BETHESDA, MARYLAND (November 15, 1999) . . . . Chindex International, Inc. (NASDAQ: CHDX) (U.S.-China Industrial Exchange, Inc.), the leading independent American company providing Western healthcare products and services in the People's Republic of China, today announced it has signed an exclusive distribution agreement with C. B. Fleet Company, Inc. (Fleet) of Lynchburg, Virginia. Under the terms of the agreement, Chindex will market and distribute the Summers Eve brand of feminine hygiene products nationwide in China beginning in 2000 with additional Fleet products to follow.
The Summers Eve brand manufactured by Fleet is a world leader in feminine hygiene products. It is currently sold in more than 30 countries worldwide. The Chindex and Fleet distribution strategy in China includes local area promotion and point of sale detailing. The initial product launch for Fleets Summers Eve line is scheduled for mid-2000. Product registration and regulatory formalities are already in process.
"Our new relationship with Fleet represents an exciting, pioneering expansion in the products we distribute to the retail pharmacy markets in China, " Roberta Lipson, Chindex Chairperson, President and CEO commented in Beijing. "The feminine hygiene market in China is a newly emerging segment and estimated to represent a multi-million dollar market potential over time. We began establishing this retail pharmacy distribution system two years ago. We are quite pleased with the success we have seen thus far. Our strategy is to focus on the top 1,000 retail pharmacy locations in China's 30 major cities with purchasing power for imported personal care products."
Mr. Jeff Rowan, Vice President of International Marketing at Fleet said, "We believe Chindex is at the forefront of opening the retail pharmacy market for Western personal care products in China. The investment they have made in marketing and distribution systems provides the perfect platform for our Summers Eve products. We have high expectations for this program and are hoping to launch additional Fleet healthcare products both in the retail and hospital markets with Chindex in the future."
Mr. James H. Spear, Jr., Vice President of Products Distribution at Chindex, heads up the operations handling the Fleet product line. He commented from Beijing, "We are already supplying a range of branded personal care products in seven cities in East China including Shanghai and Beijing. This is a rapidly growing sector in China and Chindex is at the forefront of this expanding market. We are currently in discussions with several manufacturers for a variety of additional product lines that we expect to add to our retail pharmacy pipeline program in the future."
Chindex is a leading American company in healthcare in the Greater Chinese marketplace including Hong Kong and Macau. It provides representative and distribution services to a number of major multinational companies including Acuson, Johnson & Johnson, and Tyco Healthcare Products. It also provides healthcare services through the operations of it's private hospital corporation in China. With over eighteen years of experience, approximately 300 employees, and operations in the United States, China and Hong Kong, the Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater China's professional communities. Further company information may be found at the Chindex website, www.chindex.com.
The statements in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties pertaining to customer orders, demand for products and services, availability of financing, development of markets for the Company's products and services and other risks identified in the Company's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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