GUANGZHOU, China, Dec. 23 China Medicine Corporation(OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developerand leading distributor of prescription and over the counter pharmaceuticals,traditional Chinese medicines (TCM), nutritional and dietary supplements, andmedical devices and medical formulations, today announced that Richard P. Wuhas resigned as Chief Financial Officer in order to pursue other professionalinterests. His resignation was effective December 15, 2009.
Mr. Robert Lu was appointed to serve as the Company's Interim ChiefFinancial Officer until the Company selected a permanent Chief FinancialOfficer.
Robert Lu has served as the Company's Financial Manager since August 6,2009. Prior to joining the Company, Mr. Lu served as the InternationalRegional Tax Manager of Hua Wei Technologies Co., Ltd. from October 2006through August 2009. From August 2003 to September 2006, Mr. Lu served as afinancial supervisor for Dongguan Pulse Electronics Co., Ltd. Mr. Lu receivedhis Bachelor's degree in accounting from the Harbin Institute of Technology in2003. Mr. Lu is a member of the Chinese Institute of Certified PublicAccountants (CICPA) and is fluent in English. He will be supported by Ms.Huizhen Yu, the Company's controller.
"We wish Mr. Wu well in his future endeavors and expect a smoothtransition of his responsibilities to Mr. Lu, who has been involved with ourcash planning, internal and external reporting and tax planning and capitalbudgeting for the last several months. We will seek to improve our financialmanagement team with a permanent CFO in the months ahead," stated Mr. SenshanYang, Chairman and CEO of China Medicine Corporation.
About China Medicine Corporation
China Corporation is a developer and leading distributor of prescriptionand over the counter ("OTC") drugs, traditional Chinese medicine products,herbs and dietary-supplements, medical devices, and medical formulations inChina. China Medicine also has its research and development force for certainproducts it manufactures through OEM arrangement makes the distribution. TheCompany distributes its products to wholesale distributors including more than300 hospitals and 500 medicine companies that sell to over 2,000 drug storesin 28 provinces throughout China. The Company actively develops a number ofproprietary products for a variety of uses, including oncology, high bloodpressure and the removal of toxins from food and animal feeds. For moreinformation visit the Company's website at http://www.chinamedicinecorp.com
This press release contains forward-looking statements concerning theCompany's business and products. The Company's actual results may differmaterially depending on a number of risk factors including, but not limited to,the following: general economic and business conditions, obtaining regulatoryapproval for new products, the expected contribution of higher margin products,government support for rural health care, competition from existing and newcompetitors, changes in technology, and various other factors beyond itscontrol. All forward-looking statements are expressly qualified in theirentirety by this Cautionary Statement and the risk factors detailed in theCompany's reports filed with the Securities and Exchange Commission. ChinaMedicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of thisrelease.For more information, please contact: Company Contact: Mr. Robert Lu Chief Financial Officer China Medicine Corp. Tel: +86-20-8739-1718 Email: [email protected]
Investor Relations Contact: Mr. Crocker Coulson, President CCG Investor Relations Tel: +1-646-213-1915 (NY Office) Email: [email protected]
SOURCE China Medicine Corporation