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