Wednesday, December 15, 2010

Lotus Pharmaceuticals (LTUS) signs new distribution contracts at PHARMCHINA Conference

Lotus Pharmaceuticals ( LTUS), announced today that it signed contracts with new pharmaceutical manufacturers and distributors at the PHARMCHINA 64th National Drug Fair Conference, which was held in Nanchang, Jianxi Province from December 9-11.

Liang Fang Pharmaceutical Co., the operating entity of Lotus Pharmaceuticals, signed contracts at the conference with five additional regional distributors for the Company's products from multiple regions across China. The addition of the new distributors will increase Lotus' sales distribution network from 195 hospitals and distributors to 200. In addition, the Company entered into distribution contracts with six pharmaceutical manufacturing companies and will act as the exclusive distributor for their products in the Beijing area.

Chairman and Chief Executive Officer Mr. Zhongyi Liu stated, "Our participation in the PHARMCHINA conference was very fruitful, as we came away with six new contracts upstream and five downstream. We estimate that these contracts will contribute approximately $1.5 million to our overall annual revenue, with an incremental net profit increase of $0.6 million. We believe we are well-positioned to reach our goal of 25% top-line growth in 2011."

Lately a lot of positive news from Lotus, despite that the stock price stays depressed. This has to be at least a $2 stock, but it seems that the market is not ready for it yet. 

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