Navigation Links
Lotus Pharmaceuticals to Expand Construction of Beijing Facility

BEIJING, Feb. 4, 2011 /PRNewswire-Asia-FirstCall/ – Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a fast-growing, profitable developer, manufacturer and seller of medicine and drugs in the People's Republic of China ("PRC"), today announced that it will add two additional stories to its new headquarters building in Chaoyang District, Beijing, which is currently under construction and is scheduled to be completed in the second quarter of 2011.

The facility was originally designed to have nine floors with a gross area of approximately 25,000 sq. meters (269,000 sq. feet) and house the Company's GMP-certified manufacturing facility, 10,000 sq. meters (108,000 sq. feet) of storage space, a research and development center, and Lotus' main administrative offices. The two new floors will contain between 90 and 120 apartments for employees and will add approximately 9,000 sq. meters (97,000 sq. feet) of space to the building, bringing the total gross area to 34,000 sq. meters (366,000 sq. feet).

The incremental cost for the new construction will be approximately $9 million, which includes design, materials, and labor costs, as well as expenses for approval and public relations. The Company expects the facility to be completed by the end of June 2011, in line with management's previous estimates.

Lotus expects its total investment in the construction of the Beijing facility to be no more than $48 million, of which $36 million had already been paid by the Company by the end of 2010. At the current market price of $3,000-$3,700 per sq. meter (approximately $279-$344 per sq. foot) in Beijing, the total market value of the building is estimated to be $102-$126 million.

Dr. Zhongyi Liu, Lotus' Chairman and CEO, stated, "In order to better motivate our staff, the Company decided to add two new stories onto current construction for apartments. These will be given to managers at all levels of the Company to ensure a stable and loyal team, which we expect to benefit the Company financially in the long run. We currently have not taken out any loans for the building, and we expect to finance all of the costs associated with the facility through our internal operations."

About Lotus Pharmaceuticals, Inc. Lotus Pharmaceuticals, Inc. is a fast-growing, profitable developer and producer of drugs and a licensed national seller of pharmaceutical items in the People's Republic of China (PRC). Lotus operates its business through its two controlled entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical, Ltd. Lotus' current drug development is focused on the treatment of cerebro-cardiovascular diseases, asthma and diabetes. Liang Fang sells drugs directly and indirectly through its national sales channels to hospitals, clinics and drugs stores in 30 provinces of the PRC.

Information Regarding Forward-Looking StatementsExcept for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.Contacts:At the Company:Xing Shen, Ph.D.VP of Corporate DevelopmentLotus Pharmaceuticals, Inc.Tel: 415-690-7688Email: Web: http://www.lotuspharma.comInvestor Relations:Dave Gentry, PresidentRedChip Companies, Inc.Tel: +1-800-733-2447, Ext. 104Email: info@redchip.comWeb:

SOURCE Lotus Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Lotus Pharmaceuticals, Inc. Achieves Significant Milestones in the Development of Isosorbide Mononitrate Sustained Release Tablets
2. Lotus Pharmaceuticals, Inc.s New Drug Laevo-Bambutero Begins Evaluation for Clinical Trials
3. Lotus Pharmaceuticals, Inc. Reports Third-Quarter 2009 Results
4. Lotus Pharmaceuticals, Inc. to Exhibit at the 62nd PHARMCHINA
5. Lotus Pharmaceuticals, Inc. Strengthens Beijing Presence with Direct Sales to Drug Stores
6. Lotus Pharmaceuticals Reports Groundbreaking Ceremony
7. Lotus Pharmaceuticals to Exhibit at the 63rd PHARMCHINA
8. Lotus Pharmaceuticals Laevo-Bambuterol Received SFDA Approval to Commence Clinical Trials
9. Lotus Pharmaceuticals, Inc. Reports Strong First Quarter 2010 Financial Results
10. Pink Lotus Breast Center to Integrate Electronic Brachytherapy Cancer Treatment Platform
11. Lotus Pharmaceuticals to Present at Global Hunter Securities 2010 China Conference
Post Your Comments:
(Date:6/24/2016)... , June 24, 2016 Dehaier Medical ... the "Company"), which develops, markets and sells medical devices ... , signed a strategic cooperation agreement with Hongyuan ... "Hongyuan Supply Chain") on June 20, 2016, to develop ... the strategic cooperation agreement, Dehaier will leverage Hongyuan Supply ...
(Date:6/24/2016)... Belgium , June 24, 2016 /PRNewswire/ ... announced the appointment of Dr. Edward Futcher ... a Non-Executive Director, effective June 23, 2016.Dr. Futcher ... and Nominations and Governance Committees.  As a non-executive ... provide independent expertise and strategic counsel to VolitionRx ...
(Date:6/23/2016)... 23, 2016 Research and Markets ... Market by Type (Organic Chemical (Sugar, Petrochemical, Glycerin), Inorganic ... Coating, Parenteral) - Global Forecast to 2021" report ... The global pharmaceutical excipients market is projected to ... of 6.1% in the forecast period 2016 to 2021. ...
Breaking Medicine Technology:
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van Mitchell, ... at Work award to iHire in recognition of their exemplary accomplishments in worksite health ... annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. ...
(Date:6/24/2016)... ... June 24, 2016 , ... Those who have experienced traumatic ... many turn to unhealthy avenues, such as drug or alcohol abuse, as a coping ... released tools for healthy coping following a traumatic event. , Trauma sufferers tend to ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary ... Dallas that it will receive two significant new grants to support its work ... marked its 25th anniversary by recognizing patients, medical professionals and scientists for their ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA is ... Road To Recovery® program to drive cancer patients to and from their cancer treatments. ... the highest quality of life and ongoing independence. Getting to and from medical ...
(Date:6/24/2016)... ... June 24, 2016 , ... EB Medicine presented its first-ever ... Medicine conference in Ponte Vedra Beach, FL. The awards honor the outstanding work ... Practice and Pediatric Emergency Medicine Practice. , “With this award, we recognize ...
Breaking Medicine News(10 mins):