GUANGZHOU, China, May 3 China Medicine Corporation(OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), primarily amanufacturer, leading distributor and developer of Western pharmaceuticals,traditional Chinese medicines ("TCM"), and other nutraceuticals, todayappointed Mr. Fred Wai-Kuen Cheung as its Chief Financial Officer. The Companyalso announced that its board of directors has nominated three new directorsto stand for election at its annual meeting of stockholders on May 27, 2010.
Mr. Cheung brings over 18 years of professional expertise in auditing,financial and general management through his experience working with a "BigFour" auditing firm, a multi-national corporation, a private equity fund, andpublic and private companies based in Asia. Prior to joining China Medicine,Mr. Cheung was an investment manager at CLSA Capital Partners (HK) Ltd.Previously, Mr. Cheung was the financial controller for Podium Development Co.,Ltd. in Hong Kong and China. Mr. Cheung also worked at VTech Holdings Limitedfor more than four years, holding various senior positions. Mr. Cheung was theaccounting manager for DuPont China Ltd., stationed in Shenzhen, PRC for overthree years. Mr. Cheung began his career at Deloitte Touche Tohmatsu focusingon auditing for over three years. Mr. Cheung has a bachelor's degree inAccountancy from Hong Kong Polytechnic University. Mr. Cheung received his CPAfrom the Hong Kong Institute of Certified Public Accountants in January 1997and ACCA from the Association of Chartered Certified Accountants in April 1995.
"We are honored and delighted to have Mr. Cheung join China Medicine asour Chief Financial Officer. We are committed to building our management teamand strengthening our financial management and operations of the Company,"said Mr. Senshan Yang, CEO and Chairman of China Medicine Corporation. "Mr.Cheung brings a wealth of knowledge in financial reporting, internal controlsand management. I am confident he will be a great addition to our Company."
Two of the Company's existing directors, Mr. Robert Adler and Dr. YanfangChen, will not stand for reelection in 2010. The Company has nominated threenew independent directors to stand for election at the Company's annualmeeting of stockholders on May 27, 2010.
Mr. Daniel Shih brings to the board over 20 years of experience inmanagement, sales and marketing in the information technology and industryapplication areas with multinational corporations. He is currently the ChiefStrategy Officer and the Head of the retail business unit of StellaInternational Holdings Ltd. Previously, Mr. Shih was the President of PepsiCoChina's beverage business unit; the President of Motorola China and the CEO ofCapGemini Ernst & Young Consulting North Asia.
Mr. Sean Shao brings to the board extensive accounting and financialmanagement experience within the biopharmaceutical industry. Mr. Shaocurrently serves as an independent director and audit committee chairman forseveral NASDAQ-listed Chinese companies. Mr. Shao also previously served asCFO at a number of NASDAQ-listed Chinese companies.
Mr. Ian Robinson brings to the board international senior managementexperience in accounting and finance. Mr. Robinson has over 45 years ofexperience as chartered accountant, including serving as a Senior Partner ofthe Hong Kong office of Ernst & Young. Mr. Robinson's years of experience asan independent director and audit committee chairman of both Hong Kong and U.Slisted companies will be instrumental for China Medicine.
"We highly appreciate both Mr. Adler's and Dr. Chen's valuable oversightand guidance during their tenures with China Medicine Corporation," said Mr.Yang. "At the same time, we are confident our director nominees, once elected,will bring a fresh perspective to corporate governance and operationaloversight."
About China Medicine Corporation
China Medicine Corporation, a comprehensive enterprise with a research anddevelopment centre, manufacturing facilities and well established salesnetwork, engages in the production and distribution of prescription and overthe counter ("OTC") drugs, traditional Chinese medicine products, herbs anddietary-supplements, medical devices, and medical formulations in China. TheCompany distributes its products to wholesale distributors, including morethan 300 hospitals and 500 medicine companies that sell to over 2,000 drugstores in 28 provinces throughout China. The Company is developing a number ofproprietary products for a variety of uses, including oncology, high bloodpressure and the removal of toxins from food and animal feeds.
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, government support for rural health care,competition from existing and new competitors, changes in technology, andvarious other factors beyond its control. All forward-looking statements areexpressly qualified in their entirety by this Cautionary Statement and therisk factors detailed in the Company's reports filed with the Securities andExchange Commission. China Medicine Corporation undertakes no duty to reviseor update any forward-looking statement to reflect events or circumstancesafter the date of this release.Company Contact: Gavin Chen Assistant to CFO China Medicine Corporation Tel: +86-20-8737-2102 Email: [email protected]
Investor Relations Contact: Ms. Lei Huang, Account Manager CCG Investor Relations Tel: +1-646-833-3417 (NY Office) Email: [email protected]
Web: www.ccgirasia.com Mr. Crocker Coulson, President CCG Investor Relations Tel:+1-646-213-1915 Email: [email protected]
SOURCE China Medicine Corporation