CHENGDU, China, May 7 /PRNewswire-Asia/ -- Tianyin Pharmaceutical, Co., Inc., (NYSE Amex: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that it has completed construction of their new production facility in Chengdu and the expansion project has entered into the testing production phase.
All of the new equipment has been installed in the new production facility and Tianyin is currently testing the purification system. The Company expects to complete the testing phase later this month. The new production facility is expected to triple the production capacity of solid dosage drugs, such as Azithromycin Dispersible Tablets, Mycophenolate Mofetil Capsules, and Dantong Capsules.
"The completion of construction of our new production facility represents an important milestone in our expansion project. The new facility will accommodate increasing production volumes and expected future growth," Dr. Jiang Guoqing, Tianyin’s Chairman and CEO commented. "We are on track to complete the expansion project and launch the new facility in July 2009, which we expect to further drive market share gains and provide incremental growth of our revenue in fiscal 2010 and beyond. We remain committed to maximizing the value and growth potential of our business and ultimately increase shareholder value."
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine ("TCM") in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 33 modernized TCMs and 5 generic western medicines in the market, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance Program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 47 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 720 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,365 employees. Tianyin achieved revenue of approximately $33.5 million and net income of approximately $6 million in FY2008 ending June 30, 2008. For more information about Tianyin, 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.
For more information, please contact:
For the Company:
Allen Tang, Ph.D., MBA, Assistant to the CEO
China
Tel: +86-158-2122-5642
Email: Allen.y.tang@gmail.com
Investors:
Mr. Matthew Hayden, HC International
Tel: +1-561-245-5155
Email: matt.hayden@hcinternational.net
Web: http://www.hcinternational.net
