BEIJING, Dec. 9, 2010 /PRNewswire-Asia-FirstCall/ -- Lotus
Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the
"Company"), a fast-growing, profitable developer, manufacturer and
seller of medicine and drugs in the
People's Republic of China ("PRC"), today announced that it
plans to sell or transfer approximately 165 acres (1,000 MU) of
Company-owned land in the Chahaer Industrial Park, Inner Mongolia.
Lotus' operating entity, Beijing Liang Fang Pharmaceutical Co.,
Ltd., purchased the land-use rights for the property in 2008. Lotus
had originally intended to build a pharmaceutical manufacturing and
storage facility on a portion of the property.
In March 2010, Lotus began
construction on a 250,000-square-foot facility in Beijing after receiving permission from the
Beijing Chaoyang District Planning Bureau. The new building will
house the Company's R&D center, manufacturing operations,
storage facilities, sales and administrative offices. The building
will become Lotus' new corporate headquarters following its
completion. Management expects to move into the building by
June 2011.
Lotus' Chairman and CEO, Mr. Zhongyi
Liu, stated, "We have decided not to move forward with the
construction of our planned facility in Inner Mongolia in order to
focus our efforts and resources on expanding our core business in
Beijing. We believe that selling
or transferring this property will be a more effective use of our
capital."
About Lotus Pharmaceuticals, Inc.
Lotus Pharmaceuticals, Inc. is a fast-growing, profitable
developer and producer of drugs and a licensed national seller of
pharmaceutical items in the People's
Republic of China (PRC). Lotus operates its business through
its two controlled entities: Liang Fang Pharmaceutical, Ltd. and En
Ze Jia Shi Pharmaceutical, Ltd. Lotus' current drug development is
focused on the treatment of cerebro-cardiovascular diseases, asthma
and diabetes. Liang Fang sells drugs
directly and indirectly through its national sales channels to
hospitals, clinics and drugs stores in 30 provinces of the PRC.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the
statements in this press release are forward-looking statements
that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause our actual results in future periods to differ materially
from forecasted results. These risks and uncertainties include,
among other things, product demand, market competition, and risks
inherent in our operations. These and other risks are described in
our filings with the U.S. Securities and Exchange
Commission.
Contacts:
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At the Company:
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Xing Shen, Ph.D.
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VP of Corporate Development
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Lotus Pharmaceuticals, Inc.
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Tel: 415-690-7688
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Email: shen@lotuspharma.com
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Web: http://www.lotuspharma.com
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Investor Relations:
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Dave Gentry
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RedChip Companies, Inc.
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Tel: +1-800-733-2447, Ext. 104
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Email: info@redchip.com
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Web: http://www.redchip.com
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SOURCE Lotus Pharmaceuticals, Inc.