Lotus Pharmaceuticals Announces Change of Directors
Strategic Move Intended to Strengthen Management Team Ahead of National Exchange Listing Application
BEIJING, Dec. 21, 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 the resignation of four members of its board of directors and the subsequent appointment of four new directors.
Mr. Michael Toups, Mr. Lijun Fan, Mr. Zhaohui Li, and Mr. Jun Lu have been appointed to serve on the Company's board of directors. They will replace current directors Ms. Li Ping, Mr. Liu Jin, Ms. Xian Xuemei, and Mrs. Song Zhenghong.
Lotus' Chairman and Chief Executive Officer, Mr. Zhongyi Liu, commented, "We sincerely appreciate the contribution that Ms. Li, Mr. Liu, Ms. Xian and Mrs. Song have made to Lotus over the years, and we wish them great success in their future endeavors. We felt that this strategic decision was necessary to further strengthen our management team as we prepare to apply for a listing on a national securities exchange in the near future. We are excited to add Mr. Toups, Mr. Fan, Mr. Li, and Mr. Lu, all of whom are seasoned business professionals in their respective fields, to our board of directors. We believe they are well-qualified and will provide valuable guidance and advice to the Company."
Michael Toups is an accounting and corporate finance executive with 20 years of experience in senior management with specialties in business strategy, M&A and international trade. He has middle-market corporate finance experience across a variety of industries as both principal and advisor and has served in roles as the CFO, COO, and director of private and publicly traded companies. His expertise includes PCAOB audits, SEC reporting, Sarbanes-Oxley compliance and investor relations. Mr. Toups is also well-versed in Chinese business practices and has directed strategic planning for Asia-based companies for over 12 years.
Most recently, Mr. Toups has served as the CFO for Longwei Petroleum Investment Holding Limited, a China-based petroleum distributor. Mr. Toups also currently serves as the CFO of China Bilingual Technology & Education Group, a China-based education company operating K-12 private boarding schools. Mr. Toups holds an MBA in Finance from the University of Notre Dame and a BBA in Finance from Texas Christian University.
Mr. Lijun Fan currently serves as President and CEO of Jolyvia International, Inc., which manufactures independent brand cosmetics and operates Jolyvia Beauty SPA national chain stores in China. From 2003 to 2009, he was the general manager and director of Jourdeness International Inc., where he was responsible for the expansion of direct-to-consumer cosmetics and beauty chain SPA in China. Previously, he was the general manager and founder of Zhuhai Yi Sheng Development Co., a sales distributor for cosmetics and personal care products, and sales manager for Zhuhai Dong Da Biological Pharmaceutical Co. Mr. Lijun holds a Bachelor of Science degree in biology from Jinan University.
Since 1998, Mr. Zhaohui Li has served as a professor and the director of the Department of Assisted Reproduction at China Three Gorges University School of Medicine. Previously, Mr. Zhaohui has served as Assistant to the General Manager and Director of Marketing at Guangdong Zhuhai Dong Da Biological Pharmaceutical Co. and General Manager at Guangdong Zhuhai Dong Wu Pharmaceutical Co. He holds a Master of Science degree from the Institute of Biochemistry at the Chinese Academy of Sciences and a Bachelor of Science degree in biology from Peking University.
Mr. Jun Lu has been the head of research and development for Lotus Pharmaceuticals since 2006 and previously worked at Beijing Double-Crane Pharmaceutical Co., Ltd. Mr. Lu holds both a master's and a bachelor's degree in pharmacy from ShenYang Pharmaceutical University. His research focuses on various new pharmaceutical dosage forms, especially in osmotic pump-controlled release. Mr. Lu has published six papers in well-known peer-reviewed journals and filed four patents, two of which have been granted.
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.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
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SOURCE Lotus Pharmaceuticals, Inc.