CHENGDU, China, Oct. 28 /Xinhua-PRNewswire-FirstCall/ -- Tianyin Pharmaceutical, Co., Inc., (Amex: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that the Company's board of directors has approved a $3 million stock repurchase program.
On October 27, 2008, the Board of Directors authorized the Company to repurchase up to $3.0 million of its common stock through January 2009. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors deemed appropriate by the Company's CEO and President. Repurchases may be in open-market transactions or through privately negotiated transactions, and the repurchase program may be expanded by the Board of Directors in the future. The Company has approximately 15.5 million shares of common stock outstanding and approximately 2.5 million shares are in the public float as of today. Any shares repurchased by the Company in this program will be retired to the treasury while reducing the number of outstanding shares of its common stock.
"After careful consideration and evaluating a number of suitable investment opportunities, we believe an investment in our Company has the potential to yield a significant return for our shareholders," stated Dr. Jiang, Chairman and CEO of Tianyin. "We currently maintain a strong balance sheet, with approximately $12.1 million in net cash and equivalents as of June 30, 2008, and are also cash flow positive from operations. Taking this buyback into consideration, we will have maintained a sufficient cash balance to complete the new solid dosage production plant without the need for raising any additional capital," Dr. Jiang concluded.
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine ("TCM") in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 33 modernized TCMs and 4 generic western medicines in the market, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance Program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 48 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 720 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,384 employees. Tianyin achieved revenue of approximately $33.5 million and net income of approximately $6 million in FY2008 ending June 30, 2008. For more information about Tianyin Pharmaceuticals, please visit http://www.tianyinpharma.com .
Safe Harbor Statement
This Press Release contains or may contain forward looking statements
and information that are based upon beliefs of and information currently
available to the Company's management as well as estimates and assumptions
made by the Company's management. When used herein the words "anticipate",
"believe", "estimate", "expect", "future", "intend", "plan" and similar
expressions as they relate to the Company or the Company's management
identify forward looking statements. These statements involve certain risks
and uncertainties including but not limited to risks associated with the
uncertainty of future financial results, additional financing requirements,
development of new products, government approval processes, the impact of
competitive products or pricing, technological changes, the effect of
economic conditions and other uncertainties detailed in the Company's
filings with the Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize, or should the underlying
assumptions prove incorrect, actual results may differ significantly from
those anticipated, believed, estimated, intended or planned.
For more information, please contact:
For the Company:
Allen Tang, Ph.D., MBA, Assistant to the CEO
HC International, Inc.
|SOURCE Tianyin Pharmaceutical, Co., Inc.|
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