TUSTIN, Calif., May 9 /PRNewswire-FirstCall/ -- AMDL, Inc. , an international vertically integrated specialty pharmaceutical company with operations in China through its wholly owned subsidiary, Jade Pharmaceutical Inc., today announced that its consolidated financial statements for the year ended December 31, 2007, which were included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 14, 2008, contained a 'going concern' qualification from its independent registered public accounting firm KMJ Corbin & Company LLP. This announcement is in compliance with the AMEX Company Guide Rule 610(b) requiring a public announcement of the receipt of an audit opinion that contains a going concern qualification. This announcement does not reflect any change or amendment to the consolidated financial statements as filed. Further information regarding the going concern qualification is contained in AMDL's Annual Report on Form 10-K for the year ended December 31, 2007.
Mr. Gary Dreher, CEO, stated, "Significant improvements in AMDL's China operations combined with other recently announced events provide a financial platform for the Company to improve its sales and earning profile during the second half of FY2008 and beyond, giving us greater confidence in AMDL's financial performance in 2008. Accordingly, we anticipate AMDL will be to in a position to have our auditors remove the 'going concern' qualification after the end of the current fiscal year." The business improvement and opportunities referenced above include:
* FY2007 Sales of $15 million and, Gross Profits of $8.1 million; * In-licensed Human Papilloma Virus ("HPV") Diagnostic Test; * Signed LOI for the Purchase a China Based Pharmaceutical Distribution Company; * Signed an MOU for 200 Store Distribution Arrangements for theGoodnak Product Line;
About Jade Pharmaceutical: Jade has access to the fastest growing pharmaceutical and consumer market in the world: China. AMDL, through its subsidiaries, Jade currently manufactures large volume injection fluids, tablets and other related products, holding licenses for 133 products. It also manufactures 107 generic, over the counter and supplemental pharmaceutical products under certified Chinese Good Manufacturing Practice (CGMP) standards.
About AMDL: More information about AMDL and its products can be obtained at http://www.amdl.com/.
Contact: AMDL, Inc. Mr. Paul Knopick AMDL Investor Relations Direct Line: 949.707.5365 VoiceMail: 714.505.4460
