GUANGZHOU, China, May 3 /PRNewswire-Asia/ -- China Medicine Corporation
(OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), primarily a
manufacturer, leading distributor and developer of Western pharmaceuticals,
traditional Chinese medicines ("TCM"), and other nutraceuticals, today
appointed Mr. Fred Wai-Kuen Cheung as its Chief Financial Officer. The Company
also announced that its board of directors has nominated three new directors
to 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 "Big
Four" auditing firm, a multi-national corporation, a private equity fund, and
public 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 Limited
for more than four years, holding various senior positions. Mr. Cheung was the
accounting manager for DuPont China Ltd., stationed in Shenzhen, PRC for over
three years. Mr. Cheung began his career at Deloitte Touche Tohmatsu focusing
on auditing for over three years. Mr. Cheung has a bachelor's degree in
Accountancy from Hong Kong Polytechnic University. Mr. Cheung received his CPA
from the Hong Kong Institute of Certified Public Accountants in January 1997
and ACCA from the Association of Chartered Certified Accountants in April 1995.
"We are honored and delighted to have Mr. Cheung join China Medicine as
our Chief Financial Officer. We are committed to building our management team
and 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 controls
and 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. Yanfang
Chen, will not stand for reelection in 2010. The Company has nominated three
new independent directors to stand for election at the Company's annual
meeting of stockholders on May 27, 2010.
Mr. Daniel Shih brings to the board over 20 years of experience in
management, sales and marketing in the information technology and industry
application areas with multinational corporations. He is currently the Chief
Strategy Officer and the Head of the retail business unit of Stella
International Holdings Ltd. Previously, Mr. Shih was the President of PepsiCo
China's beverage business unit; the President of Motorola China and the CEO of
CapGemini Ernst & Young Consulting North Asia.
Mr. Sean Shao brings to the board extensive accounting and financial
management experience within the biopharmaceutical industry. Mr. Shao
currently serves as an independent director and audit committee chairman for
several NASDAQ-listed Chinese companies. Mr. Shao also previously served as
CFO at a number of NASDAQ-listed Chinese companies.
Mr. Ian Robinson brings to the board international senior management
experience in accounting and finance. Mr. Robinson has over 45 years of
experience as chartered accountant, including serving as a Senior Partner of
the Hong Kong office of Ernst & Young. Mr. Robinson's years of experience as
an independent director and audit committee chairman of both Hong Kong and U.S
listed companies will be instrumental for China Medicine.
"We highly appreciate both Mr. Adler's and Dr. Chen's valuable oversight
and 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 operational
oversight."
About China Medicine Corporation
China Medicine Corporation, a comprehensive enterprise with a research and
development centre, manufacturing facilities and well established sales
network, engages in the production and distribution of prescription and over
the counter ("OTC") drugs, traditional Chinese medicine products, herbs and
dietary-supplements, medical devices, and medical formulations in China. The
Company distributes its products to wholesale distributors, including more
than 300 hospitals and 500 medicine companies that sell to over 2,000 drug
stores in 28 provinces throughout China. The Company is developing a number of
proprietary products for a variety of uses, including oncology, high blood
pressure and the removal of toxins from food and animal feeds.
Cautionary 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.
Company Contact:
Gavin Chen
Assistant to CFO
China Medicine Corporation
Tel: +86-20-8737-2102
Email: konzern08@163.com
Investor Relations Contact:
Ms. Lei Huang, Account Manager
CCG Investor Relations
Tel: +1-646-833-3417 (NY Office)
Email: lei.huang@ccgir.com
Web: www.ccgirasia.com
Mr. Crocker Coulson, President
CCG Investor Relations
Tel:+1-646-213-1915
Email: crocker.coulson@ccgir.com
SOURCE China Medicine Corporation