HAIKOU, China, July 31, 2015 /PRNewswire/ -- China Pharma Holdings, Inc. ("China Pharma") (NYSE MKT: CPHI), an NYSE MKT listed corporation with its fully-integrated specialty pharmaceuticals subsidiary based in China, today announced that its wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd.,(Helpson) has received CNY 9.6 million (approximately USD 1.6 million) government subsidies.
This is a subsidy program provided by the Hainan Industry & Information Technology Department and the Hainan Provincial Department of Finance, that was initiated in 2014. It's aim is to sponsor technological and industrial upgrades in Hainan province. 14 projects were ultimately selected, and Helpson's new GMP upgrading program received CNY9.6 million.
Ms. Zhilin Li, China Pharma's Chairman and CEO, stated: "This government subsidy reflects a recognition of the fundamentals of our business. It also shows the confidence and encouragement from the government in our future development. Our company is running healthily, and the newly completed GMP facility has been in full operation."
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products focused on conditions with a high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective, high-margin business model is driven by market demand and supported by eight scalable GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit http://www.chinapharmaholdings.com. The Company routinely posts important information on its website.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as the achievability of financial guidance, success of new product development, unanticipated changes in product demand, increased competition, downturns in the Chinese economy, uncompetitive levels of research and development, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations except as required by applicable law or regulation.
China Pharma Holdings, Inc.
Phone: +86-898-6681-1730 (China)
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cphi-received-cny-96-million-in-government-subsidies-300121790.html
SOURCE China Pharma Holdings, Inc.