Synovics Pharmaceuticals Announces Continued Growth of Customer Relationships
"Kirk's new customers are the result of a successful ongoing total effortby our overall Kirk operation working with our sales team to grow our OTCprivate label business," stated Stephen Friedman, Kirk's acting Sr. VP ofMarketing and Sales. "Our mission is to offer our customers a complete rangeof high-quality, competitively priced products in the large analgesic, cough,cold and laxative segments where store brands exceed 30% of their totalrespective category sales."
Friedman goes on to say that, "Kirk, as an organization, is highlycommitted to providing our customers their three most valued expectations:quality, price and customer service. We have made a Company-wide effort tobuild our customer service level to meet the high standard of service ourcustomers require and deserve. The success of this effort is now beingreflected in a growth of our private label sales and Company revenues. Weappreciate these companies as valued customers and are very grateful for theconfidence they have shown us. We believe that with a continuation of thiseffort we have the promise of even better results."
"We are most pleased with these important new customer relationships,"commented Ronald Howard Lane, Ph.D., Synovics' Chairman and Chief ExecutiveOfficer. "It is most rewarding to see the outcome of the commitment and hardwork of the Company's people being reflected in its customer service andpotentially multi-million dollar orders from these companies. With the newproduct development and manufacturing capacity we are acquiring through ourgrowing strategic relationships in India, we believe we have a very timelyopportunity to build our OTC private label business. The Company's IndiaFront-End strategy has the prospect to deliver high quality, new products toour customers while keeping our pricing most competitive."
Synovics is a specialty pharmaceutical company engaged in the development,manufacturing and commercialization of prescription and over-the-counter (OTC)drugs. The Company has two operating subsidiaries, Kirk Pharmaceuticals, LLCand ANDAPharm, LLC, which manufacture and sell OTC and prescription privatelabel drugs respectively, and Synovics Labs, Inc. a drug developmentsubsidiary that is pursuing generic drug opportunities. Synovics employsapproximately 150 people in its Ft. Lauderdale facility of 80,000. Sq Ft. TheCompany manufactures drug products in specialized containment suites includinghormonal prescription drugs and under its Drug Enforcement Administration(DEA) licenses. The Company has a Front-End strategy based business plan - astrategy of sourcing lowest cost, highly competitive generic drug productsfrom India, marketed to the Company's U.S. customers through its Ft.Lauderdale operations. Synovics' previously announced strategic partnershipswith Maneesh Pharmaceuticals, LTD and Harcharan ("Harry") Singh of GlopecInternational that represent the Company's cornerstone for its Front-End Indiastrategy. The Company believes cost is the single most important element inthe generic drug industry and it is reaching out through its strategicpartners to source products and services from a variety of smaller and quitewilling independent Indian pharmaceutical companies that have these assets,but also have limited means of accessing the U.S. market.
"Safe Harbor" statements under the Private Securities Litigation ReformAct of 1995: Except for the
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