China Health Labs & Diagnostics Ltd. Announces Change of Date
for the Conference Call to Discuss Results of the Third Quarter
Ended September 30, 2012
TSX-V: CHO
OTCQX: CHLBF
www.chinahealthlabs.com
TORONTO,
Nov. 28, 2012 /CNW/ - China Health
Labs & Diagnostics Ltd. ("China Health" or the "Company")
(TSXV: CHO; OTCQX: CHLBF), announced today that it will reschedule
the conference call to discuss the results of the third quarter
ended September 30, 2012. The Company
previously announced that it will release its third quarter results
on November 28, 2012, after market
close, with a scheduled investor conference call for Thursday, November 29, 2012 at 10:00 am (Eastern Time). The Company engaged its
auditors, BDO Canada LLP to complete an interim review of its
financial statements for the quarter ended September 30, 2012. Management and BDO Canada LLP
are reviewing the appropriate accounting treatment and IFRS
interpretations relating to a sales arrangement that the Company
has entered into during the quarter involving five pieces of
diagnostic equipment. The Company will issue a further news release
for the new date and time for the rescheduled investor conference
call to discuss the results of the third quarter once they are
released.
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 to expand its
business 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") to from 210 locations at the start
of 2011 to 833 rural hospitals. In addition, the Company grew
revenues from its overall business in providing total lab solutions
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 release of the interim
financial results for the period ended September 30, 2012 and the related conference
call, the 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 there may be further delays to address the IFRS
interpretation issue, 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