CHENGDU, China, Oct. 15, 2014 /PRNewswire/ -- Tianyin Pharmaceutical Inc. (NYSE MKT: TPI, the “Company”), a pharmaceutical company that specializes in the development and sale of patented biopharmaceutical medicine, modernized traditional Chinese medicine (TCM), branded generics and active pharmaceutical ingredients (API), today reported that it has delayed the filing of its Annual Report on Form 10-K for the year ended June 30, 2014 (“2014 Form 10-K”) beyond the extended filing due date of October 14, 2014. As TPI indicated in its Current Reports on Form 8-K filed on October 8, 2013 and November 4, 2013, its Audit Committee and the Board of Directors both unanimously approved the termination of the Company’s independent auditor, Patrizio and Zhao LLC (“P&Z”), due to the fact that P&Z agreed to a cease-and-desist order and prohibition from practicing before the Securities and Exchange Commission (the “SEC”) on September 30, 2013; on November 4, 2013, TPI signed an Engagement Letter with Paritz & Company, P.A. (“Paritz”) to engage Paritz as the independent accountants to audit its financial statements for the years ended June 30, 2014 and 2013. Accordingly, the Company was required by the SEC to have the financial statements for the year ended June 30, 2013 reaudited as a result of the cease-and-desist order and prohibition from practicing before the SEC in connection with its prior auditor.
Currently the Company is working diligently with the auditor to finish the audit and complete the 2014 10-K, and expect to file the 2014 Form 10-K within two weeks.
Under NYSE MKT rules, until the Company files its Form 10-K, its common stock will remain listed on the NYSE MKT under the symbol “TPI,” but will be assigned an ".LF” indicator to signify late filing status.
Although the Company is working diligently to complete the 2014 Form 10-K and currently expects to complete and file the 2014 Form 10-K within two weeks of its due date, no assurance can be given that the 2014 Form 10-K will be filed within such period.
About TPI
Headquartered at Chengdu, China, TPI is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, modernized traditional Chinese medicines, branded generics and active pharmaceutical ingredients (API). TPI currently manufactures a comprehensive portfolio of 58 products, 24 of which are listed in the highly selective national medicine reimbursement list, 10 are included in the essential drug list of China. TPI’s pipeline targets various high incidence healthcare indications. For more information about TPI, please visit: http://www.tianyinpharma.com
Cautionary Statement Regarding Forward-Looking Statements
The forward-looking statements made in this press release and its attachments concerning, among other things, Tianyin Pharmaceutical Inc.'s expected financial performance and outlook, its strategic operational plans and growth strategy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements. Furthermore, reported results should not be considered as an indication of future performance. The potential risks, uncertainties and other factors include, but are not limited to, changes to the Company’s previously reported financial information as a result of the aforementioned re-audit and the risk that the Company will not be able to file the 2014 Form 10-K within 90 days of its due date. More information regarding these and other risks, uncertainties and factors is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) which are available on the SEC’s website at www.sec.gov or the Company’s website at http://www.tianyinpharma.com. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of October 15, 2014 and, unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.
For more information, please visit: http://www.tianyinpharma.com, or email: ir@tpi.asia
Tel: +86-28-8551-6696 (Chengdu, China)
Address:
Tianyin Pharmaceutical Inc.
23rd Floor, Unionsun Yangkuo Plaza
No. 2, Block 3, South Renmin Road
Chengdu, 610041
China
Below is our preliminary financial information as of June 30, 2014:
Cash: $16.1 million
Total Assets: $107.1 million
Total Liabilities: $9.0 million
Equity: $98.1 million
Revenues: $46.6 million
Net Loss: $(0.4) million
Attached herein are our preliminary Consolidated Balance Sheet, Consolidated Statements of Operations, Consolidated Statements of Cash Flow, and Statements of Stockholders’ Equity. Changes and adjustments may be made to the preliminary financial information contained in this press release as the Company is completing and finalizing the audit of the above-mentioned periods.
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