HANGZHOU, China, August 8, 2016 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the "Company" or "China Jo-Jo"), announced that it plans to expand the number of its retail pharmacies to 100 over the next twelve months. These additional retail pharmacies will be located in Hangzhou, and will be a mixture of new stores and rebranded ones.
"We are excited to expand our retail pharmacy network in Hangzhou," said Mr. Liu Lei, Chairman and CEO for China Jo-Jo. "Our proven retail pharmacy model has expanded to include premium value added services such as virtual doctor clinic services, in-store prescription dispensary services and chronic disease management programs. We look forward to bringing innovative wellness options and expanded access to care to more pharmacy customers."
China Jo-Jo operated 62 retail pharmacies as of July 26, 2016. With the addition of new and rebranded pharmacies, the Company will consolidate its retail pharmacy leadership in Hangzhou, which has a trillion yuan local economy and one of the highest spending urban consumers in China.
"According to China Association of Pharmaceutical Commerce, sales in retail pharmacy grew 8.6% year-over-year to reach 332.3 billion yuan in 2015. We are capitalizing on the growth momentum of the industry to expand our sales channel and build a larger store network for our integrated online and offline pharmacy business model," added Mr. Liu.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., is a leading China-based pharmacy with retail, wholesale and online distribution of pharmaceutical and health care products through its own online and retail pharmacies. As of July 26, 2016, the Company had 62 retail pharmacies in Zhejiang Province, China. 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. For more information, please visit: 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. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Steve Liu
steve.liu@jojodrugstores.com
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