VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 20, 2000--
The
Board of Directors of Rocky Mountain Ginseng, Inc. (Pink Sheets:RMGG)
are pleased to announce that Rocky Mountain (Fuzhou) Drug Co., Ltd
opened its first company-owned drug store in Quanzhou, China on
December 7, 2000. Quanzhou, an affluent city of 6.7 million people, is
Fujian province's fastest growing city.
In making the announcement, company president, Brian Hodge, stated
the company was using its recently acquired right to enter the drug
retailing business in China. "This is a new opportunity for
businesspeople," said Mr. Hodge, "because the central government has
recently modified its regulations in the drug industry which now
enables the private sector to play a more dominant role in drug
retailing."
As resources permit, Mr. Hodge further stated the company
anticipates opening up to ten company-owned stores in Quanzhou over
the next 12 months and is targeting owning up to 100 company-owned
stores in Fujian province over the next 5 years. Mr. Hodge further
advised the company would like to sell franchises for its stores in
the future. "Profits from retailing directly are much higher than
going through middlemen and priority can be given to placing company
produced products on prime shelf space," stated Mr. Hodge.
The company has also opened a new wholesale office adjacent to its
new store. Discussions will be underway shortly with manufacturers of
western drugs and healthy foods in Europe and North America to sign
distribution agreements with them to import and market their goods in
China. Under terms of China's forthcoming entry into the WTO, western
companies who are not operating in China cannot market their products
there until 2005. RMGG is in an excellent position to capitalize on
this as the Company has the right to import western drugs and healthy
foods and are able to wholesale them in all parts of China. Mr. Hodge
added he hopes the company will soon be able to take advantage of this
opportunity.
ABOUT ROCKY MOUNTAIN GINSENG, INC.
Rocky Mountain Ginseng, Inc.'s head office is located in British
Columbia, Canada. The Company exports American ginseng to China as
well as manufactures and processes America ginseng products in China.
Rocky Mountain Ginseng, Inc. holds exclusive world processing and
distribution rights to several innovative value added ginseng products
developed in North America.
Rocky Mountain Ginseng, Inc. purchased Fuzhou Fujian Drug Company
located in China in February 1999. This acquisition included all
necessary drug and hygiene licenses allowing the Company to import,
export, manufacture and distribute ginseng products in all provinces
of China. The Company has completed the construction of its new office
and manufacturing facility in the city of Fuzhou and is currently
producing traditional ginseng products for the Chinese Market. The
Chinese factory employs 42 people in processing, sales, accounting and
management. Rocky Mountain (Fuzhou) Drug Co. Ltd. is the first wholly
owned Canadian Company in the Fujian province.
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Act of 1995. Expression of future goals and similar
expressions reflecting something other than historical fact involve
risks and uncertainties. The actual results the company achieves may
differ materially from any forward-looking statements due to such
risks and uncertainties.
--30--rr/se*
CONTACT: Rocky Mountain (Fuzhou) Drug Co. Ltd.
Brian A. Hodge, (86) 591-379-7969
e-mail: rockymt@public.fz.fj.cn
Website: www.RMGGInvestor.com
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