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Biostar Pharmaceuticals, Inc. Second Quarter Revenue Increased 46.4% to $19.4 Million
Date:8/17/2010

nted Mr. Deyin "Bill" Chen as Chief Financial officer.

On July 28, 2010, all shareholders of the Company's PRC operating subsidiary, Aoxing Pharmaceuticals, officially registered with the local office of State Administration of Industry and Commerce for the Share Pledge Agreement with its offshore holding company, Shaanxi Biostar. With the Agreement, transfer or sale of any equity interest in the Company's PRC operating subsidiary owned by its shareholders will not be approved by the Chinese government as these shares have already been pledged to the offshore holding company.

"The Share Pledge Agreement eliminates one of the risks associated with investing in our shares, specifically, that the Agreement prevents shareholders of local operating subsidiary from transferring the equity interest from local operating entity and protects public shareholders' interest," continued Mr. Wang.

"We are making progress on all aspects of our business. We expect to receive the final approval to produce Zushima Analgesic Spray in October. With $30 million in anticipated capacity, we expect to generate $3 million in revenue for fiscal 2011 and to grow at least 50% for the coming years. We will remain focused on expanding our sales footprint, branding our leading products, while introducing higher margin products, which we believe will collectively drive further growth and increased profitability," concluded Mr. Wang.

Conference Call

The Company will host a conference call to discuss the 2010 second quarter financial results on Tuesday, August 17, 2010 at 9:30 a.m. ET. Interested participants should call +1-877-941-4778 within the United States, or US +1-480-629-9763 if calling internationally. The conference ID is 4345891. It is advisable to dial in approximately 5-10 minutes prior to 9:30 a.m. ET. This call is being web cast by ViaVid Broadcasting and can be accessed at ViaVid's website at http://www.viavid.net
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SOURCE Biostar Pharmaceuticals, Inc.
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