HARBIN, China, May 27 /PRNewswire-Asia/ -- Renhuang Pharmaceuticals, Inc. (Pink Sheets: RHGP) ("Renhuang" or the "Company"), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines ("TCM"), announced today that it has engaged PricewaterhouseCoopers ("PwC") to assist the Company in preparing for the compliance of the internal control over financial reporting requirements of Article 404 of the Sarbanes-Oxley Act ("SOX 404") for the fiscal year 2010.
PwC is a leading global accounting, tax, and professional services firm which has assisted many companies listed in the US in establishing and maintaining SOX 404 compliance programs. PwC will provide counseling and support to Renhuang's management team to help prepare a SOX 404 compliance program, evaluate and document new procedures for the Company's internal controls and make recommendations to manage SOX 404 compliance. PwC will play an important role in assisting Renhuang to achieve its goal of strengthening all internal control over financial reporting in compliance with the SOX 404 requirements.
"We are pleased to engage PwC's assistance in this important effort to ensure that Renhuang is in full compliance with the SOX 404 reporting requirements," said Mr. Shaoming Li, Chairman and Chief Executive Officer of Renhuang. Mr. Li added "Working with PwC, a leading global accounting firm, will further strengthen our internal controls, corporate governance and risk management procedures. We are committed to establishing and maintaining sound corporate governance principles, which is critical to creating long-term shareholder value. We hope that our efforts will increase shareholders' confidence in our financial reporting and internal controls standards."
About Renhuang Pharmaceuticals, Inc.
Renhuang Pharmaceuticals, Inc. is engaged in the research, development, manufacturing, and distribution of botanical products, bio-pharmaceutical products, and traditional Chinese medicines ("TCM"), in the People's Republic of China. All of the Company's products are produced at its three GMP-certified production facilities in Ah City, Dongfanghong and Qingyang. The Company distributes its botanical anti-depression and nerve-regulation products, biopharmaceutical products, and botanical antibiotic and OTC TCMs through its network of over 3,000 distributors and over 70 sales centers across 24 provinces in China. Company Website: http://www.renhuang.com .
Safe Harbor Statement
This press release contains certain statements that may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's beliefs, assumptions and expectations of the Company's future operations and economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known that may cause actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition expressed or implied in any forward-looking statements. These forward-looking statements are based on current plans and expectations and are subject to a number of uncertainties including, but not limited to, the Company's implementation of SOX 404, ability to manage expansion of its operations effectively, and other factors detailed in the Company's annual report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented herein.
For more information, please contact:
Company Contact:
Renhuang Pharmaceuticals, Inc.
Ms. Portia Tan, IR Contact
Tel: +86-451-5392-5461
Email: ir@renhuang.com
CCG Investor Relations:
Ms. Lei Huang, Account Manager
Tel: +1-646-833-3417 (New York)
Email: lei.huang@ccgir.com
Web: http://www.ccgirasia.com
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com