SHENZHEN, China, Aug. 24 /PRNewswire-Asia-FirstCall/ -- China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("Nepstar" or the "Company"), the largest drugstore chain in China based on the number of directly operated stores, today announced the resignation of Mr. Jiannong Qian as the Company’s Co-Chief Executive Officer and a director of the Board, effective on August 20, 2009, upon the expiration of Mr. Qian’s employment agreement with the Company. Mr. Qian intends to pursue other opportunities. Upon Mr. Qian’s resignation, Mr. Ian Wade, who had been the Company’s Co-Chief Executive Officer since January 5, 2009, became the Chief Executive Officer of the Company.
Mr. Simin Zhang, Chairman of China Nepstar commented, "On behalf of the entire Company, we thank Mr. Qian for his contributions over the past three years. He played a prominent role in completing our IPO and was instrumental in transitioning Nepstar into the largest directly-operated chain drugstore in China. We wish Mr. Qian well in his future endeavors," Mr. Zhang continued, "We remain confident and excited about Nepstar’s market leader position and business prospects under Mr. Wade’s leadership."
About China Nepstar Chain Drugstore Ltd.
China Nepstar Chain Drugstore Ltd. (NYSE: NPD) is China’s largest retail drugstore chain based on the number of directly operated stores. As of June 30, 2009, the Company had 2,312 stores across 64 cities, one headquarter distribution center and 12 regional distribution centers in China. Nepstar uses directly operated stores, centralized procurement and a network of distribution centers to provide its customers with high-quality, professional and convenient pharmacy services and a wide variety of other merchandise, including OTC drugs, nutritional supplements, herbal products, personal care products, family care products, and convenience products including consumables. Nepstar’s strategy of centralized procurement, competitive pricing, customer loyalty programs and private label offerings has enabled it to capitalize on the robust economic growth in China and to take advantage of the demographic trend in China to achieve a strong brand and leading market position. For further information, please go to http://www.nepstar.cn .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company’s strategic operational plans and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
In China:
Lucia Qian
China Nepstar Chain Drugstore Ltd.
Vice President, IR
Phone: +86-755-2641-4065
Email: qianrt@nepstar.cn
In the United States:
Dixon Chen
Grayling
Investor Relations
Tel: +1-646-284-9403
Email: Dixon.chen@us.grayling.com
Ivette Almeida
Grayling
Media Relations
Tel: +1-646-284-9455
Email: Ivette.almeida@us.grayling.com