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Lotus Pharmaceuticals, Inc. Purchases Land Use Rights to Grow its Business and Reduce Costs
Date:2/5/2009

us' new facility and Pharmaceutical Park will require an estimated additional RMB400 million (about $58.5 million). Plans call for funding the estimated additional RMB400 million through a combination of internally generated cash, low interest local bank loans collateralized by the land, government grants distributed through China's Western Region Development Policy and Technology Sponsorship Policy, the sale or rental of land use rights to the 800 mu of land which will not be used for its new facility or Pharmaceutical Park, and other financing means. Lotus recently submitted its feasibility study for development of its new facility and Pharmaceutical Park to the National Development and Reform Commission as part of its application for a government grant.

''As part of our long term plans for growth, we are pleased to have purchased the land use rights for property on which to develop a new facility and Pharmaceutical Park, and are excited by this opportunity to expand our business in Inner Mongolia,'' said Dr. Zhongyi Liu, the CEO and Chairman of Lotus. ''This important first step puts our plans for expansion during the next five years into action.''

Construction of the new facility is estimated to take three years.

Inner Mongolia Offers Cost Savings

Liang Fang's Inner Mongolia branch, established in December 2008, has a business registration certificate from Inner Mongolia's local government. Lotus' wholesale business for the distribution of drugs is now conducted through Liang Fang's Inner Mongolia branch, which anticipates that it may not have to pay any income taxes for an eight year period, and anticipates on paying income taxes at a reduced rate for the subsequent eight years.

''We expect to realize significant cost savings by expanding into Inner Mongolia. Once our new facility is completed and sales begin, we expect our new Inner Mongolia operations, like our whole
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SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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