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On May 9, 2008, Mr. Stanley Wong resigned as President and Chief ExecutiveOfficer of the Company, effective as of June 1, 2008. Mr. Wong's resignationwas due to personal reasons and was not due to any disagreement with theCompany on any matter relating to the Company's operations, policies orpractices. He will continue to serve as a consultant to the Company until theend of 2008 in order to ensure a smooth transition for the management. At thesame time, Mr. Chao Ming Zhao resigned from his position as Chief FinancialOfficer in order to take over Mr. Wong's role as President and Chief ExecutiveOfficer, and Mr. Y. Tristan Kuo, the Company's Vice President-Finance, hasbeen appointed to as the Company's new Chief Financial Officer, effective June1, 2008.
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Mr. Zhao has been CBP's Director since August 2006 and Chief FinancialOfficer since November 2006, and has been the Chief Financial Officer of CBP'soperating subsidiary, Shandong Taibang since September 2003. From February2002 to June 2003, he served as the Financial Manager at the EF English First(Fuzhou) School, where he was responsible for managing the school's accountingand its internal control, and he served as a manager and internal auditor atthe Fujian (CFC) Group from July 1996 to January 2002. Mr. Zhao is acertified accountant in the PRC and is an international registered internalauditor. Mr. Zhao obtained his Bachelors degree in Investment EconomyManagement from Fuzhou University in 1996 and received his MBA from theChinese University of Hong Kong in 2006.
Mr. Kuo has more than 27 years of accounting, finance and informationsystems work experience in manufacturing, commodity trading and bankingindustries where he has served in the capacity of CFO, CIO and Controller. Ofthese years, Mr. Kuo worked for 25 years in the U.S. and for 2 years in Asia.Before joining CBP in September 2007, served from February through August 2007as the IT Director for the Noble Group in Hong Kong, and prior to that, Mr.Kuo served from 2002 through 2007 as the CFO for Cuisine Solution, Inc., apublic traded food manufacturing company. Mr. Kuo has also served as VicePresident of Information Systems for Zinc Corporation of America and asController and Chief Information Officer of Wise Metals Group, the largestindependent aluminum sheet producer in the U.S. Mr. Kuo obtained his Mastersdegree in Accounting from the Ohio State University and Bachelors degree inEconomics from Soochow University in Taipei.
"We highly value Mr. Wong's contribution to our company in the past andhis assistance in effecting a smooth transaction," said Mr. Zhao. "We arealso pleased that Mr. Kuo has agreed to serve as the Company's CFO. We expectthat his in-depth finance experience and his background in the U.S. capitalmarket will inform our operations and business strategies and make him avaluable member of our team."
On May 9, 2008, the Company's board of directors also adopted an EquityIncentive Plan which is authorized to issue up to a total of 5,000,000 sharesof the Company's common stock.
About China Biologic Products, Inc.
Through its indirect majority-owned subsidiary Shandong Taibang BiologicalProducts Co. Ltd., China Biologic Products, Inc. (the "Company"), isprincipally engaged in the research, development, production and manufacturingand sale of plasma-based biopharmaceutical products to hospitals and otherhealth care facilities in China. The Company's human albumin products aremainly used to increase blood volume and its immunoglobulin products are usedfor the treatment and prevention diseases.
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