China Pharmaceuticals Inc., a leading manufacturer and distributor of prescription and over-the-counter pharmaceuticals in China, today announced it has effected a 1-for-3 reverse share split as of September 22, 2010. As such, a temporary “D” has been added to the end of the company’s ticker, CFMI; the letter will be removed 20 days after the share split becomes effective.
The company said it has officially filed necessary amendments to the state of Nevada and FINRA for the reverse share split, which was enacted to better position the company for listing in the public market place.
“Today’s announcement further demonstrates to our shareholders that we are taking steps that we feel are necessary to position the company to attain a senior stock exchange listing,” Guozhu Wang, chairman and CEO of China Pharmaceuticals stated in the press release.
China Pharmaceuticals is headquartered in Shaanxi Province, China. The company currently manufactures 132 pharmaceutical products in 11 dosage forms, including capsules, oral solutions, tablets, granules, syrups, medicinal tease, tinctures and injectable solutions.
The company also markets 111 prescription drugs, which contribute 78 percent of sales.
For the half-year ended June 30, 2010, China Pharmaceutical reported record financial results, posting a 79 percent increase in total revenue at $17.5 million. Net income increased 69 percent to $6.0 million as compared to the comparable six-month period of 2009.
For more information visit www.chinapharmaceuticalsinc.com
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