SOURCE: Huifeng Bio-Pharmaceutical Technology, Inc.

May 16, 2007 10:16 ET

Huifeng Bio-Pharmaceutical Announces First Quarter 2007 Results

Revenue Increases 27%; Net Income Rises 144%

XI'AN, PEOPLE'S REPUBLIC OF CHINA -- (MARKET WIRE) -- May 16, 2007 -- Huifeng Bio-Pharmaceutical Technology, Inc. (OTCBB: HFGB), a rapidly growing Chinese company which produces raw materials for pharmaceutical and nutraceutical production, today reported results for the first quarter ended March 31, 2007. Revenue for the first quarter of 2007 increased 27% to USD $1,397,669 compared to USD $1,103,447 for the first quarter of 2006. Gross profit for the first quarter was USD $407,851, a 140% increase compared to USD $169,737 for the period ended March 31, 2006. Net income for the first quarter 2007 was $311,128, compared to net income of USD $127,298 in the first quarter of 2006, a 144% increase.

Jing'An Wang, CEO of Huifeng Bio-Pharmaceutical Inc., commented, "We are very pleased with our first quarter results for 2007. Our revenue growth for the quarter was due mainly to an increase in our domestic and export sales in our pharmaceutical intermediates and pharmaceutical raw materials. The first quarter results demonstrate Huifeng's ability to further grow our volume and market share."

"Huifeng will continue to deliver good sales and earnings performance, in part because of two new products that have been brought to market in 2007, Diosmin and L-Rhamnnose." Wang added, "We are currently on track to achieve our full year targets. This constitutes a good start to the year, building on sound foundations established since the company's inception. With continuing market demand and the company executing at a high level, we remain confident about our outlook for the remainder of the year."

About Huifeng Bio-Pharmaceutical Technology, Inc.

Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of Rutin and related plant-derived chemicals in a class called Flavonoids, with medicinal and other beneficial properties. Founded in 2000, Huifeng uses proprietary patented processes to extract Rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All readers are encouraged to review the 8-K to be filed in connection with the acquisition discussed above, which outlines risk factors including deal terms and other relevant items. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information