XIANYANG, China, Feb. 14, 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 that on February 5, 2014, the Company's Chairman and CEO, Mr. Ronghua Wang, held a development strategy seminar with the management of the Company, at which he outlined the Company's development strategy for the period of 2014-2016 and intended steps to implement this strategy.
During his presentation, Mr. Wang stated that the Company's objectives revolve around three main strategies (medication development-based, technology-based and multiple development-based strategies) designed, ultimately, to help Biostar to become one of the large pharmaceutical enterprises in the Northwest China. He noted that the Company had established foundations for this strategy five years ago, and continued to work along this path. Mr. Wang further noted that the 2014 - 2016 period represented a key period in the Company's development. Specifically, he elaborated on the three guiding objectives for the Company's development strategy as follows:
- Medication-based development strategy - to continue to develop high profit margin medications to add to the Company's current portfolio; to engage and develop the new version of the GMP certifications of two pharmaceutical enterprises; and to fully take advantage of the market opportunity presented by the PRC pharmaceutical industry restructuring and the new version of GMP certifications to continue pursuing strategic partnership or acquisition opportunities to support Company's market share expansion.
- Science/technology-based development strategy - to pursue new product development; to strive to launch new medicine Zushima analgesic spray and epimedium cable pieces; to continue the work with scientific research institutions and strategic partners to complete the new product project examination and approval work in 2014.
- Multiple development-based strategy - to accelerate the drug development implementation and focus on resource development projects; to enhance the Company's new profit growth points and implement diversification development pattern.
"2013 was an important year for Biostar as we implemented various turnaround strategies to recover from last year's setback relating to the gel capsules utilized in our process," commented Mr. Wang. "Throughout the year, we have strengthened our safety standards in all aspects of our business, especially in the area of raw material inspection. In addition, to win back the confidence of our customers, we have spent significant time and resources on the marketing efforts."
"Above all, we have not forgotten what is most important to us, which is creating and enhancing the shareholder and employee value. The Company is working hard on improving its financial reporting, strengthening its internal controls and shareholder communications, and remains fully committed to the U.S. capital markets as well as maximizing shareholder value".
"We must apply all of our efforts to make Biostar one of the large pharmaceutical enterprises in Northwest China," he concluded his presentation.
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 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.
SOURCE Biostar Pharmaceuticals, Inc.