XIANYANG, China, Jan. 10, 2014 /PRNewswire/ -- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced the Company had established an office in Gansu Province, PRC, on January 6, 2014 with the focus on the sales of Hepatitis B products in three provinces, including Gansu, Qinghai and Tibet. These three provinces are located in the western region of China where pharmaceutical products historically have shown a consistently good sales track record primarily due to the relatively poor medical condition and corresponding high incidence of Hepatitis B among the residents of these provinces. With the ongoing expansion of the national health care reform, the Company established Gansu sales office to extend its sales effort to these provinces and to expand the Company's market share, which efforts mark the commencement of the Company's major marketing initiative in 2014. The Company expects that in 2014, this newly opened sales office will contribute USD$4 million additional revenue of the Company. The marketing and administrative personnel are currently onsite undergoing training.
Mr. Ronghua Wang, the CEO of the Company stated that "although the 2012 capsule related events adversely affect our markets, after eighteen months, we observe market recovery and our sales of Hepatitis B products are now in line with our expectations. We established this new sales office to continue with our product sales expansion. In addition, we intend to establish an Inner Mongolia office to carry on with the product sales in Inner Mongolia and Ningxia after the Chinese New Year. Once that is completed, our product sale efforts will cover the entire country," he concluded.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company's most popular product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for chronic Hepatitis B, a disease affecting approximately 10% of the Chinese population. For more information please visit: http://www.biostarpharmaceuticals.com
Safe Harbor Relating to the Forward-Looking Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The company uses words and phrases such as "guidance," "forecasted," "projects," "is expected," "remain confident," "will" and similar expressions to identify forward-looking statements in this press release, including forward-looking statements. Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Biostar and described in the forward-looking information contained in this news release. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the Company's ability to achieve the projected sales in the recently opened sales offices, to complete the contemplated clinical trials and capitalize on such opportunities, the Company's ability to recover its sales and revenue for the gel capsule segment of its business, the state of consumer confidence and market demand or the Company's products, success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our most recent Annual Report on Form 10-K for the year ended December 31, 2012, and other subsequent filings. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
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SOURCE Biostar Pharmaceuticals, Inc.