GUANGZHOU, China, Sept. 27, 2011 /PRNewswire-Asia/ -- China
Medicine Corporation (Other OTC: CHME.PK) (the "Company"), a
leading manufacturer, developer and distributor of Western
pharmaceuticals, traditional Chinese medicines ("TCM"), and other
health products in the People's Republic
of China, today announced that it has appointed
PricewaterhouseCoopers (“PwC”) as the Company’s independent
registered public accounting firm to audit its financial results
for fiscal years 2006 to 2010, effective September 21, 2011. PwC will audit the Company's
consolidated financial statements for fiscal years ended
December 31, 2006, 2007, 2008, 2009
and 2010, and review the Company's unaudited quarterly financial
statements within the fiscal years 2006, 2007, 2008, 2009 and 2010.
The appointment of PwC has been approved by the Audit Committee of
the Company's board of directors.
Mr. Senshan Yang, Chairman and CEO of China Medicine
Corporation, stated, "We are very pleased to have PwC as our new
independent auditor. The addition of a Big Four audit firm
signifies our commitment to the highest standards of corporate
governance, in financial reporting, integrity and transparency. We
look forward to working with PwC to serve the best interests of our
shareholders."
In addition, the Company's board of directors voted to reduce
the size of the board of directors from seven directors to five
directors in an attempt to streamline decision-making within the
Company. In conjunction with this vote, two of the Company's
existing directors, Mr. Sean Shao
and Ms. Minhua Liu, informed the
board of directors of their resignation from the board of
directors, effective September 30,
2011. Two existing independent directors, Mr. Ryan Shih and Mr. Daniel
Shih, will replace Mr. Shao as a member of the Audit
Committee and as a member of the Compensation Committee of the
Board, respectively.
About China Medicine Corporation
China Medicine Corporation, a vertically integrated enterprise
with a research and development center, manufacturing facility and
well established sales network, engages in the production and
distribution of prescription and over the counter drugs,
traditional Chinese medicine products, herbs and
dietary-supplements, medical devices, and medical formulations in
China. The Company is developing a
number of proprietary products for a variety of indications,
including oncology, high blood pressure and toxin removal from food
and animal feeds. For more information, please visit the Company's
website at http://www.cmc621.com. The Company routinely posts
important information on its website.
Safe-Harbor Statement
This press release contains forward-looking statements
concerning the Company's business and products. The Company's
actual results may differ materially depending on a number of risk
factors including, but not limited to, the following: general
economic and business conditions, obtaining regulatory approval for
new products, government support for rural health care, competition
from existing and new competitors, changes in technology, and
various other factors beyond its control. All forward-looking
statements are expressly qualified in their entirety by this
cautionary statement and the risk factors detailed in the Company's
reports filed with the Securities and Exchange Commission. China
Medicine Corporation undertakes no duty to revise or update any
forward-looking statement to reflect events or circumstances after
the date of this release except as required by applicable law or
regulation.
Contact
Information
|
|
|
|
ICR, Inc.
|
|
In New York: Ms. Christine Duan:
1-203-682-8200
|
|
In Beijing: Ms. Wen Lei Zheng:
86-10-6599-7968
|
|
|
SOURCE China Medicine Corporation