CHENGDU, China, Aug. 20 /Xinhua-PRNewswire-FirstCall/ -- Tianyin Pharmaceutical, Co., Inc. , a manufacturer and supplier of modernized traditional Chinese medicine (“TCM”) based in Chengdu, China, today announced that the Company’s stock symbol had been inadvertently changed to OTC BB: TYNPE due to the electronic eligibility system error.
The error is being corrected immediately and the Company expects the stock symbol to trade under the symbol OTC BB: TYNP on Thursday, August 21, 2008.
Tianyin Pharmaceutical Co., Inc. is a fully-reporting company and the Company’s fiscal year ends on June 30. The Company will file its 10K for FY2008 on a timely manner, which is due on September 30. The Company has been compliant is all its fillings.
“This symbol error was very unfortunate and we do wish to assure our shareholders that there is absolutely no problem with Tianyin Pharmaceutical,” said Dr. Jiang, Chairman and CEO of Tianyin Pharmaceutical Co., Inc. ''We will announce earnings results for fiscal year 2008 that ended June 30, 2008 before the reporting deadline of September 30, 2008. Additionally, we would like to reiterate that the Company expects to exceed its fiscal year 2008 make good of $5.6 million in net income or fully diluted EPS of $0.16 per share.’'
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional Chinese Medicine (“TCM”) in China. It was established in 1994 and acquired by the current management team in August 2003. It has a comprehensive product portfolio of 34 modernized TCMs in the market, 22 of which are listed in the highly selective National Medicine Catalog of the National Medical Insurance Program. Tianyin owns and operates two GMP manufacturing facilities and an R&D platform supported by leading Chinese academic institutions. The Company has a pipeline of 51 pharmaceutical products pending approval. Tianyin has an extensive nationwide distribution network throughout China with a sales force of 523 salespeople. Tianyin is headquartered in Chengdu, Sichuan Province with two manufacturing facilities and a total of 1,187 employees. Tianyin achieved revenue of $20.4 million and net income of $3.95 million in FY2007 ending June 30, 2007. For more information about Tianyin Pharmaceuticals, please visit http://www.tianyinpharma.com .
Safe Harbor Statement
The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.
CONTACT: For the Company: Allen Tang, Ph.D., MBA, Assistant to the CEO,
+86-15821225642 (China), or Allen.y.tang@gmail.com; or Investors: Alan
Sheinwald of HC International, Inc., +1-914-669-0222 (U.S.), or
Alan.Sheinwald@hcinternational.net
Web site: http://www.tianyinpharma.com/
