BEIJING, April 24 /Xinhua-PRNewswire-FirstCall/ -- Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a pharmaceutical company in the People's Republic of China ("PRC"), today announced the resignation of Mel Rothberg from the Company's board of directors, effective April 21, 2008, for personal reasons.
Mr. Rothberg served as a director since August 2006. Following his resignation, he will continue to serve as independent consultant to the Company, where he will provide advice and counsel on business development issues as they relate to Lotus' corporate governance and pharmaceutical pipeline. Mr. Rothberg has extensive experience in senior management positions with pharmaceutical and medical device companies with operations worldwide.
"In his tenure on our board, Mel Rothberg made an outstanding contribution to Lotus' corporate governance and development," said Dr. Zhongyi Liu, Chairman and Chief Executive Officer of Lotus. "We look forward to working with him in the future as an independent consultant."
Following Mr. Rothberg's departure, Lotus' board is comprised of seven directors, two of whom are independent.
About Lotus Pharmaceuticals, Inc.
Lotus Pharmaceuticals, Inc. ("Lotus") controls and operates Liangfang Pharmaceutical, Ltd. ("Liangfang") and Enzhe Jiashi Pharmaceutical, Ltd. ("Enzhe"), two Chinese pharmaceutical companies located in Beijing (together "Lotus East"). Lotus East is a comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. The Company possesses some of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced by Lotus East, and a number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters, warehouse of 1,000 square meters and operates ten retail pharmacies in the Beijing area. Lotus East performs scientific research on new medicines, and the production, wholesale and retail sale of medicines through 10 retail pharmacy location through Beijing. For more information, visit http://www.LotusEast.com .
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." 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," "intend," "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 are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
For more information, please contact:
Lotus Pharmaceuticals, Inc.
Mr. Adam Wasserman, CFO
Tel: +1-877-801-0344
Email: info@LotusEast.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
SOURCE Lotus Pharmaceuticals, Inc.
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