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Dragon and Oriental Wave Announce the Signing of Definitive Agreement to Create a Competitive and Growth Oriented Pharmaceutical Company (Part 2 of 2)

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The combined company will be one of a few public pharmaceutical companies traded in North America that produces generic pharmaceutical drugs, biotech generic drugs and bulk pharmaceutical chemical competitively, and has access to the most prominent Chinese markets while also targeting a number of international markets. Investors, especially those from North America, will be able to invest directly in this pharmaceutical company with China as a core market without participating in the stock markets outside of North America, where the rules and regulation of the capital market system could be very different.

Enhanced Capital Market Opportunities
The critical mass achieved, lower risk profile due to diversification of businesses and better business prospects with multiple growth opportunities will enhance the combined company’s ability to attract, if required, additional funding and seek out other business opportunities, such as obtaining a listing status on a more senior stock exchange in the U.S.

PROFILE OF DRAGON AFTER THE TRANSACTION
Dragon, after the transaction, will continue to be quoted on Over-the-counter Bulletin Board (Ticker: DRUG) and listed on the Toronto Stock Exchange (“TSX? (Ticker: DDD). The company may also seek a listing on a more senior stock exchange in the U.S. when it fulfills the listing requirements. Here are some highlights of Dragon, after the transaction:

2003 Full Year Pro-forma financials, assuming the transaction occurred at the beginning of 2003:
Revenues of $29.7 million
Net profit of $5.6 million (Net profit margin of 18.8%)
Earning per share of $0.09 (based on 64.9 million shares)

Number of employees
Approximately 1,850 (excluding approximately 1,200 sales representatives)

Major product offering:
35 pharmaceutical products (mainly anti-infectious drugs, including 13 prescription drugs and 22 over-the-counter drugs)
2 chemical products (Clavulanic Acid and 7-ACA)
2 biotech products (EPO & G-CSF)

Product permits issued by Chinese State Food and Drug Administration (SFDA)
293 product permits in 9 categories:
130 types of tablets
14 types of granules
10 types of suppositories
23 types of capsules
1 type of powder
54 types of powder for injections
15 types of bulk drugs
44 types of injection
2 types of biotech injectables (including in-licensed G-CSF)

Sales network
63 sales offices covering all 31 provinces/regions with over 1,200 sales representatives in China
Licensing arrangement covering over 130 countries

Manufacturing facilities and capabilities
Pharma division
Powder for Injection with an annual capacity of 80 million vials
Tablets with an annual capacity of 520 million units
Capsules with an annual capacity of 90 million units
Granules with an annual capacity of 47 million sachets
Suppositories with an annual capacity of 10 million units
Sterilized bulk drug with an annual capacity of 180 tons

Chemical division
Clavulanic Acid with an annual capacity of 30 tons
7-ACA with an annual capacity of 400 tons (currently under final installation of equipment)

Biotech division
EPO with an annual capacity of 5.4 million vials

Dragon, after the transaction, will continue to have its Corporate Headquarters in Vancouver, Canada and its major business will be reorganized under three business units, namely, a Pharma division, a Chemical division (formerly referred as the Chemical Drug division and the Chemical Intermediate division respectively in previous press releases) and a Biotech division. The Corporate Headquarters in Vancouver will continue to perform the functions of international sales and marketing, international regulatory affairs, finance and compliance, investor relations and business development for the expanded businesses of Dragon. A new corporate office will be set up in Beijing, China to unify the management of the manufacturing facilities and operations of the three business units as well as the sales and marketing activities in China.

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