NSP Subsidiary Signs Letter of Intent for Expansion into China.
Established in 1986, Longliqi is a large and well-known enterprise in China with over 260 branches. Its major consumer business is in the cosmetics industry (branded products and OEM), and the Company has the distinction of being the leading domestic player in China's cosmetics and toiletries market. Longliqi's estimated sales exceed RMB $3 billion (approximately C$425 million) on an annual basis.
China is now considered one of the largest and fastest growing markets within the global beauty industry, with total consumer spending in this sector exceeding US$5 billion in 2005. According to a recent national government research project, spending on beauty products and services has been increasing at an average of 15 - 20% annually over the last 5 years. The study also forecasts that growth will continue at a rate of 25% per annum over the next 5 years.
"This endeavour will introduce NSPI's offerings to the world's largest population," stated president Sergio Martines. "Beauty and skin care products are in heavy demand by China's enormous consumer base, and there is a trend for that demand to increase substantially in the years ahead. We are very excited to pursue the opportunity and will work avidly toward gaining a profitable share of this immense and rapidly growing market."
NSPI (www.nsp.ca, www.clubmodele.com) is a leading cosmeceutical and pharmaceutical company that markets innovative, high-quality, anti-aging products to retail drug and department chains in the United States and Canada. Its objective is to become the premier supplier of skincare and healthcare solutions to an aging global population.
Based in Pickering, Ontario and employing 21 people, NSPI's Modele(TM) product line is currently sold in more than 12,200 retail pharmacies and department stores across North America.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Statements made in this release are accurate as of the time of their release and may not reflect future circumstances. Should unforeseen risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, NSP reserves the right to update and amend the statements contained herein.
Shares Outstanding: 15,619,390
Closing Price March 3, 2006: $.90
The TSX Venture Exchange has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release.
NSP Pharma Corp. (TSX VENTURE:NSP)
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|Date:||Mar 6, 2006|
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