BEIJING, April 2, 2014 /PRNewswire/ -- China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced that the Company has learned that the pending claim in the High Court of Hong Kong (the "Court") against Ms. Siu Ling Chan ("Ms. Chan"), an individual shareholder of the Company, and her spouse, Mr. Tung Lam, had been withdrawn with Court approval. The claim was originally filed by a group of individuals against the title of certain shares of the Company's common stock held by Ms. Chan and Ms. Lin Ling Li ("Ms. Li"), a formal individual shareholder of the Company.
The Company understands that the plaintiffs have reached settlement agreements with all defendants, including Ms. Chan and her spouse, with respect to the claim, and the claim against other defendants, Ms. Li and her spouse, had also previously been withdrawn with Court approval. The withdrawal of the claim against Ms. Chan and her spouse with Court approval thus represents a final conclusion to the title dispute in respect of certain shares of the Company's common stock held by Ms. Chan and Ms. Li. For more information about the settlement agreements, please refer to the current reports on Form 8-Ks filed by the Company with the SEC on August 5, 2013 and February 7, 2014, respectively.
Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "While CBPO was not a party to the litigation, we are glad that the historical dispute involving certain of our individual shareholders has finally been settled and concluded. We welcome this positive development which has resolved certain historical issues in our shareholder base. We remain confident that 2014 will be a promising year for our company and we will continue to work hard to increase shareholder value."
About China Biologic Products, Inc.
China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated plasma-based biopharmaceutical company in China. The Company's products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 different dosage plasma-based products through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company's website www.chinabiologic.com.
Safe Harbor Statement
This news release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including its potential inability to achieve the expected operating and financial performance in 2014, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contact:
China Biologic Products, Inc.
Mr. Ming Yin
Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com