TPI Submits Renewal Application for High Tech Enterprise Status
CHENGDU, China, June 19, 2011 /PRNewswire-Asia-FirstCall/ — Tianyin Pharmaceutical Co., Inc. (NYSE Amex: TPI, the “Company”), a pharmaceutical company that specializes in patented biopharmaceutical medicine, modernized traditional Chinese medicine, branded generics and active pharmaceutical ingredients (API) today announced that the operating subsidiary of TPI, Chengdu Tianyin Pharmaceutical (“Chengdu Tianyin”), has submitted the application for the renewal of its High Tech Enterprise Status at Chengdu, Sichuan Province of China.
Chengdu Tianyin is a wholly foreign-owned enterprise incorporated in the PRC and subject to PRC Foreign Enterprise Income Tax (“FEIT”) Law. Chengdu Tianyin has been entitled to the preferential tax treatment for opening up its production facility in Western China in Sichuan Province. The applicable reduced preferential state enterprise income tax rate under this policy is 15% until December 31, 2010. If Chengdu Tianyin’s High Tech Enterprise Status can be successfully renewed, it will reduce the current enterprise income tax to 15% for another three years from the beginning of 2011 calendar year.
The management will provide the progress update regarding the application process.
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, 7 are included in the essential drug list of China. TPI’s pipeline targets various high incidence healthcare indications. TPI has an extensive nationwide distribution network with a sales force of 730 sales representatives out of totaled 1,365 employees.
For more information about TPI, 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.
Tel: +86-28-8551-6696 (Chengdu, China) +86-134-3655-0011 (China) Address: Tianyin Pharmaceutical 23rd Floor, Unionsun Yangkuo Plaza No. 2, Block 3, South Renmin Road Chengdu, 610041 China
SOURCE Tianyin Pharmaceutical Co., Inc.