BEIJING, Jan. 15 /PRNewswire-Asia-FirstCall/ -- Lotus Pharmaceuticals, Inc.
(OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a growing developer and
producer of prescription drugs and licensed national seller of pharmaceutical
products in the People's Republic of China ("PRC"), today reported that its
newly engaged auditor is Friedman LLP and legal counsel McLaughlin & Stern LLP.
The Company was notified that the audit practice of Bagell, Josephs,
Levine & Company, LLP, the Company's independent registered public accounting
firm ("BJL"), joined with Friedman LLP ("Friedman") effective as of January 1,
2010. On January 12, 2010, BJL resigned as the independent registered public
accounting firm of the Company and, with the approval of the Audit Committee
of the Company's Board of Directors, Friedman was engaged as the Company's
current independent registered public accounting firm.
BJL was engaged as the Company's independent accountants on April 24, 2009.
From April 24, 2009 through January 12, 2010, there were no disagreements
between the Company and BJL on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to its satisfaction, would have caused
BJL to make reference to the subject matter of such disagreements in
connection with its report,
The Company has also engaged McLauglin & Stern, LLP. as its securities
legal counsel.
CEO, Zhongyi Liu, said, "We are looking forward to working with our new
auditor and legal counsel to add values for our shareholders."
About Friedman LLP
Friedman LLP, Accountants and Advisors, is headquartered in New York City
with offices in New Jersey and Long Island. As of January 1, 2010, Friedman
LLP has over 325 professionals and personnel, providing accounting, tax and
consulting services to public and privately held companies. For further
information, please visit http://www.friedmanllp.com .
About McLaughlin & Stern, LLP.
McLaughlin & Stern, LLP, established in 1898, is one of New York's oldest
law firms. The firm provides a diverse range of sophisticated legal services
to businesses and individuals, offering legal expertise in mergers and
acquisitions, corporate finance, litigation, real estate, intellectual
property, health care, family law, tax, environmental law, maritime law, art
law, trusts and estates and other private client matters. It has 70 lawyers in
New York City, Milbrook, New York and West Palm Beach, Florida. For more
information, please visit http://www.mclaughlinstern.com .
About Lotus Pharmaceuticals, Inc. ( http://www.lotuspharma.com )
Lotus Pharmaceuticals, Inc. is a growing developer and producer of
prescription drugs and a licensed national seller of pharmaceutical items in
the People's Republic of China. Lotus operates through its two controlled
entities: Liang Fang Pharmaceutical, Ltd. and En Ze Jia Shi Pharmaceutical,
Ltd. Lotus' current drug development pipeline is focused on the treatment of
cerebro-cardiovascular disease, asthma, and diabetes. Liang Fang sells drugs
directly and indirectly through its national sales channels to hospitals,
clinics and drugs stores in 30 provinces of the PRC.
For more information, please contact:
Lotus Pharmaceuticals, Inc.
Yan ZENG, CFO
Tel: +86-10-6389-9868
Email: zy@lotuspharma.com
SOURCE Lotus Pharmaceuticals, Inc.