XIANYANG, China, Jan. 28 /PRNewswire-Asia-FirstCall/ -- Biostar
Pharmaceuticals, Inc. (OTC Bulletin Board: BSPM) ("Biostar" or "the Company"),
a Xianyang-based developer, manufacturer and supplier of pharmaceutical
products and medical nutrients addressing a variety of diseases and conditions,
today announced that effective January 22, 2010, its Board of Directors had
appointed Mazars Hong Kong as the Company's new independent auditors,
replacing the firm of Acquavella, Chiarelli, Shuster, Berkower & Co., LLP. The
decision to change auditors was not the result of any disagreement between the
Company and Acquavella, Chiarelli, Shuster, Berkower & Co., LLP on any matter
of accounting principals or practices, financial statement disclosure, or
auditing scope or procedure.
About Mazars Hong Kong
Mazars Hong Kong is part of the Mazars Group, an international, integrated
and independent partnership, and as such is a member of the Praxity alliance,
which ranks among the top 10 of international accounting firms in size and
global billings. Mazars Hong Kong currently provides auditing services for a
number of China based US listed companies and Hong Kong listed companies.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary in
China, develops, manufactures and markets pharmaceutical and medical nutrient
products for a variety of diseases and conditions. The Company's most popular
product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter ("OTC")
medicine for chronic hepatitis B, a disease affecting approximately 10% of the
Chinese population. In addition to its hepatitis product, Biostar manufactures
two broad-based OTC products, two prescription-based pharmaceuticals and
thirteen nutrients. The Company has adopted international standards and is in
the process of applying for two patents.
Safe Harbor
Certain statements in this release concerning our future growth prospects
are forward-looking statements, within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities
Exchange Act of 1934, as amended, which involve a number of risks and
uncertainties that could cause actual results to differ materially from those
in such forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and uncertainties
regarding the success of our investments, risks and uncertainties regarding
fluctuations in earnings, our ability to sustain our previous levels of
profitability including on account of our ability to manage growth, intense
competition, wage increases in China, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price, fixed-time frame
contracts, client concentration, our ability to successfully complete and
integrate potential acquisitions, withdrawal of governmental fiscal incentives,
political instability and regional conflicts and legal restrictions on raising
capital or acquiring companies outside China. Additional risks that could
affect our future operating results are more fully described in our United
States Securities and Exchange Commission filings including our S-1 dated June
27, 2008, our Quarterly Report on Form 10-Q for the quarter ended September 30,
2009, our 10-K for the year ended December 31, 2008, and other recent filings.
These filings are available at http://www.sec.gov . We may, from time to time,
make additional written and oral forward-looking statements, including
statements contained in our filings with the Securities and Exchange
Commission and our reports to shareholders. We do not undertake to update any
forward-looking statements that may be made from time to time by or on our
behalf.
For further information, contact:
Ms. Elaine Zhao, CFO
Phone: +1-626-456-2789
Email: elaine@biostarpharmaceuticals.com
John Mattio
HC International, Inc.
Phone: US +1-914-669-5340
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
SOURCE Biostar Pharmaceuticals, Inc.