CHENGDU, China, April 14 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical, Co., Inc., (NYSE Amex: TPI), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that its Series A Preferred shareholders approved an annual cash dividend of $0.10 per common share that will be paid quarterly for each quarter of this fiscal year. The initial dividend of $.025 will be paid to common shareholders of record on April 30, 2009, with the actual distribution occurring on or about June 10, 2009. The cash dividend will be paid solely to common stockholders and will not be paid on shares owned by management, advisors or other inside shareholders, all of whom have agreed to waive receipt of the dividend.
Dr. Jiang Guoqing, Tianyin's Chairman and Chief Executive Officer, commented, "We are pleased that our Preferred shareholders have approved the cash dividend payable to common stockholders only. This vote demonstrates the support of our preferred shareholders and commitment of management team to provide returns to our common shareholders first and foremost. The strength of our business coupled with our strong balance sheet puts us in a unique position to be able to provide ongoing current returns to our shareholders through the dividend, while having adequate capital and free cash flow to fund our future growth plans. We are committed to the best interests of our shareholders and will continue to take actions geared at maximizing value throughout the entire organization."
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 5 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 47 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 1,365 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, please visit http://www.tianyinpharma.com .
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that 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.
For more information, please contact: For the Company: Allen Tang, Ph.D., MBA, Assistant to the CEO China Tel: +86-158-2122-5642 Email: Allen.email@example.com Investors: Mr. Matthew Hayden, HC International Tel: +1-561-245-5155 Email: firstname.lastname@example.org Web: http://www.hcinternational.net
|SOURCE Tianyin Pharmaceutical, Co., Inc.|
Copyright©2009 PR Newswire.
All rights reserved