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China Jo-Jo Drugstores Announces Strategic Transformation Plan

2018-12-31 21:00 437

HANGZHOU, China, Dec. 31, 2018 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a healthcare provider in China, today announced that the Company is initiating a strategic transformation plan (the "Plan") proposed by Mr. Wei Hu, Chief Operating Officer of Jo-Jo Drugstores. The Company expects to become a new benchmark for the smart drugstores with medical diagnosis and a leading brand in the pharmaceutical industry in China.

The Company expects to follow the Plan to execute and implement a well-defined market launch and growth strategy to explore potential markets and benefit more customers. The Plan includes many initiatives covering many business sectors. Highlights of the plan include:

  • Improvement of offline retail pharmacies and the online pharmacy official website. Planned upgrades will improve and offer internet hospital services, a chronic disease management platform, and online and offline services from health management experts. The Xiaojiujianguan customer service center will provide medical health consultation and intervention and share drug information.
  • Smart guidance and medication consultation to be integrated with the online pharmacy. Offline retail pharmacies will conduct grassroots promotions and two-way referrals as permitted by government policy.
  • Exploitation of multiple markets from medical diagnosis to efforts to improve customers' health lifestyle.
  • Deepening promotion of the national medical reform in diagnosis, treatment, and two-way referral.

Mr. Wei Hu, Chief Operating Officer of Jo-Jo Drugstores, Inc., commented, "In the future, the traditional sales model of our existing retail pharmacies will evolve, and more quality medical care will be given to enable ordinary people to choose medicines rationally and receive professional health guidance. At the same time, we plan to move our diagnosis system closer to the American-style family doctor's diagnosis and treatment model and builds a graded diagnosis and treatment and a two-way referral system through the layout of the smart drugstore, so that the people can obtain professional medical and health services more conveniently and efficiently."  

Mr. Wei Hu continued, "As China Jo-Jo adapts to a challenging retail environment and changing regulatory environment, it is crucial that we develop a long term thematic strategy to ensure that we are well equipped to provide our customers with an experience that leverages our extensive operational experience and integrates the new technologies that are transforming the retail pharmaceutical landscape."

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc. ("Jo-Jo Drugstores" or the "Company"), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products in China. Jo-Jo Drugstores currently operates retail drugstores and an online pharmacy. It is also a wholesale distributor of products similar to those carried in its pharmacies and it cultivates and sells herbs used for traditional Chinese medicine. For more information about the Company, please visit http://www.chinajojodrugstores.com/. The Company routinely posts important information on its website.

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

For more information, please contact:

Company Contact: 

Frank Zhao
Chief Financial Officer
+86-571-88077108
frank.zhao@jojodrugstores.com

Steve Liu
Investor Relations Director
steve.liu@jojodrugstores.com

Investor Relations Contact:

Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com  

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Source: China Jo-Jo Drugstores, Inc.
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