1,039,428 | ) | |||||
|
Other
receivable - related parties
|
(80,636 | ) | 488,446 | |||||
|
Inventories
|
518,912 | 851,126 | ||||||
|
Other
receivables
|
(133,676 | ) | (48,205 | ) | ||||
|
Other
receivables - related parties
|
- | (378,174 | ) | |||||
|
Advances
to suppliers and other assets
|
(132,555 | ) | 839,097 | |||||
|
Accounts
payable
|
(2,250,601 | ) | 188,211 | |||||
|
Accrued
liabilities
|
(410,403 | ) | 138,310 | |||||
|
Other
payables
|
523,435 | 901,863 | ||||||
|
Other
payables - related parties
|
45,400 | 227,135 | ||||||
|
Liabilities
assumed from reorganization
|
(33,036 | ) | - | |||||
|
Taxes
payable
|
2,861,529 | 6,289,257 | ||||||
|
Net
cash provided by operating activities
|
17,885,341 | 13,675,963 | ||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Proceeds
from sale of marketable securities
|
498,353 | 88,743 | ||||||
|
Purchase
of equipment
|
(37,280 | ) | (19,877 | ) | ||||
|
Net
cash provided by investing activities
|
461,073 | 68,866 | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Change
in restricted cash
|
(7,213,212 | ) | (39,795 | ) | ||||
|
Principal
payments on short term bank loans
|
- | (2,781,410 | ) | |||||
|
Proceeds
from notes payable
|
7,653,042 | 2,036,285 | ||||||
|
Principal
payments on notes payable
|
(439,830 | ) | - | |||||
|
Net
cash used in financing activities
|
- | (784,920 | ) | |||||
|
EFFECTS
OF EXCHANGE RATE CHANGE IN CASH
|
152,936 | 114,229 | ||||||
|
INCREASE
IN CASH
|
18,499,350 | 13,074,138 | ||||||
|
CASH,
beginning
|
104,366,117 | 48,195,798 | ||||||
|
CASH,
ending
|
$ | 122,865,467 | $ | 61,269,936 | ||||
|
Cash
paid for Interest
|
$ | 390,861 | $ | 58,650 | ||||
|
Cash
paid for Income taxes
|
$ | 1,289,849 | $ | 62,943 | ||||
|
Non-cash
investing and financing activities:
|
||||||||
|
Common
stock issued for interest payment
|
$ | 667,500 | $ | - | ||||
|
Common
stock issued for convertible notes conversion
|
$ | 500,000 | $ | - | ||||
|
Derivative
liability reclassified to equity upon conversion
|
$ | 369,324 | $ | - | ||||
JIANGBO
PHARMACEUTICALS, INC. AND SUBSIDIARIES
(FORMERLY
KNOWN AS GENESIS PHARMACEUTICAL ENTERPRISES, INC.)
RECONCILIATION
OF NON-GAAP NET INCOME
|
For Three Months Ended
|
||||||||
|
September 30
|
September
30,
|
|||||||
|
2009
|
2008
|
|||||||
|
Net
Income
|
$ | 1,972,054 | $ | 3,133,484 | ||||
|
Change
in fair value of derivative liabilities
|
4,821,093 | - | ||||||
|
Amortization
of debt discount and debt issuance costs
related to convertible debetures |
2,268,653 | 832,627 | ||||||
|
Adjusted
Net Income*
|
9,061,800 | 3,966,111 | ||||||
|
Basic
Weighted Average Number of Shares
|
10,502,527 | 9,769,329 | ||||||
|
Diluted
Weighted Average Number of Shares**
|
15,178,035 | 14,236,671 | ||||||
|
Adjusted
Earnings Per Weighted Average Number of Shares
|
$ | 0.86 | $ | 0.41 | ||||
|
Adjusted
Diluted Earnings Per Weighted Average Number of Shares
|
$ | 0.60 | $ | 0.28 | ||||
|
*
|
Excluding
non-cash charges related to the Company's convertible debts during the
periods
|
|
**
|
Including
outstanding options and warrants using treasury method of calculation plus
the number of shares if converted from the convertible
debts
|
###
For
further information, please contact:
Jiangbo
Pharmaceuticals, Inc.
Ms.
Elsa Sung, CFO
Phone:
+1-954-727-8435
+1-954-727-8435
Email:
elsasung@jiangbo.com
Web: http://
www.jiangbopharma.com
CCG
Investor Relations
Mr.
Crocker Coulson, President
Phone:
+1-646-213-1915
+1-646-213-1915
Email:
crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com