AMDL Reports Going Concern Qualification

Fri May 9, 2008 11:47pm EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]
TUSTIN, Calif., May 9 /PRNewswire-FirstCall/ -- AMDL, Inc. (Amex: ADL),
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 www.amdl.com.

     Contact: AMDL, Inc.
     Mr. Paul Knopick
     AMDL Investor Relations
     Direct Line: 949.707.5365
     VoiceMail: 714.505.4460

SOURCE  AMDL, Inc.

Mr. Paul Knopick, direct, +1-949-707-5365, voicemail, +1-714-505-4460, for
AMDL, Inc. Investor Relations

 

Featured Broker sponsored link

Editor's Choice

Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

Photo
Bearing Witness
Reuters award-winning multimedia piece, reflecting five years of reporting the war in Iraq.