Quantcast

Huifeng Bio-Pharmaceutical Provides Preliminary 2009 Financial Results and 2010 Guidance

February 4, 2010

XI’AN, China, Feb. 4 /PRNewswire-Asia-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, today announced
preliminary 2009 results and provided guidance for 2010.

Huifeng Bio-Pharmaceutical Technology anticipates revenues between $13
million to $14 million
for the full year ended December 31, 2009. This
represents a year-over-year revenue growth of 27% to 35%. Preliminary 2009 net
income is anticipated to be between $2.8 million to $3.0 million for the year,
representing 80% to 93% year-over-year growth. “The increase was attributed to
the increase in the company’s sales of pharmaceutical
raw-material and Plant Extractive, and other products, including Rutin,
Quercetin, injectable Troxerutin and Diosmin,” said the company’s CEO Jing’An
Wang. “The increase in revenue reflected both a gain in new customers, as well
as an increase in the number of orders from our existing customers.”

2010 Guidance

Management is providing revenue guidance of $20 million to $25 million and
net income guidance between $4.5 million to $5.0 million for 2010. Growth is
expected to be driven by increasing sales of current products. Because of the
EU COS for Diosmin, the company has a high level diosmin quality. Certain
European customers will be interested in Huifeng’s diosmin and will increase
their purchasing quantity from the company. The company will begin to perform
the contract with Safic-Alan for diosmin. Another driver is production line
expansion and acquisition which will increase the production quantity of
diosmin. This will meet the big quantity requirement of new orders.

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 in
Xi’an China. 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. Additional
information is available at the Company’s website: http://www.hfgb.cn/

Safe Harbor Statement

This press release may contain forward-looking statements. These
statements are based on the current expectations or beliefs of the Company’s
management and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in the
forward- looking statements, including but not limited to the fluctuation of
prices of raw materials, the market demand for our products, changes in
governmental regulations and/or economic policies and our ability to penetrate
new markets.

    For further information, please contact:
     Investor Relations Network
     Tom Gavin
     Tel:   +1-951-845-1112
     Email  irnetwork@earthlink.net

SOURCE Huifeng Bio-Pharmaceutical Technology, Inc.


Source: newswire



comments powered by Disqus