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Press Releases |
| LOTUS PHARMACEUTICALS ATTAINS PUBLIC COMPANY STATUS THROUGH AN ACQUISITION BY S.E. ASIA TRADING COMPANY |
Beijing, China—September 29, 2006. Lotus Pharmaceuticals International, Inc. announced that it has attained public company status on the Over-the-Counter Bulletin Board, by having successfully been acquired by a publicly traded corporation, S.E. Asia Trading Company, Inc. (OTCBB:SEAA). S.E. Asia acquired all of the Lotus outstanding capital stock from Lotus’ shareholders in exchange for newly-issued S.E. Asia common stock. Following this acquisition, the sole operations of S.E. Asia will be the operations of Lotus. S.E. Asia will also change its name to “Lotus Pharmaceutical, Inc.” and its stock symbol change accordingly in the near future. Lotus had partnered with Genesis Technology Group, Inc. (OTCBB: GTEC) through its Genesis Equity Partners (GEP) partnering program to achieve this goal in just six months’ time. |
| Dr. Liu Zhongyi, Lotus’ Chairman and Chief Executive Officer, remarked from Beijing: “We are proud that Lotus has achieved public company status. We signed the partnering contract with GEP on March 26, 2006, and, almost to the day, Lotus is publicly trading just six months later. Lotus should impress investors globally, as we have a history of profitability and growth in a respected market sector.” |
| Commented Adam Wasserman, Lotus’ Chief Financial Officer: “For the year ended December 31, 2005, Lotus reported net revenues of approximately $17.7 million and net income of $1.8 million. Based on unaudited results for the six months ended June 30, 2006, net revenues reached approximately $15.4 million and net income of $2.8 million. We are impressed by our Company’s performance and growth, and look forward to expanding both our domestic and international expansion.” |
| About Lotus Pharmaceuticals, Inc. |
| Lotus Pharmaceuticals, Inc. ("Lotus'') owns and operates Liang Fang Pharmaceutical, Ltd. ("Liang'') and En Zhe Jia Shi Pharmaceutical, Ltd. ("En Zhe''), two Chinese pharmaceutical companies located in Beijing. Liang and En Zhe form a large comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. Together, they possess some of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced by Liang and/or En Zhe (together, "Lotus East''), and a large number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters and a warehouse of 1,000 square meters. Lotus East performs scientific research on new medicines, and the production, wholesale and retail sale of medicines. 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. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. 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. |
| Contact |
Lotus Pharmaceuticals, Inc.
Adam Wasserman, CFO
Tel: 877-801-0344
Fax: 954-337-2204
info@LotusEast.com |
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