"We applaud the Ethiopian government for its visionary support of our
burgeoning industry. The health of Ethiopian citizens and economy, and the
health of our own company, Rx
"Because local manufacturers will also receive up to ten years tax holiday for special investments in pharmaceuticals, and no tax on locally produced pharmaceuticals for export, our ability to invest in capital projects is greatly increased, enabling us to complete our upgrades sooner. We will also benefit by the Federal Government Investment Commission's new directive in which all technologies for manufacturing and for R&D activities will be exempt from paying duty and related taxes.
"To further promote the local industry, the government has placed a tariff
ranging from 15-30% on pharmaceutical imports and the Federal Drug Authority
of
Forward Looking Statements
This press release contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners or others that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
SOURCE Rx for