Navigation Links
Lotus Pharmaceuticals, Inc. Reaffirms its Confidence in Meeting its Make Good Target for Fiscal Year 2008
Date:5/30/2008

BEIJING, May 30 /Xinhua-PRNewswire-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a pharmaceutical company in the People's Republic of China ("PRC"), today reiterates its confidence in meeting the "make good" earnings target of net income $13.1 million for the fiscal year 2008.

"With our continuous efforts in expanding our sales and distribution channels as well as upcoming market launches for three additional products, we remain confident in meeting our 'make good' net income target of $13.1 million for fiscal 2008," said Dr. Zhongyi Liu, Chairman, CEO and President of Lotus Pharmaceuticals, Inc.

On February 26, 2008, Lotus raised $5 million in a private placement. As part of the terms of the transaction, the Company's founders delivered in the aggregate 7,500,000 shares of the Company's common stock owned by them (the "Escrow Shares") to an escrow account. Subject to Lotus achieving certain earnings targets in fiscal years 2007, 2008 and 2009, these Escrow Shares shall be returned to the Company's founders. In 2007, the Company exceeded the target net income of $8.5 million. The target for 2008 is 95% of $13.8 million in net income after eliminating the effect of non-cash charges associated with the private placement and adjusting for differences in the exchange rate between Chinese Renminbi and US dollars used in the Company's 2008 financial statements and an exchange rate of RMB 7.30 to USD 1.00. Additional information can be found in the Form 8-K filed on February 26, 2008 with the U.S. Securities and Exchange Commission in connection with the private placement transaction.

About Lotus Pharmaceuticals, Inc.

Lotus Pharmaceuticals, Inc. ("Lotus") controls and operates Liangfang Pharmaceutical, Ltd. ("Liangfang") and Enze Jiashi Pharmaceutical, Ltd. ("Enze"), two pharmaceutical companies located in Beijing, China. Together, Liangfang and Enze form the main enterprise (together, "Lotus East"), which integrates the production, trade, sales and marketing operations of pharmaceutical products. Lotus East has some of the most advanced pharmaceutical-production equipments in China. The combined company has manufacturing facilities certified by the National GMP, a portfolio of medicines produced by Liangfang and/or Enze and a number of highly skilled scientists on staff. Lotus East has office facilities of 2,000 square meters, warehouse of 1,000 square meters and operates ten retail pharmacies in the Beijing area. Lotus East engages in the business of new drug discovery, drug manufacturing, wholesale and retail sale of medicines. For more information, visit http://www.LotusEast.com .

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. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional information regarding risks can be found in the Company's Annual Report on Form 10K filed 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.

Mr. Adam Wasserman, CFO

Tel: 877-801-0344

Email: info@LotusEast.com

CCG Elite Investor Relations Inc.

Mr. Crocker Coulson, President

Tel: +1-646-213-1915 (New York)

Email: crocker.coulson@ccgir.com

Website: http://www.ccgelite.com


'/>"/>
SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Lotus Pharmaceuticals, Inc. Announces Conference Call to Discuss First Quarter 2008 Results
2. Lotus Pharmaceuticals, Inc. Announces Resignation of Director Mel Rothberg
3. Lotus Pharmaceuticals, Inc. Announces Fourth Quarter and Fiscal Year 2007 Results
4. Lotus Pharmaceuticals, Inc. Announces Conference Call to Discuss Fourth Quarter and Fiscal Year 2007 Results
5. Lotus Pharmaceuticals Raises $5 Million in Private Placement
6. Lotus Pharmaceuticals, Inc. Implements Environmentally-friendly Cost Saving Strategies
7. Lotus Blossom Consulting Announces E-Book on Infertility Treatment Financing
8. Alseres Pharmaceuticals, Inc. Announces 2008 Annual Stockholders Meeting
9. Vista Partners Initiates Coverage on Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE)
10. Alseres Pharmaceuticals, Inc. Reports First Quarter 2008 Operational and Financial Results
11. Alseres Pharmaceuticals, Inc. to Present at The Neurotech Industry Investing & Partnering Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/4/2016)... ... May 04, 2016 , ... Qualitative ... seeks to add a deeper understanding of the program, policy or intervention being ... answers different yet important questions. , In a new brief released today, Reading ...
(Date:5/4/2016)... SCOTTSDALE, AZ (PRWEB) , ... May 04, 2016 ... ... 2016 Annual Technology & Business Conference. The conference opened on Tuesday with Frank ... panel discussion on NCPDP’s PDMP Solution provided a deep dive on NCPDP’s model ...
(Date:5/4/2016)... ... May 04, 2016 , ... The RIDER Institute announces ... of DRACO broad-spectrum antiviral therapeutics. DRACOs have proven effective against all 18 viruses ... 2016 at http://igg.me/at/EndTheVirus and runs for 60 days, we are raising ...
(Date:5/4/2016)... ... May 04, 2016 , ... a2z, Inc. is ... and Canadian Association for Enterostomal Therapy (CAET) will be utilizing powerful and innovative ... to attendees and exhibitors for the 2016 WOCN Society & CAET Joint Conference—which ...
(Date:5/4/2016)... ... ... May kicked off with Melanoma Monday , a multi-agency effort to raise ... encouraging her patients, as well as residents all around Dallas, Cleburne, Irving, and Plano, ... in the future. , The dermatology-specific awareness month ends with “Don’t Fry Day,” established ...
Breaking Medicine News(10 mins):
(Date:5/4/2016)... Research and Markets has ... Myeloma Market and Competitive Landscape Highlights - ...      (Logo: http://photos.prnewswire.com/prnh/20160330/349511LOGO ) , ... Highlights 2016, provides comprehensive insights into Multiple ... Myeloma market valuations and forecast, Multiple Myeloma ...
(Date:5/3/2016)... PUNE, India , May 4, 2016 /PRNewswire/ ... report spreads across 154 pages, profiling 09 key ... It is a professional and in-depth study on ... providing a basic overview of the industry including ... Insulin Needles market analysis is provided for the ...
(Date:5/3/2016)... Pa. , May 3, 2016 ACME ... Jack Whelan and Delaware County ... (naloxone HCI) Nasal Spray in all ACME ... U.S. Centers for Disease Control and Prevention (CDC), naloxone has saved ... when police officers in Delaware County were ...
Breaking Medicine Technology: