AMDL First to Implement US & China-Based, GAAP-Certified Accounting Technology to Capitalize on Lucrative China Healthcare Marke
30 January 2009 - 12:41AM
PR Newswire (US)
Company announces implementation of Kingdee enterprise accounting
system across its US & China-based operations TUSTIN, Calif.,
Jan. 29 /PRNewswire-FirstCall/ -- AMDL, Inc. (NYSE Alternext US:
ADL), a vertically integrated pharmaceutical company with
operations in China and the US, announced today it is implementing
a state-of-the-art, westernized enterprise accounting system across
its US and China-based operations. Developed by China-based Kingdee
International Software, the new accounting system runs on a
high-speed, point-to-point dedicated server system to completely
streamline end-to-end accounting practices, financial reporting,
taxation, corporate governance and controls to deliver real-time
financials. The accounting system has already been implemented in
AMDL's US-based headquarters and implementation across the
Company's China-based pharmaceutical operations underway. Over the
past four years AMDL has seen over 100% year-over-year growth and
anticipates continuing this trend for fiscal year 2009 where it is
once again forecasting at least 100% sales growth. Management's
decision to implement the new Kingdee accounting system is an
instrumental part of the Company's plan to increase financial
transparency, manage and run all operations on a real time basis,
based on best business practices and standards. According to AMDL's
Chairman and CEO, Mr. Douglas MacLellan, "This implementation
represents Kingdee's first US technology deployment, making AMDL
the only China-based, US publicly-traded Company to operationalize
an accounting system that meets the demanding and rigorous
requirements of US GAAP-certified accounting standards. We took a
very cost-effective and diligent approach in choosing Kingdee and
we believe the system gives AMDL internal controls financially and
operationally over our Chinese company publicly listed on a US
exchange." With more than 26 years experience in Chinese business
management and 12 years experience specifically in the China
pharmaceutical industry, Mr. MacLellan also commented, "With
China's health care spending projected to grow at 11% through 2012
and a $586 billion stimulus package focused on bringing universal
healthcare to its 1.3 billion citizens, AMDL is in a tremendous
position for exceptional growth and its absolutely imperative AMDL
is operationally prepared to account for that growth. Implementing
a state-of-the art system like Kingdee is an instrumental part of
our operational plan and provides a critical layer of control and
reporting confidence to the Company, our partners, customers and
valued shareholders." According to James Shen, publisher of
Healthcare Journal Pharma China, "China's pharmaceutical sector has
shown double-digit annual growth for the past two decades, with
2007 growth coming in at nearly 20%". (2008 figures have not yet
been released.) Omair Azam, marketing forecasting manager at
Synovate Healthcare in Beijing, projects that the Chinese market
will continue to show a growth rate of 12-15% per annum for the
next five years; by contrast, growth in Europe and the US is
expected to hover around the 2-5% mark. Mr. MacLellan continued,
"Despite China's slightly toned down 6-7% GDP growth rate for
FY2009, this market is far from approaching a recession. China's
industry earnings growth is expected to outperform the US next
year, making China-based companies a strong buy -- particularly as
investors look to put cash reserves back to work in the equities
markets. These sentiments were corroborated by Mr. Neil Shen,
industry pundit and managing partner of Sequioa Capital China,
where he has recently indicated China is where continued gross
domestic product expansion and steady consumer spending will help
to sustain profits and China's GDP gains." In addition to the
Kingdee system, AMDL has taken additional steps to operationalize
other best business practices and standards across its US and
China-based operations. Today's announcement on the implementation
of GAAP-certified accounting system is just one in a thorough list
of operational excellence protocols the Company is enforcing.
Others include: -- Establishing a US FDA, GMP-approved and ISO
13485-certified manufacturing facility in Tustin, California and
four cGMP manufacturing facilities in Jiangxi and Jilin provinces
in China. -- Securing tenured, contractual distributor
relationships with exclusivity clauses that enable AMDL's
distributors to distribute and sell the Company's products in key
China markets as well as Europe, South America and US without
facing outside competition. Distributors engaged with the Company
have remained in contract with AMDL on average for and the Company
continues to bring new distributor relationships onboard. --
Implementing Sarbanes-Oxley (SOX) compliant internal control
structures and procedures by 2009. About AMDL: Headquartered in
Tustin, CA with operations in Shenzhen, Jiangxi, and Jilin, China,
AMDL, Inc., along with its subsidiary Jade Pharmaceutical Inc.
(JPI), is a vertically integrated pharmaceutical company devoted to
the research, development, manufacturing, and marketing of
diagnostic, pharmaceutical, nutritional supplement, and cosmetic
products. The company employs over 490 people in the U.S. and
China. Forward Looking Statements: Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995: The statements
contained in this document include certain predictions and
projections that may be considered forward-looking statements under
securities law. These statements involve a number of important
risks and uncertainties that could cause actual results to differ
materially including, but not limited to, the performance of joint
venture partners, as well as other economic, competitive and
technological factors involving the Company's operations, markets,
services, products, and prices. With respect to AMDL Inc., except
for the historical information contained herein, the matters
discussed in this document are forward-looking statements involving
risks and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. AMDL
Contact: Kristine Szarkowitz Director-Investor Relations (Tel :)
206. 310.5323 DATASOURCE: AMDL, Inc. CONTACT: Kristine Szarkowitz,
Director-Investor Relations of AMDL, +1-206-310-5323,
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