CHENGDU, China, May 20 /Xinhua-PRNewswire-FirstCall/ -- Tianyin Pharmaceutical, Co., Inc., (OTC Bulletin Board: TYNP), a manufacturer and supplier of modernized traditional Chinese medicine ("TCM") based in Chengdu, China, today announced that it signed over 60 new distribution agreements with a total of 15 regional distributors, including both new and previously contracted distributors.
Many of these agreements, which are for a term of one year, were signed with several of the Company's top 10 distributors from 2007. Newly engaged distributors include Sichuan Kelun Medicine & Trade Co., Ltd. and Zhejiang Huadong Medicine Co., Ltd. Based upon the results of previous years' agreements, and expected results from the new agreements, management believes that all of the 2008 distribution agreements have the potential to generate over an aggregate of $10 million in product orders, which would represent a 20% increase over the results received from last year's distribution agreements.
The distribution agreements cover 27 existing products from last year's agreements and 1 newly launched drug, the Azithromycin Dispersible Tablet, which is used for Upper and lower respiratory tract infections and other bacterial infections in the skin and reproductive system. The Company's two flagship products, Arpu Shuangxin Oral Liquid and Ginkgo Mihuan Oral Liquid, along with any other new drugs that we launch during 2008 are not included in the distribution agreements discussed herein.
"This accomplishment is significant for several reasons and demonstrates Tianyin Pharmaceutical's ability to expand its geographic footprint and distribution channels for both existing and new products. This will help us to gain incremental market share, which will ultimately drive future revenue growth. We recently initiated production to fulfill orders for the 28 products referenced above and anticipate initial contribution from these agreements during the fourth quarter of fiscal year 2008, which ends June 30, 2008. We are committed to working closely with our long term distribution partners as well as newly engaged distribution partners and expect to secure additional orders from these relationships in the coming months," commented Dr. Guoqing Jiang, Chairman and CEO.
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 34 modernized TCMs 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 51 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 523 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,187 employees. Tianyin achieved revenue of $20.4 million and net income of $3.95 million in FY2007 ending June 30, 2007.
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:
Allen Tang, Ph.D., MBA, Assistant to the CEO
Tel: +86-15821225642 (China)
HC International, Inc.
Tel: +1-914-669-0222 (US)
|SOURCE Tianyin Pharmaceutical, Co., Inc.|
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