TAI'AN, Shandong, China, July 30 ChinaBiologic Products, Inc. (OTC Bulletin Board: CBPO) ("CBP," or the "Company"),one of the leading plasma-based pharmaceutical companies in the People'sRepublic of China ("PRC"), today announced that, effective July 24, 2008, ithas appointed Mr. Sean Shao, Dr. Jie Gan, and Dr. Tong-Jun Lin, to serve asindependent members of its Board of Directors, and that it has established anAudit Committee comprised of the new directors.
Mr. Chao Ming Zhao and Mr. Guangli Pang resigned as directors of theCompany on the same date, to facilitate the appointment of the new independentdirectors. Mr. Zhao will continue to fulfill his role as CBP's ChiefExecutive Officer.
"We are delighted to add Mr. Shao, Dr. Gan and Dr. Lin to our Board ofDirectors and as members of our Audit Committee, and to have Mr. Shao serve asour Audit Committee Chair," said Mr. Chao Ming Zhao, the Company's CEO. "Theyeach bring to CBP a wealth of knowledge, industrial expertise and experienceworking with leading public companies in both North America and China. Theiraddition to our Board of Directors is the first step in the implementation ofour new corporate governance policy, as we continue to expand our business andpursue our commercial objectives."
Mr. Sean Shao has been appointed to serve as the Chairman of CBP's AuditCommittee. He brings to CBP over thirteen years of experience in financialand operational management in publicly held and private-owned companies. Forthe past four years Mr. Shao has served as chief financial officer of TrinaSolar Limited, ChinaEdu Corporation, a Chinese educational service provider,and Watchdata Technologies Ltd., a Chinese security software company. Priorto this, Mr. Shao served six years as a senior manager at Deloitte ToucheTohmatsu Beijing and three years with Deloitte & Touche Toronto. Mr. Shaoreceived his master's degree in health care administration from the Universityof California at Los Angeles in 1988 and his bachelor's degree in art fromEast China Normal University in 1982. Mr. Shao holds a CPA license ofAmerican Institute of Certified Public Accountants.
Dr. Jie Gan has been appointed to serve as a member of CBP's auditcommittee. She brings to CBP strong financial consulting experiences. Sheserves as an associate professor with tenure in the Department of Finance atthe Hong Kong University of Science and Technology. Her areas of researchexpertise include pharmaceutical company valuation in the areas of accountingstatements, cash flow forecasts, and cost of capital estimations. Dr. Ganreceived her PhD in Financial Economics from the Massachusetts Institute ofTechnology and her Bachelor's degree from Nanjing University in China.
Dr. Tong Jun Lin has been appointed to serve as a member of CBP's auditcommittee. He has over 20 years of medical research experience. He is anassociate professor with tenure in the Departments of Microbiology andImmunology and Pediatrics at the Dalhousie University. Dr. Lin has beeninvolved in the studies of immunological mechanisms in the host defenseagainst microbial pathogens and allergens. Dr. Lin received his MD (1984)from The First Military Medical University in Guangzhou, China and PhD (1990)degree from the Institute of Materia Medica Chinese Academy of MedicalSciences in Beijing, China. He received his post-doctoral training at theUniversity of Alberta, Duke University and Dalhousie University.
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 volu