HONG KONG--(Marketwire - 02/02/11) - First China Pharmaceutical Group, Inc. (OTC.BB:FCPG - News) ("First China" or the "Company"), a rapidly growing pharmaceutical distribution company headquartered in Yunnan, China, is pleased to announce the signing of a second exclusive drug distribution agreement further extending its vertical markets and regional penetration alongside resultantly notable revenue increases.
The agreement with Changzhou Pharmaceutical Co. Ltd ("Changzhou") of Changzhou city, Jiangsu Province permits First China to act as the exclusive distributor for the specialty drug Enalaprilat, a treatment for high blood pressure used in the treatment of hypertension and some types of chronic heart failure.
The product will be available to member hospitals and clinics across China within the next 30 days. Initial estimates target sales at over US$1 million annually with the potential for significant growth as the Company extends its market base in China.
First China's Chairman and CEO Zhen Jiang Wang stated, "We view the inclusion of exclusive drug sales as a high priority category for our Company. Working directly with the manufacturer allows us to maximize efficiencies that would otherwise be limited by dealer network constraints. Once again our business model shows its value as we remove unnecessary and costly layers between the manufacturer and end user. We are putting our online ordering and logistics management expertise to work across the entire distribution chain, thereby reducing cost and creating savings, new growth opportunities and revenues. We are working hard to include other manufacturers interested in taking advantage of this winning scenario."
|Trade Time:||12:07PM EST|
|Bid:||23.84 x 2500|
|Ask:||23.85 x 900|
|1y Target Est:||21.77|
|Day's Range:||22.10 - 23.86|
|52wk Range:||8.87 - 23.86|
|Avg Vol (3m):||2,511,530|
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|Total Cash (mrq):||23.50M|
|Total Cash Per Share (mrq):||0.23|
|Total Debt (mrq):||0.00|
|Total Debt/Equity (mrq):||N/A|
|Current Ratio (mrq):||4.65|
|Book Value Per Share (mrq):||0.49|
Through this agreement, Mad Catz and Microsoft will work closely together to jointly design and brand wired and wireless headphones, resulting in a range of headphones that will bear the Tritton and Xbox logos on both the packaging and the headphones. This will also mark the first time that wireless, licensed and co-branded headphones will be available for Xbox 360.
Commenting on the agreement, Darren Richardson, Mad Catz’s President and Chief Executive Officer, stated, “We are delighted to be working so closely with Microsoft to design and brand a range of high performance headphones. The headphone category is the fastest growing category in the video game space - and this agreement assists Mad Catz’s Tritton brand in furthering its leadership to provide high-quality, innovative headphones that allow gamers and audio enthusiasts alike to enjoy a superior gaming and listening experience.”
Zulfi Alam Microsoft Senior Director, Xbox 360 Accessories, added, “We are pleased to be working in close collaboration with Mad Catz to design and brand products that we believe will deliver a high quality audio experience to Xbox 360 fans. Whether playing games or enjoying music, movies or sports available on the Xbox 360, we are confident that gamers everywhere will react enthusiastically to this new range of wired and wireless headphones.”
Mad Catz expects that the range of licensed, co-branded headphones will be available for the 2011 holiday shopping season.