BEIJING, Sept. 29, 2006 (PRIMEZONE) -- Lotus Pharmaceuticals International, Inc. announced that it has attained public company status on the Over-the-Counter Bulletin Board, by having successfully been acquired by a publicly traded corporation, S.E. Asia Trading Company, Inc. (OTCBB:SEAA). S.E. Asia acquired all of the Lotus outstanding capital stock from Lotus' shareholders in exchange for newly-issued S.E. Asia common stock. Following this acquisition, the sole operations of S.E. Asia will be the operations of Lotus. S.E. Asia will also change its name to "Lotus Pharmaceutical, Inc." and its stock symbol change accordingly in the near future. Lotus had partnered with Genesis Technology Group, Inc. (OTCBB:GTEC) through its Genesis Equity Partners (GEP) partnering program to achieve this goal in just six months' time.
The S.E. Asia Board of Directors, effective in connection with Mr. Thomas Miller's resignation as Chief Executive Officer, appointed Dr. Liu Zhongyi as Chief Executive Officer and a Director and Mr. Adam Wasserman, as Chief Financial Officer. The Board also appointed Dr. Ian Ashley, Mr. Li Ping, Mr. Liu Jin, Mr. Mel Rothberg, Ms. Caeli Widger, and Ms. Xian Wenli as members of the S.E. Asia Board of Directors.
Dr. Liu Zhongyi, Lotus' Chairman and Chief Executive Officer, remarked from Beijing: "We are proud that Lotus has achieved public company status. We signed the partnering contract with GEP on March 26, 2006, and, almost to the day after six months, Lotus is publicly trading. Lotus should impress investors globally, as we have a history of profitability and growth in a respected market sector."
Commented Adam Wasserman, Lotus' Chief Financial Officer: "For the year ended December 31, 2005, Lotus reported net revenues of approximately $17.7 million and net income of $1.8 million. Based on unaudited results for the six months ended June 30, 2006, net revenues reached approximately $15.4 million and net income of $2.8 million. We are impressed by our Company's performance and growth, and look forward to expanding both our domestic and international expansion."
About Lotus Pharmaceuticals International, Inc.
Lotus Pharmaceuticals International, Inc. is a wholly-owned subsidiary of S.E. Asia Trading Company. Lotus has agreements with Liang Fang Pharmaceutical, Ltd. ("Liang") and En Zhe Jia Shi Pharmaceutical, Ltd. ("En Zhe"), two Chinese pharmaceutical companies located in Beijing, to manage all of their businesses and to control Liang and En Zhe. Liang and En Zhe form a large comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. Together, they possess one of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced solely by Liang and/or En Zhe (together, "Lotus East"), and a large number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters and a storehouse of 1,000 square meters. Lotus East has four divisions handling scientific research on new medicine, the production, wholesale and retail sale of medicine. For more information, visit http://www.LotusEast.com.
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