Chindex Press Room
INDUSTRIAL EXCHANGE, INC.
Bethesda, Maryland - June 20, 1996 - U.S.-China Industrial Exchange, Inc. (NASDAQ:CHDXU), a leading American company in market representation, sales and consulting services for Western business in China since 1981, today announced the establishment of the Beijing United Family Health Center (Beijing United).
Established as a joint venture between U.S.-China Industrial Exchange (Chindex) and the Chinese Academy of Medical Sciences, Beijing United marks the development of a unique womens and childrens health care center based on Western standards. Beijing United represents the first of six centers the Company plans to open over the course of the next five years, and will serve as a pilot model for future centers. In addition, the facility will be a demonstration and reference site as well as a training center for existing Chindex customers.
Roberta Lipson, U.S.-China Industrial Exchange president and chief executive said from Beijing, "We are excited that, with this entry into primary health care , Chindex will be poised to grow with the vast potential of the Chinese market. Out initial target sectors will be the large and growing expatriate population as well as the quickly expanding, increasingly affluent Chinese community. After extensive research we identified a growing demand for Western standard health care in China."
The establishment of Beijing United supports Chindex Five Year Growth plan, which calls for revenue growth to exceed 25 percent annually. At the heart of the strategy lies a commitment to increasing the percentage of recurring revenue and long-term investment for future growth.
Chindex Five-Year Growth Plan seeks to capitalize on the Companys 15 years of on-the-ground experience in China. The plan is a four-part strategy designed to expand core business, develop distribution capabilities, enter new markets and provide health care services.
Core business expansion will be achieved through strategic product positioning in key market sectors including medial and industrial equipment. Chindex philosophy is to represent high quality manufacturers and market-leading products. The Companys ongoing commitment to customer support is also an integral element to its expansion strategy.
Chindex Tianjin, a wholly-owned subsidiary of the Company, is a medical and industrial wholesale/resale distributor. Due to the poor level of distribution capabilities throughout China, this business venture represents opportunity for continued growth. It has the added benefit of providing local currency revenue and offering a platform for new product distribution.
Chindex Hong Kong , a wholly-owned subsidiary of the Company established in March 1996, extends the Companys core business into a new market. The office is a starting point for operations throughout Asia. Through an internal task force, the Company is already researching additional markets, including Vietnam, that demonstrate significant market potential in medical instrumentation and other product sectors.
Roberta Lipson commented, "We have reached a stage in our corporate development where the combination of continued growth in our core business and our knowledge of the Chinese market provides significant new opportunities. We are confident that these opportunities will provide a base for our continued growth in Asian emerging markets."
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U.S.-China Industrial Exchange, Inc. (Chindex) provides market representation, sales and consulting services in China to a number of multinational and Fortune 500 companies including Volvo Construction Machinery, Ingersoll-Rand, Acuson, Johnson & Johnson and Polaroid. With more than 15 years experience, 125 employees, and operations in the United States, China, and Hong Kong, Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Chinas growing professional communities as well as identifying future ventures in other emerging Asian markets. Chindex is listed on NASDAQ under the ticker symbol CHDXU.