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.
SOURCE Lotus Pharmaceuticals, Inc.