Lotus Pharmaceuticals, Inc. Reports Strong 2008 Financi...(ationships with customers access to capi...),Health

Date:4/22/2009

ationships 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 SFDA 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 further information, please contact:

    Lotus Pharmaceuticals, Inc.
     Mr. Adam Wasserman, CFO
     Tel:   +1-877-801-0344
     Email: info@LotusEast.com
     Web:  http://www.lotuspharma.com



                  LOTUS PHARMACEUTICALS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                                       December 31,
                                                  2008              2007
    ASSETS
    CURRENT ASSETS:
        Cash                                    $1,278,808        $4,557,957
        Accounts receivable, net of
         allowance for doubtful accounts         6,132,912        20,430,827
        Other receivable                            15,757                --
        Other receivable-related party           2,027,954                --
        Inventories, net of reserve for
         obsolete inventory                      3,787,802         3,410,739
        Prepaid expenses and other assets          121,274         1,009,382
        Deferred debt costs                        398,067            29,340

        Total Current Assets                    13,762,574   
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SOURCE  Lotus Pharmaceuticals, Inc.
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