Tianyin Pharmaceutical Co., Inc. Begins Initial Share Buyback under its Repurcha... ( CHENGDU China Jan. 30 Asia-FirstC...)

Tianyin Pharmaceutical Co., Inc. Begins Initial Share Buyback under its Repurchase Program

Date:1/30/2009

CHENGDU, China, Jan. 30 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical, Co., Inc. (NYSE Alternext: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that the Company has begun the initial purchase of shares under its previously announced stock repurchase program. These shares will be retired to the treasury while reducing the number of outstanding shares of its common stock.

On October 27, 2008, the Board of Directors authorized the Company to repurchase up to $3.0 million of its common stock from time to time in the open-market or through privately negotiated transactions. The Company's original announcement stated that the buyback would be conducted through January 2009, but it shall be conducted through June 30, 2009. The Company reported $12.4 million in net cash and equivalents on September 30, 2008 and was cash flow positive. Management believes the Company is adequately funded to meet all of the working capital and capital expenditure plans for 2009. Additionally, the Company believes that the Pharmaceutical Industry will be a beneficiary of expanded social reform with the recently announced government stimulus plan.

As of December 31, 2008, the Company has approximately 15.7 million shares of common stock outstanding and approximately 1,031,322 million shares are in the public float as of today.

"The initial share buyback illustrate our confidence in the long-term growth of the company and our commitment to our shareholders," said Guoqing Jiang, Chairman and Chief Executive Officer, "I am pleased to announce that we have made significant progress toward our new production facility which is expected to commence production in the Spring. We recently completed installation of steel framework and roofing of the new building, while laying the floors. The civil construction is expected to be completed aroun
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SOURCE Tianyin Pharmaceutical, Co., Inc.
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