- Three New Board Members to Form Audit Committee
NEW YORK and HAIKOU, China, Feb. 6 /Xinhua-PRNewswire/ -- China Pharma Holdings, Inc. ("China Pharma") (OTC Bulletin Board: CPHI) which develops, manufactures, and markets generic and brand bio-pharmaceutical products in China, today announced the appointment of G. Michael Bennett, Yingwen Zhang and Baowen Dong to its Board of Directors, forming the Company's Audit Committee. G. Michael Bennett is Chairman of the Audit Committee. The Company also announced the resignation of Heung Mei Tsui as a member of the Company's Board of Directors, effective February 1, 2008, with no disagreements.
The appointment of Bennett, Zhang and Dong to China Pharma's board brings the total number of directors to five, and the total number of independent non-executive directors to three.
G. Michael Bennett, CPA, is presently a partner of Beijing Nexis Investment Consulting Corporation, which provides management consulting services to Chinese Companies. From 2000 to 2004, he acted as partner of ProCFO Company. Prior to that, he served as CFO and a Board Member in Argonaut Computers. Mr. Bennett worked as professor of accounting, taxation and auditing at several Universities including California State University, Chapman University, University of Hawaii and Chaminade University. Mr. Bennett is a graduate of Michigan State University and Michigan University. He is also a Doctor of Business Administration (DBA) candidate in Corporate Governance at City University of Hong Kong.
Yingwen Zhang is a member of the 9th Chinese People's Political Consultative Conference (CPPCC). Prior to his current role, Mr. Zhang was the Economic and Commercial Counselor of the embassy of the People's Republic of China in Malaysia. Since December 1988, Mr. Zhang has been a director of Sichuan Foreign Trade and Economic Cooperation Bureau. Prior to that, he served as the CEO of Sichuan Vinylon Company, a subsidiary of SINOPEC. Mr. Zhang received a bachelor's degree in Chemical Engineering from Tianjin University in 1967.
Professor Baowen Dong is an expert member of Sichuan University Teaching Evaluation Council since August 2001. Prior to his current role, he served as a professor, research fellow, director of teaching and researching office, and department head at Sichuan University. Mr. Dong graduated from Xi'an University of Science and Technology in 1966.
"Mei Tsui Heung has been a valuable director of China Pharma and we appreciate her contribution to our Company and we wish her well in her future endeavors," said Ms. Zhilin Li, president and CEO of China Pharma.
"I would like to welcome Mr. Bennett, Mr. Zhang and Mr. Dong to our Board of Directors. Having a group of directors with a diverse set of skills to serve on our board creates a deep knowledge base for the company to tap into. Mr. Bennett's extensive experience in accounting and corporate governance, Mr. Zhang's business acumen and proven track record in developing high-growth companies, and Professor Dong's academic knowledge in research and development will be particularly valuable for our business. Our newly formed audit committee will be an important element to build a strong foundation in corporate governance and financial integrity, while enabling us to pursue a listing on a major exchange this year. We look forward to their participation on the board in contributing to our future growth and success," concluded Ms. Li.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. develops, manufactures, and markets generic and brand bio-pharmaceutical products in China that treat a wide range of conditions, including infections, hepatitis, cardiovascular and CNS diseases, and other prevailing diseases. Helpson Bio-pharmaceutical Co., Ltd (Helpson), a specialty pharmaceutical company headquartered in Haikou City, Hainan province in China, is a wholly owned subsidiary of China Pharma Holdings. For more information about China Pharma Holdings, Inc., please visit http://www.chinapharmaholdings.com.
Safe Harbor Statement:
Certain statements in this press release and oral statements made by China Pharma on its conference call in relation to this release, constitute forward- looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand, increased competition, failure to obtain or maintain intellectual property protection, downturns in the Chinese economy, uncompetitive levels of research and development, failure to obtain regulatory approvals, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
