BEIJING, April 10, 2012 /PRNewswire-Asia/ -- Lotus
Pharmaceuticals, Inc. (OTCBB: LTUS) ("Lotus" or the "Company")
issued the following statement: For the past five years when Lotus
Pharmaceuticals became a public company on the OTC bulletin board,
the Company invested a significant amount of capital every year in
maintaining a good listing status. In the past two years, the
Company has put in a large amount of capital in the building and
furnishings of its new headquarters in Beijing Chaoyang District.
The funding for the new building all came from the Company's
operational income and the Company has not received any external
funding support. As a result, the Company is experiencing a
liquidity crunch currently with an extremely low level of working
capital, and will be unable to continue to spend on auditing and
other professional services that are required for a public company.
Given our financial condition, if we could not secure additional
investments from outside, the Company will not be able to fund
professional services that are necessary for a public company, such
as auditing and legal services, and the Company could get delisted
eventually. If there are investors that would like to support us
and provide us with additional funding, we would be glad to work
out a solution so that we could maintain our good listing status.
We appreciate your understanding, help, and support over the
years.
About Lotus Pharmaceuticals, Inc.
Lotus Pharmaceuticals, Inc. is a 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.
Contact:
Zhongyi Liu
CEO of Lotus Pharmaceuticals, Inc.
Ph: 86-10-63830088
Email: liu@lotuspharma.com
Web: http://www.lotuspharma.com
SOURCE Lotus Pharmaceuticals, Inc.