WEIFANG, China, Feb. 5 /PRNewswire-Asia-FirstCall/ -- Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) ("Shengtai" or "the Company"), a leading manufacturer and distributor of high-quality, pharmaceutical grade glucose products in China, today commented on a recently released State Council approved plan to spend a total of 850 billion RMB (USD 123 billion) by 2011 to provide universal primary medical services. Over the next three years, the multi-billion health care plan is aimed at expanding the government-sponsored medical insurance network to provide affordable, basic health care coverage to over 90% of the population. The plan seeks to expand health care services by targeting the country's approximately 900 million farmers, many of whom lack basic medical insurance, to ensure they are covered under the program. Under the plan, each person covered by the program will receive an annual health care subsidy after the 2010 year. In addition, the government will build hospitals and community health clinics to improve medical services in the rural and under-developed areas.
"We believe Shengtai stands to benefit from the government's plan as our pharmaceutical grade glucose is a basic raw material used in medical transfusions, which is also the most common form of medical treatment in China," said Mr. Qingtai Liu, Shengtai Pharmaceutical's CEO. "As the government builds more rural hospitals and community health clinics, we believe there will be an increased demand for glucose as more patients receive transfusions as part of their basic medical services. With our state-of-the-art glucose production facilities, we have the production capacity to meet the anticipated increase in glucose demand. This production expansion, in addition to the recent reorganization of our domestic and international sales department, positions us so we are ready to take advantage of additional market opportunities. Our actions are part of our efforts to provide existing and potential new customers with high-quality products, and a solid platform from which we can grow and maintain our leadership in our business."
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned subsidiary, Shengtai Holding, Inc. (SHI), a New Jersey corporation, and the Chinese operating company of Weifang Shengtai Pharmaceutical Co., Ltd., is a leading manufacturer and supplier of pharmaceutical grade glucose used for medical purposes. It also manufactures and supplies glucose and cornstarch products to the food, beverage and industrial production industries in China. For more information about Shengtai Pharmaceutical, Inc., please visit http://www.shengtaipharmaceutical.com .
Certain statements made in this news release, may contain forward-looking statements concerning the Company's business and products. These statements include, without limitation, statements regarding our ability to prepare the Company for growth, the Company's planned capacity expansion and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs, but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand especially in the pharmaceutical industry, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's new facilities, risk associated with large-scale implementation of the Company's business plan, the ability to attract new customers, ability to increase its product's applications, cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
For more information, please contact: Shengtai Pharmaceutical, Inc. Ms. Yiru Melody Shi Chief Financial Officer Tel: +1-949-468-7078 Email: firstname.lastname@example.org Grayling Global Eddie Cheung Investor Relations Tel: +1-646-284-9414 Email: email@example.com
|SOURCE Shengtai Pharmaceutical, Inc.|
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