omniture

China BCT Announces Auditor Change Within PKF Network

2010-07-20 04:34 1222

LIUZHOU CITY, China, July 20 /PRNewswire-Asia/ -- China BCT Pharmacy Group, Inc., (OTC Bulletin Board: CNBI), ("China BCT" or the "Company"), a leading pharmaceutical distributor, retail pharmacy, and manufacturer of pharmaceutical products in Guangxi Province, China, today announced that on July 15, 2010 the Company engaged PKF, Certified Public Accountants, A Professional Corporation, Glendale, California ("PKF California"), a member firm of the PKF International Limited network of legally independent firms, as its principal independent auditor, replacing PKF, Certified Public Accountants, Hong Kong, China ("PKF HK"), also a member firm of the PKF International Limited network of legally independent firms.

The Company's audit committee approved the accounting firm change, which did not result from any dissatisfaction with the quality of professional services rendered by PKF HK. China BCT had no disagreements with PKF HK on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, in connection with the audit of the Company's financial statements for the fiscal years ended December 31, 2008, December 31, 2009 and the subsequent interim period through July 15, 2010.

"As we continue to grow and execute our expansion strategies, we have elected to engage a new auditor that possesses extensive experience with U.S. GAAP," commented Mr. Tang Hui Tian, Chairman and Chief Executive Officer of China BCT. "Given our respect for the PKF International Limited network, we decided to remain within this network. We believe this change illustrates our commitment to fully comply with U.S. GAAP."

About China BCT

China BCT is engaged in pharmaceutical distribution, pharmacy retailing, and the manufacture of pharmaceuticals products through its subsidiaries Guangxi Liuzhou Baicaotang Medicine Limited, Hefeng Pharmaceutical Co. Limited, and Guangxi Liuzhou Baicaotang Medicine Retail Limited in Guangxi province, China. It operates a large regional retail network in Guangxi province, consisting of 125 directly owned retail stores in Guangxi province and currently over 8,000 products are distributed through the Company's wholesale distribution network. For more information, please visit http://www.china-bct.com .

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including the significance of the appointment of the new directors. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this presentation.

For more information, please contact:

Company Contact:

Ms. Shelly Zhang, Chief Financial Officer

China BCT Pharmacy Group, Inc.

Phone: +86-772-363-8318

Email: z_shelly@hotmail.com

Web: http://www.china-bct.com

Investor Relations Contact:

Mr. Crocker Coulson, President

CCG Investor Relations

Phone: +1-646-213-1915

Email: crocker.coulson@ccgir.com

Mr. Shaun Smolarz,

Financial Writer

Phone: +1-646-701-7444

Email: shaun.smolarz@ccgir.com

CCG Investor Relations

Web: http://www.ccgirasia.com

Source: China BCT Pharmacy Group, Inc.
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