China Jo-Jo Drugstores Opens 4 New Locations in Hangzhou, is on Pace for 33 Total Locations in Hangzhou by July 31, 2010 & Ta...
May 04 2010 - 7:30AM
Business Wire
China Jo-Jo Drugstores, Inc. (NASDAQ:CJJDD) ("Jo-Jo Drugstores"
or the "Company"), which operates a retail pharmacy chain in the
People’s Republic of China (the “PRC”), today announced that it has
opened 4 additional locations in Hangzhou last month. In addition,
the Company is on pace to have 33 retail drugstores in Hangzhou by
July 31, 2010, and plans to operate 60 locations within Zhejiang
Province by March 31, 2011.
“With our financing completed, we are executing on our expansion
plan and anticipate that we will be operating 60 locations within
Zhejiang Province by March 31, 2011,” stated Mr. Lei Liu, Chairman
and CEO of Jo-Jo Drugstores. "Currently, we are scheduled to be
operating 33 locations by July 31, 2010. With our focus on quality
brand-name products, consistent product availability, and customer
service, we believe that our business model is positioned for
success within Zhejiang Province."
Strategically focused in Zhejiang Province and currently
operating in Hangzhou, the Company has organically grown from 1
location in 2003 to 29 locations as of April 30, 2010. It plans to
open 2 drugstores in May and an additional drugstore in June 2010.
The Huafeng location originally anticipated to open by April 30,
2010 has been delayed due to landlord construction issues and is
now scheduled to open in July 2010. For the twelve months ended
December 31, 2010, the Company generated $50.5 million (unaudited)
in gross revenue and $10.4 million (unaudited) in earnings before
interest, taxes, depreciation and amortization.
Hangzhou, with a population of over 8 million, is the capital of
Zhejiang Province. According to the PRC National Bureau of
Statistics, Zhejiang Province, with a population of 47.2 million,
was the fourth largest economy amongst all Chinese provinces in
2008. According to the Zhejiang Bureau of Statistics, Zhejiang
Province’s GDP increased from RMB 614.1 billion (USD $90 billion)
in 2000 to RMB 2.1 trillion (USD $308 billion) in 2008 representing
a CAGR of 16.9%.
About China Jo-Jo Drugstores, Inc.
Jo-Jo Drugstores, through its contractually controlled
affiliates Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd.,
Hangzhou Jiuzhou Clinic of Integrated Traditional and Western
Medicine General Partnership, and Hangzhou Jiuzhou Medical &
Public Health Service Co., Ltd., operates a retail pharmacy chain
in China offering both western and traditional Chinese medicine.
The chain currently has 29 stores throughout Hangzhou, the
provincial capital of the Zhejiang Province.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: Certain of the statements made in the press
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,”
“project,” “plan,” “seek,” “intend,” or “anticipate” or the
negative thereof or comparable terminology. Such statements
typically involve risks and uncertainties and may include financial
projections or information regarding the progress of new product
development. Actual results could differ materially from the
expectations reflected in such forward-looking statements as a
result of a variety of factors, including the risks associated with
the effect of changing economic conditions in The People's Republic
of China, variations in cash flow, reliance on collaborative retail
partners and on new product development, variations in new product
development, risks associated with rapid technological change, and
the potential of introduced or undetected flaws and defects in
products, and other risk factors detailed in reports filed with the
Securities and Exchange Commission from time to time.
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