CHENGDU, China, Sept. 19, 2011, /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical Co., Inc. (NYSE Amex: TPI, or the "Company"), a pharmaceutical company that specializes in patented biopharmaceutical medicine, modernized traditional Chinese medicine, branded generics and active pharmaceutical ingredients (API) today provides the progress updates for its operating subsidiary, Chengdu Tianyin Pharmaceutical Co., Ltd's ("Chengdu Tianyin") application for the renewal of its High Tech Enterprise Status in Chengdu, Sichuan Province of China.
Chengdu Tianyin is a wholly foreign-owned enterprise incorporated in the People's Republic of China (PRC) and subject to PRC Foreign Enterprise Income Tax ("FEIT") Law. Chengdu Tianyin has been entitled to the preferential tax treatment for opening up its production facility in Western China in Sichuan Province. The applicable reduced preferential state enterprise income tax rate under this policy was 15% until December 31, 2010. Following the preferential tax treatment period, Chengdu Tianyin is currently subject to 25% income taxes.
After an initial preparation period, TPI'S High Tech Enterprise status application has been submitted to the Bureau of Science and Technology of Chengdu, Sichuan Province in June 2011. After preliminary review, additional application material has been subsequently provided for the second round of review. This includes eight technology patents and one industrial application patent. The management will provide further updates the outcome of review process.
The successful renewal of the High Tech Enterprise Status will reduce the current enterprise income tax to 15% for another three years from the beginning of 2012 calendar year.
Headquartered at Chengdu, China, TPI is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, modernized traditional Chinese medicines, branded generics and active pharmaceutical ingredients (API). TPI currently manufactures a comprehensive portfolio of 58 products, 24 of which are listed in the highly selective national medicine reimbursement list, 7 are included in the essential drug list of China. TPI's pipeline targets various high incidence healthcare indications. TPI has an extensive nationwide distribution network with a sales force of 730 sales representatives out of totaled 1,365 employees.
For more information about TPI, please visit: http://www.tianyinpharma.com.
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
James Jiayuan Tong M.D. Ph.D.
Tel: +86-28-8551-6696 (Chengdu, China)
23rd Floor, Unionsun Yangkuo Plaza
No. 2, Block 3, South Renmin Road
SOURCE Tianyin Pharmaceutical Co., Inc.