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Lotus Pharmaceuticals Announces Update on Land in Inner Mongolia
Company to Sell or Transfer Land Parcel to Focus on Core Business in Beijing
BEIJING, Dec. 9, 2010
/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 plans to sell or transfer
approximately 165 acres (1,000
MU)
of Company-owned land in the Chahaer Industrial Park, Inner
Mongolia. Lotus' operating entity, Beijing Liang Fang
Pharmaceutical Co., Ltd., purchased the land-use rights for
the property in 2008. Lotus had originally intended to build
a pharmaceutical manufacturing and storage facility on a
portion of the property.
In March 2010, Lotus began
construction on a 250,000-square-foot facility in Beijing
after receiving permission from the Beijing Chaoyang
District Planning Bureau. The new building will house the
Company's R&D center, manufacturing operations, storage
facilities, sales and administrative offices. The building
will become Lotus' new corporate headquarters following its
completion. Management expects to move into the building by
June 2011.
Lotus' Chairman and CEO,
Mr. Zhongyi
Liu,
stated, "We have decided not to move forward with the
construction of our planned facility in Inner Mongolia in
order to focus our efforts and resources on expanding our
core business in Beijing. We believe that selling or
transferring this property will be a more effective use of
our capital."
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.
Lotus Pharmaceuticals, Inc.
Yan ZENG, CFO
Tel: (010) 6389 9868
zy@lotuspharma.com
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