- Company Strengthening Its Board of Directors
BEIJING, Oct. 23 /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 the Company's Board of Directors has accepted the resignation of Dr. Ian Ashley from the Board.
Chairman and CEO Mr. Zhongyi Liu stated, "Dr. Ashley has served as a valued member of the Board for four years, and we sincerely appreciate his service. We are preparing to apply for a listing on a national securities exchange and are adding experienced directors who will be actively involved in guiding the Company."
The Company's management also reaffirms its previously issued guidance of $73.6 million in revenues and $21.4 million in net income for fiscal 2010. Management is confident in the Company's performance for the rest of the year and looks forward to updating investors on Lotus' third quarter results in the 10-Q filing and earnings release, which are scheduled to be released on or before Monday, November 15.
Lotus' management team will also be traveling to multiple cities in the U.S. to meet with brokers and institutional investors in early November. The circuit will involve meetings and presentations in San Francisco, Los Angeles, Phoenix, Chicago, and New York between Thursday, November 4 and Tuesday, November 9. Financial professionals who are interested in meeting with Lotus' management can contact Jon Cunningham at (407) 644-4256, Ext. 107 or Jon@redchip.com.
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 drug 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.
