CHENGDU, China, Dec. 30, 2011 /PRNewswire-Asia-FirstCall/ -- Tianyin Pharmaceutical Co., Inc. (NYSE Amex: TPI, or the "Company"), a pharmaceutical company that specializes in patented biopharmaceutical medicine, modernized traditional Chinese medicine, branded generics and active pharmaceutical ingredients (API) today announced the approval of the Company's operating subsidiary, Chengdu Tianyin Pharmaceutical Co., Ltd's ("Chengdu Tianyin") application for the renewal of its High Tech Enterprise Status in Chengdu, Sichuan Province of China.
Chengdu Tianyin is TPI's wholly foreign-owned enterprise incorporated in China which is subject to China's Foreign Enterprise Income Tax ("FEIT") Law. Chengdu Tianyin has been entitled to the preferential tax treatment for opening up its production facility in Western China in Sichuan Province. The applicable reduced preferential state enterprise income tax rate under this policy was 15% until December 31, 2010. Following the preferential tax treatment period, Chengdu Tianyin is currently subject to 25% income taxes.
Chengdu Tianyin's High Tech Enterprise status application was submitted to the Bureau of Science and Technology of Chengdu, Sichuan Province in June 2011 after an initial preparation period. Following a period of extensive review of the application material and the final dissertation of ongoing research projects and innovations, the Bureau of Science and Technology of Chengdu has approved the Company's status of High Tech Enterprise. The Company is currently preparing for the preferential tax treatment application. Additional information can be accessed via: http://www.innocom.gov.cn/web/static/catalogs/catalog_6/6.html (Chinese version).
About TPIHeadquartered at Chengdu, China, TPI is a pharmaceutical company that specializes in the development, manufacturing, marketing and sales of patented biopharmaceutical, modernized traditional Chinese medicines, branded generics and active pharmaceutical ingredients (API). TPI currently manufactures a comprehensive portfolio of 58 products, 24 of which are listed in the highly selective national medicine reimbursement list, 7 are included in the essential drug list of China. TPI's pipeline targets various high incidence healthcare indications. TPI has an extensive nationwide distribution network with a sales force of 730 sales representatives out of totaled 1,365 employees. For more information about TPI, please visit: http://www.tianyinpharma.com. Safe Harbor Statement The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.