BEIJING, March 10 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a growing developer and producer of prescription drugs and licensed national seller of pharmaceutical products in the People's Republic of China ("PRC"), reported the groundbreaking ceremony on March 9 to construct a new building complex on the grounds of its production facility in Beijing.
Officials of Beijing municipal and Chaoyang district governments, officers of the China State Food & Drug, and representatives of both state-owned and private pharmaceutical companies attended the ceremony.
CEO, Zhongyi Liu, welcomed the guests. "After a year of planning, we are pleased to start the construction of the new building complex and expect to finish the construction by July, interior decoration by September and GMP certification by December of this year," he said. "This is a new page for Lotus' development and it will provide important impetus to profitable growth, which is anticipated to reach $150 million in annual sales during the first year after the facility is fully operational."
The new nine-floor building complex will be used for offices, research and development, production, and modern storage. Until the building complex is complete, interim production of the drugs to be produced at the new facility will be produced by third parties.
About Lotus Pharmaceuticals, Inc. ( http://www.lotuspharma.com )
Lotus Pharmaceuticals, Inc. is a growing developer and producer of prescription drugs and a licensed national seller of pharmaceutical items in the People's Republic of China. Lotus operates through its two controlled entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical, Ltd. Lotus' current drug development pipeline is focused on the treatment of cerebro-cardiovascular disease, 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.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intent," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may," or words or expressions of similar meaning. Such statements are not guarantees of future performance and could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including, but not limited to, changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, increased costs, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, the time to get new drugs approved by the State Food and Drug Administration and other factors. Additional information regarding risks can be found in the Company's Annual Report on Form 10K and its other filings with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
For more information, please contact:
Lotus Pharmaceuticals, Inc.
Yan ZENG, CFO
Tel: +86-10-6389-9868
Email: zy@lotuspharma.com
