China Yongxin Pharmaceuticals Inc. (OTC Bulletin Board: CYXND) (the "Company"), one of the leading health products distribution and retail sales companies in China, today announced the opening of three new chain drugstores in Changchun City. These new openings bring the Company's total number of stores to 24 in Changchun City, and 103 throughout Northeastern China, exceeding the Company's previously projected rate of growth in terms of number of locations. By year-end, the Company is expected to become the largest drugstore chains in the Northeast region. One of the Company's objectives is to become one of the top 20 pharmaceutical retail chain enterprises in China.
China Yongxin held a grand opening ceremony on May 29, 2010 to celebrate the opening of the three new chain drugstores, located strategically on Yongchang Way, Sandao Street, and Villa Road, all within the well-known medical device district of Changchun City. These three locations were strategically chosen because they are located in high density and high income residential areas where there is a large amount of foot traffic. The new drugstores provide customers with a wide range of over-the-counter Chinese traditional and Western medicines, prescription pharmaceuticals, natural health products including herbal and nutritional supplements, health foods, personal care products, cosmetics and medical equipment. In addition, these stores will provide customers that are located within close proximity with free delivery services, which management believes may be a cost-effective method of increasing sales. The Company also believes that its location near medical device makers in Changchun City will open new potential opportunities to act as a distributor of high-margin medical devices.
According to Mr. Yongxin Liu, Chairman and CEO, "The ceremony was a huge success, as it attracted a large gathering of interested local residents, increasing awareness of the Yongxin brand in the community."
"We are pleased that we are moving toward our goal of developing a total of 29 new chain retail stores in 2010. I am very excited about the three that we have just opened, especially because of our close proximity to medical equipment makers. We have already selected five additional locations for new retail stores over the next few months. We are confident that we will reach our projected goals for 2010 and become the largest drugstore chain in Northeastern China," Mr. Yongxin Liu added.
China Yongxin Pharmaceuticals Inc.