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QUEBEC CITY, Feb. 27, 2013 /PRNewswire/ - Atrium Innovations Inc. (TSX: ATB), a globally recognized leader in the development,
manufacturing and commercialization of innovative, science-based
dietary supplements endorsed by health professionals, today announces
that it has entered into a joint venture contract with Fosun
Industrial, incorporated in Hong Kong, wholly owned of Shanghai-based
Fosun Pharma for the purposes of distributing Atrium brands in China.
According to IMS Health Incorporated, Fosun Pharma is one of the top
five domestic pharmaceutical companies in the People's Republic of
China ("PRC"), by revenue, in the pharmaceutical manufacturing segment.
The new joint venture will operate under the FOSIUM Innovations name.
FOSIUM Innovations will initially import, market and sell Pure Encapsulations® products in the Chinese mainland market. The products will continue to
be manufactured in the United States. Other existing Atrium brands will
subsequently be introduced. Atrium will make an initial investment in
the joint venture of $1 million, for a participation of 49%.
"China has been a market of interest for Atrium for several years. We
have considered many entry scenarios in light of the complexity
associated with product registration and the particularity of
distribution channels. Our joint venture with Fosun Pharma will provide
needed local expertise and access to a wide range of distribution
channels. Although we expect some revenues in 2013, our investment in
this new market should be viewed as a long-term commitment where we
believe we can distribute other brands of our portfolio," said Pierre
Fitzgibbon, President and CEO of Atrium Innovations.
About Atrium Innovations
Atrium Innovations Inc. is a globally recognized leader in the development, manufacturing and
commercialization of innovative, science-based dietary supplements
endorsed by health professionals. The Company distributes its extensive
portfolio of products mainly in the healthcare practitioner and health
food and specialized store channels, with a primary focus in North
America and Europe. Atrium is at the forefront of science, innovation
and education in the dietary supplement industry. The Company has over
1,100 employees and operates seven manufacturing facilities.
Additional information is available at www.atrium-innovations.com.
About Fosun Pharmaceutical
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma",
Shanghai Stock Exchange: 600196; Hong Kong Stock Exchange: 2196), was
established in 1994 and listed on the Shanghai Stock Exchange in August
1998 and on the Hong Kong Stock Exchange in October 2012. It is a
leading healthcare company in the PRC with business operations
strategically covering multiple important segments of the healthcare
industry value chain, including pharmaceutical manufacturing,
distribution and retail, healthcare services and diagnostics products
and medical devices. For more information, please visit www.fosunpharma.com
Caution Regarding Non-IFRS Financial Measures
The Company provides non-IFRS financial measures (Gross profit*, EBIT*,
EBITDA*, and Adjusted EPS*) as supplemental information regarding its
operational performance. These non-IFRS financial measures are directly
derived from the Company's financial statements and are presented in a
consistent manner. The Company uses these measures for the purposes of
evaluating its historical and prospective financial performance, as
well as its performance relative to competitors. These measures also
help the Company to plan and forecast for future periods as well as to
make operational and strategic decisions. The Company believes that
providing this information to investors, in addition to IFRS measures,
allows them to see the Company's results through the eyes of
management, and to better understand its historical and future
financial performance.
The presentation of this additional information is not prepared in
accordance with IFRS. Therefore, the information may not necessarily
be comparable to that of other companies and should be considered as a
supplement to, not a substitute for, or superior to, the comparable
measures calculated in accordance with IFRS.
*Gross profit means revenue less cost of sales. EBIT means earnings
before interest and tax. EBITDA means earnings before interest, tax,
depreciation, amortization, restructuring and acquisition costs.
Adjusted EPS means EPS without giving the dilutive effect of the
convertible debentures.
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their
nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied in
these forward-looking statements. Forward-looking statements are not
guarantees of performance. These forward-looking statements, including
financial outlooks, may involve, but are not limited to, comments with
respect to the Company's business or financial objectives, its
strategies or future actions, its targets, expectations for financial
condition or outlook for operations and future contingent payments.
Words such as "may", "will", "would", "could", "expect", believe",
"plan", "anticipate", "intend", "estimate", "continue", or the negative
or comparable terminology, as well as terms usually used in the future
and the conditional, are intended to identify forward-looking
statements. Information contained in forward-looking statements is
based upon certain material assumptions that were applied in drawing a
conclusion or making a forecast or projection, including management's
perceptions of historical trends, current conditions and expected
future developments, as well as other considerations that are believed
to be appropriate in the circumstances. The Company considers theses
assumptions to be reasonable based on information currently available
to it, but cautions the reader that these assumptions regarding future
events, many of which are beyond its control, may ultimately prove to
be incorrect since they are subject to risks and uncertainties that
affect the Company and its business.
For additional information with respect to these and other factors and
assumptions underlying the forward-looking statements made in this
press release, see the Company's quarterly and annual Management
Discussion and Analysis filed with the Canadian securities
commissions. The forward-looking information set forth herein reflects
the Company's expectations as at the date of this press release and is
subject to change after such date. The Company disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
other than as required by law.
SOURCE ATRIUM INNOVATIONS INC.
Image with caption: "February 19, 2013. Shanghai, People's Republic of China. Sirs Yao Fang, Executive Director, Vice Chairman and General Manager of Shanghai Fosun Pharmaceutical (Group)., Ltd. and Pierre Fitzgibbon, President and Chief Executive Officer of Atrium Innovations Inc. (CNW Group/ATRIUM INNOVATIONS INC.)". Image available at: http://photos.newswire.ca/images/download/20130227_C8649_PHOTO_EN_24108.jpg
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