BEIJING, Dec. 15, 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"), announced today that it
signed contracts with new pharmaceutical manufacturers and
distributors at the PHARMCHINA 64th National Drug Fair Conference,
which was held in Nanchang,
Jianxi Province from December 9-11.
Liang Fang Pharmaceutical Co., the operating entity of Lotus
Pharmaceuticals, signed contracts at the conference with five
additional regional distributors for the Company's products from
multiple regions across China. The
addition of the new distributors will increase Lotus' sales
distribution network from 195 hospitals and distributors to 200. In
addition, the Company entered into distribution contracts with six
pharmaceutical manufacturing companies and will act as the
exclusive distributor for their products in the Beijing area.
Chairman and Chief Executive Officer Mr. Zhongyi Liu stated, "Our participation in the
PHARMCHINA conference was very fruitful, as we came away with six
new contracts upstream and five downstream. We estimate that these
contracts will contribute approximately $1.5
million to our overall annual revenue, with an incremental
net profit increase of $0.6 million.
We believe we are well-positioned to reach our goal of 25% top-line
growth in 2011."
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
Lotus
Pharmaceuticals, Inc.
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Ph: +1-415-690-7688
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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, U.S.
RedChip Companies,
Inc.
Tel:
+1-800-733-2447,
Ext. 104
Email:
info@redchip.com
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SOURCE Lotus Pharmaceuticals, Inc.