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"We are delighted that the AMEX has approved Tianyin's common shares forlisting," stated Tianyin's CEO, Dr. Jiang. "We expect that trading on theAMEX will enhance our corporate visibility among the investment community, andincrease trading liquidity of Tianyin's common shares."
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Tianyin was approved for listing on the AMEX following a review by anExchange Listing Qualifications Panel (the "Panel"), which authorized approvalof the listing pursuant to the Alternative Listing Standards set forth inSection 1203(c)(i)(A) of the AMEX Company Guide. The Company currentlysatisfies all of the criteria in that Section.
The Company currently satisfies all but one of the criteria for the Amex'sregular Initial Listing Standard 1 specified in Section 101 of the AmexCompany Guide. The criteria which the Company did not meet were the MinimumMarket Price of $3.00 per share. The Company satisfies all but two of thecriteria for regular Initial Listing Standards 2. The criteria which theCompany did not meet were the Minimum Market Price and the Minimum MarketValue of the Public Float. The Company satisfies all but two of the criteriafor regular Initial Listing Standards 3. The criteria which the Company didnot meet were the Minimum Market Capitalization and the Market Value of thePublic Float. The Company only satisfied one of the criteria for InitialListing Standards 4. The criteria which the Company did not meet were theMinimum Total Assets, the Minimum Market Value of the Public Float and theMinimum Market Price.
According to the Panel, the Company demonstrated sufficient mitigatingfactors that warrant listing pursuant to said Alternative Listing Standard,including the Company's recent strong growth in revenues and net income, theCompany's significant future growth prospects for the Chinese pharmaceuticalindustry, the Company's potential to grow through acquisitions, the experienceand credibility of the Company's management, the Company's track record inobtaining government approval of new products and the strength of theCompany's current capitalization.
The AMEX Panel's approval is contingent upon the Company being in directcompliance with the Alternative Listing Standards at the time the Company'scommon shares begin trading on the AMEX, and may be rescinded if the Companyis not in compliance with such standards. Once Tianyin's common sharescommence trading on the AMEX, the Company will enjoy all of the sameprivileges and be subject to all of the same regulations as any other companywhose shares are listed on the AMEX, regardless of the Listing Standard usedto determine the Company's eligibility.
About Tianyin Pharmaceuticals
Tianyin is a manufacturer and supplier of modernized Traditional ChineseMedicine ("TCM") in China. It was established in 1994 and acquired by thecurrent management team in August 2003. It has a comprehensive productportfolio of 33 modernized TCMs and 4 generic western medicines in the market,22 of which are listed in the highly selective National Medicine Catalog ofthe National Medical Insurance Program. Tianyin owns and operates two GMPmanufacturing facilities and an R&D platform supported by leading Chineseacademic institutions. The Company has a pipeline of 48 pharmaceuticalproducts pending approval. Tianyin has an extensive nationwide distributionnetwork throughout China with a sales force of 720 salespeople. Tianyin isheadquartered in Chengdu, Sichuan Province with two
