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Lotus Pharmaceuticals, Inc. Announces Certain Clarification...
Nov 05, 09 08:00AM
Lotus Pharmaceuticals, Inc. Announces Certain Clarification to its Annual Report on Form 10-K for the year ended December 31, 2008 and Quarterly Report for the Quarter ended June 30, 2009
BEIJING, Nov. 5 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS - News; "Lotus" or the "Company") a growing developer and producer of prescriptions drugs and licensed national seller of pharmaceutical products in the People's Republic of China, today announced correction to be made on its annual and quarterly filings with the SEC.
Lotus Pharmaceuticals, Inc., and its US subsidiary, together with its wholly-owned foreign enterprise registered in Beijing ("Lotus Holding") have a set of contractual agreements with two operating entities in China ("Lotus East"). The company's structure is commonly used to allow foreign investors to invest operating businesses in China and allows financial reporting of consolidated financial statements. Lotus Holding is a holding company without material operation; Lotus East is one of the Company's operating entities. The key management of Lotus Holding is the same as Lotus East. Historically, and agreed by the Board of Directors of Lotus, income generated by Lotus East has been retained in China to fuel, in part, internal growth, and fund certain expenses of Lotus Holding. To date, Lotus has neither experienced liquidity problem nor does it currently foresee liquidity problems.
Lotus Pharmaceuticals, Inc. is a growing developer and producer of prescription drugs and a licensed national seller of pharmaceutical items in the People's Republic of China. Lotus operates Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical, Ltd. Lotus's current drug development pipeline is focused on the treatment of cerebro-cardiovascular disease, asthma, and diabetes. More than 8,000 products are sold by Liang Fang directly and indirectly through its national sales channels to hospitals, clinics and drugs stores in 30 provinces.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intent," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may," or words or expressions of similar meaning. Such statements are not guarantees of future performance and could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including, but not limited to, changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, increased costs, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, the time to get new drugs approved by the SFDA and other factors. Additional information regarding risks can be found in the Company's Annual Report on Form 10K and its older filings with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.