Lotus Pharmaceuticals (LTUS) preparing to apply for national exchange listing

Today, Lotus Pharmaceuticals(LTUS)announced that the Company's Board of Directors has accepted the resignation of Dr. Ian Ashley from the Board.

Chairman and CEO Mr. Zhongyi Liu stated, "Dr. Ashley has served as a valued member of the Board for four years, and we sincerely appreciate his service. We are preparing to apply for a listing on a national securities exchange and are adding experienced directors who will be actively involved in guiding the Company."

The Company's management also reaffirms its previously issued guidance of $73.6 million in revenues and $21.4 million in net income for fiscal 2010. Management is confident in the Company's performance for the rest of the year and looks forward to updating investors on Lotus' third quarter results in the 10-Q filing and earnings release, which are scheduled to be released on or before Monday, November 15.

Lotus' management team will also be traveling to multiple cities in the U.S. to meet with brokers and institutional investors in early November. The circuit will involve meetings and presentations in San Francisco, Los Angeles, Phoenix, Chicago, and New York between Thursday, November 4 and Tuesday, November 9. Financial professionals who are interested in meeting with Lotus' management can contact Jon Cunningham at (407) 644-4256, Ext. 107 or Jon@redchip.com.

It seemed that the resignation of Dr. Ian Ashley had also to do with the fact that he was not that experienced in the eyes of the company and actively involved in strategic positioning of the company.