China Health Labs & Diagnostics Ltd. Announces Voluntary
Withdrawal from OTCQX International
TORONTO,
Jan. 17, 2013 /CNW/ - China Health
Labs & Diagnostics Ltd. ("China Health" or the "Company")
(TSXV: CHO) (OTCQX: CHLBF) announces that it has voluntarily
withdrawn from the OTC Market's premier tier, OTCQX International
("OTCQX") and trades on the OTC Pink Current tier effective on
January 17, 2013. The Company's board
of directors approved the voluntary withdrawal of the Company's
shares from trading on the OTCQX primarily due to the thin trading
and the costs associated with regulatory compliance exceeding the
benefits. Upon removal of listing, the Company shall cease to
file reports with the US Securities and Exchange Commission.
About China Health Labs & Diagnostics
Ltd.
China Health, operating in China as the Biochem Group, is a leading
diagnostic lab solution provider for the public healthcare industry
in China. The Company develops and
sells Biochem Group branded and third-party medical diagnostic
products and services to diagnostic facilities in China. Customers include large urban
hospitals, rural hospitals, Chinese defense and rescue operations,
the Beijing government and
third-party distributors.
The Company intends to continue its growth by
focusing its efforts on expanding its sales network in three areas
where it provides proprietary solutions, has limited competition
and which are supported by Chinese government policies and budgets:
BK Clinlab total lab solutions for rural hospitals and clinics,
POCT solutions for military and emergency rescue services, and food
safety solutions for large cities in China. In 2011, China Health increased
its revenues by 35% to $45.6 million,
and increased its installed base of BK Clinlab total solution
diagnostic labs ("BK Clinlabs") from 210 at the start of 2011 to
899 rural hospitals to date. In addition, the Company grew
revenues from its overall total lab solutions business by 99% from
2010, which increased gross margins to 44% in 2011 as compared to
39% in 2010.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This press release contains forward-looking
statements and information that are based on the beliefs of
management and reflect China Health's current expectations.
When used in this press release, the words "estimate", "project",
"belief", "anticipate", "intend", "expect", "plan", "predict",
"may" or "should" and the negative of these words or such
variations thereon or comparable terminology are intended to
identify forward-looking statements and information. The
forward-looking statements and information in this press release
includes information relating to the voluntary withdrawal from the
OTCQX, expansion of the Company's business through its sales
network in areas where it has proprietary products, limited
competition and strong government support. The
forward-looking information is based on certain assumptions, which
could change materially in the future, including the assumption
that the Company will be able to expand its sales network and
business. Such statements and information reflect the current
view of China Health with respect to risks and uncertainties that
may cause actual results to differ materially from those
contemplated in those forward-looking statements and
information. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
risk that the Company may not proceed with its voluntary withdrawal
from the OTCQX or that the Company may not be able to expand its
business as expected through its sales network in any of the areas
in which it has proprietary products, limited competition and
strong government support. China Health cautions that the
foregoing list of material factors is not exhaustive. When
relying on China Health's forward-looking statements and
information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. China Health has assumed a certain
progression, which may not be realized. It has also assumed
that the material factors referred to above will not cause such
forward-looking statements and information to differ materially
from actual results or events. However, the list of these
factors is not exhaustive and is subject to change and there can be
no assurance that such assumptions will reflect the actual outcome
of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CHINA HEALTH AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE CHINA HEALTH MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT
AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
SOURCE CHINA HEALTH LABS &
DIAGNOSTICS