XI'AN, China, June 3 /Xinhua-PRNewswire-FirstCall/ -- Huifeng Bio-Pharmaceutical Technology, Inc (OTC Bulletin Board: HFGB), a leading developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production, released an update on its business following their quarterly report released on May 20.
"In the first quarter, sales of our products increased substantially," stated company CEO Jing'An Wang. "Our revenue in the first quarter increased 85% versus 2007 and gross profit increased 140% to $977,000." Both of these figures represented record levels for HFGB. Mr. Wang further stated that net income was strong at 2 cents per share despite being negatively impacted by one-time expenses related to the company's recent financing activity. "Our company continues to execute to plan and there is no change to our earnings guidance of $4 million in net income for 2008."
In addition to the strength in the current business, Huifeng is gearing up for expected sales of Diosmin to Safic-Alcan under its agreement first announced last fall. As of the end of May 2008, in order to ensure smooth management operation during production of Diosmin and the integrity and reliability of COS certification materials, the company made a lot of improvements to its production technology and equipment, trained production workers and amended application documents; at the same time, plenty of testing research data, analytic testing and quality evaluation results in accordance with EP made by the company will be accomplished before June 20.
The company anticipates filing for COS Certification on August 5. As per the COS certification application process, it is estimated that the company will obtain a registration No. for Diosmin raw materials from the COS Certification Secretariat on September 15, at which time Huifeng will be able to implement its Diosmin sales contract with Safic.
About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)
Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. http://www.hfgb.cn/
SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.