HANGZHOU, China, April 27, 2015 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the "Company" or "China Jo-Jo"), a leading China-based retail and wholesale distributor that offers pharmaceutical and health care products through its online and retail pharmacies, today announced its subsidiary, Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd. ("Jiuzhou Pharmacy") has signed a new sales incentive agreement with Wyeth Pharmaceutical Company, Ltd. ("Wyeth"), a wholly owned subsidiary in China of Pfizer Inc. (NYSE: PFE) (the "Agreement"). The purpose of the Agreement is to double the sales of Wyeth's Consumer Healthcare products in 2015. Jiuzhou Pharmacy has been partnering with Wyeth since 2003, and today it has become the largest retailer in Zhejiang Province for a variety of Wyeth's Consumer Healthcare products, such as Centrum (multivitamin & mineral supplements) and Caltrate (calcium supplement).
The Agreement illustrated specific approaches and conditions of Jiuzhou Pharmacy's collaboration with Wyeth, including sales targets, promotional incentive to consumers, products and pricing methods. In return, Wyeth will fully support Jiuzhou Pharmacy with priority delivery, favorable purchase prices and promotional activities. Mr. Cai Baoguang, President of Pfizer's Healthcare Division for Greater China Region, has recently visited the Company and finalized the detail in the Agreement.
Qi Li, President of China Jo-Jo, commented, "As we began to set the sales target for the fiscal year 2015, we increased our orders placed on our top 10 suppliers by more than 30%. We are glad to once again working with Wyeth as our trusted supplier because, when selecting suppliers, we valued highly on product qualities, brand recognitions, distribution and consumer feedback. China Jo-Jo is striving to differentiate itself from other drugstores by offering superior products to meet the ever-growing demand of Chinese consumers."
About Wyeth Pharmaceuticals Company, Ltd.
Wyeth Pharmaceuticals, a division of Wyeth, a wholly owned subsidiary in China of Pfizer Inc. (NYSE: PFE),has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, haemophilia, oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of December 31, 2014, the Company had 60 retail pharmacies in Hangzhou. The Company's wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).
Forward Looking Statement
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "estimate," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate," the negatives thereof, or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. It is routine for the Company's internal projections and expectations to change as the quarter and year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change. Although these expectations may change, the Company is under no obligation to inform you if they do. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of numerous factors, including the risks associated with the effect of changing economic conditions in the People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products. Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements.
China Jo-Jo Drugstores, Inc.
Chief Financial Officer
SOURCE China Jo-Jo Drugstores, Inc.