CHENGDU, China, March 26 /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 the Board of Directors declared an annual cash dividend of $0.10 per common share that will be paid quarterly. Subject to approval by a majority of the Company's Series A Preferred Shareholders, 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. Dr. Jiang Guoqing, Tianyin's Chairman and Chief Executive Officer, commented, 'Our dividend payment is in line with our desire to balance the cash required to operate and grow our business with that of providing and enhancing returns to our shareholders. We have carefully reviewed our current financial position, which includes cash and equivalents of approximately $12.7 million on December 31, 2008, in addition to our projected cash flow from operations, and are confident that Tianyin has sufficient resources to cover our operational and capital expenditures for the foreseeable future. We are committed to act in the best interest of our shareholders and will continue to make significant progress in growing our business.'
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.y.tang@gmail.com
Investors:
Mr. Matthew Hayden, HC International
Tel: +1-561-245-5155
Email: matt.hayden@hcinternational.net
Web: http://www.hcinternational.net
SOURCE Tianyin Pharmaceutical, Co., Inc.
Source: PR Newswire (March 26, 2009 - 8:00 AM EDT)
