HARBIN, China, Jan. 24, 2011 /PRNewswire-Asia-FirstCall/ -- Weikang Bio-Technology Group Co., Inc. (OTC Bulletin Board: WKBT) ("Weikang" or the "Company"), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People's Republic of China, today announced sales contributions made by the Company's three newest sales agents during the fourth quarter of fiscal year 2010.
Sales revenue generated by the three agents, who began working with Weikang at the beginning of October 2010, totaled $6.03 million for the three months ended December 31, 2010. Yongxin Zhao, the Company's agent for Changsha, in Hunan Province, achieved $2.06 million in sales revenue during the fourth quarter. Yelin Tian, Weikang's new agent in the city of Nanning, in Guangxi Province, contributed $2.05 million in sales revenue during the quarter. Ziming Xiong, Weikang's agent for Zhuzhou, in Hunan Province, contributed $1.92 million in sales during the quarter.
Mr. Yin Wang, Chairman and CEO of Weikang, stated, "Our decision to bring on additional sales staff last quarter has proven to be very beneficial to our marketing and distribution efforts and overall growth strategy. In November, we estimated that our new agents in Changsha, Nanning, and Zhuzhou would bring in annual revenue of roughly $15 million, and we are pleased that they are already on track to exceed our original projections. The exceptional effort from our entire sales team has allowed us to maximize the effectiveness of our recent product launches and increased advertising investment in the second half of 2010, driving dramatic growth beyond our expectations in both sales and profit for the fourth quarter and fiscal 2010."
About Weikang Bio-Technology Group Co., Inc.
Weikang Bio-Technology Group Co., Inc. is principally engaged in developing, manufacturing and distributing Traditional Chinese Medicine (TCM), and health and nutritional supplements in China, in compliance with requisite Chinese licenses and approvals. The Company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang Pharmaceutical Co., Ltd. For more information, please visit http://www.weikangbio.com.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes,""expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Paul Kuntz, Senior Specialist
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 0
Jing Zhang, Chief Representative
RedChip Companies Beijing Office
Tel: +86 10-8591-0635
SOURCE Weikang Bio-Technology Group Co., Inc.