GUANGZHOU, China, Dec. 23 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developer and leading distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary supplements, and medical devices and medical formulations, today announced that Richard P. Wu has resigned as Chief Financial Officer in order to pursue other professional interests. His resignation was effective December 15, 2009.
Mr. Robert Lu was appointed to serve as the Company's Interim Chief Financial Officer until the Company selected a permanent Chief Financial Officer.
Robert Lu has served as the Company's Financial Manager since August 6, 2009. Prior to joining the Company, Mr. Lu served as the International Regional Tax Manager of Hua Wei Technologies Co., Ltd. from October 2006 through August 2009. From August 2003 to September 2006, Mr. Lu served as a financial supervisor for Dongguan Pulse Electronics Co., Ltd. Mr. Lu received his Bachelor's degree in accounting from the Harbin Institute of Technology in 2003. Mr. Lu is a member of the Chinese Institute of Certified Public Accountants (CICPA) and is fluent in English. He will be supported by Ms. Huizhen Yu, the Company's controller.
"We wish Mr. Wu well in his future endeavors and expect a smooth transition of his responsibilities to Mr. Lu, who has been involved with our cash planning, internal and external reporting and tax planning and capital budgeting for the last several months. We will seek to improve our financial management team with a permanent CFO in the months ahead," stated Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation.
About China Medicine Corporation
China Corporation is a developer and leading distributor of prescription and over the counter ("OTC") drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. China Medicine also has its research and development force for certain products it manufactures through OEM arrangement makes the distribution. 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 actively develops 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. For more information visit the Company's website at http://www.chinamedicinecorp.com
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, the expected contribution of higher margin 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.
For more information, please contact:
Company Contact:
Mr. Robert Lu
Chief Financial Officer
China Medicine Corp.
Tel: +86-20-8739-1718
Email: konzern08@163.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915 (NY Office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
