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Winner Medical Group Inc. Implements Sarbanes-Oxley Compliance Project

2008-04-15 16:12 674

SHENZHEN, China, April 15 /Xinhua-PRNewswire/ -- Winner Medical Group Inc. (OTC Bulletin Board: WMDG; “Winner Medical;” “the Company”) announced it began to implement the Sarbanes-Oxley compliant procedures and controls throughout all its subsidiaries in April. The Company’s Sarbanes-Oxley Compliance Project (“the Project”) formally commenced in January 2008, and the project has already been running smoothly for three months in the parent group company and its subsidiary in Shenzhen, where the Company’s headquarters is located.

As a non-accelerated filer, Winner Medical is required by Section 404 of the Sarbanes-Oxley Act to include a management report and auditor’s opinion on the adequacy of the Company’s internal control over financial reporting for the fiscal year ended September 30, 2008 and each fiscal year thereafter. To ensure full and timely Sarbanes-Oxley Act compliance, Winner Medical commenced its Sarbanes-Oxley Compliance Project in January 2008. The Project team includes the Company’s executive officers and directors, general managers, financial staff, internal audit staff, IT staff, and other employees from different levels. The comprehensive Project team operates on three levels, namely Entity Level, Process Level and Information Technology Level. On the Entity level, the Project team is responsible for the implementation of provisions such as that on the Board and Committee structure and function, the internal audit function and the Code of Ethics. On the Process Level, the Project team implements procedures to record and monitor all financial reporting processes, such as purchasing and sales processes. On the IT Level, the team focuses on securing the Company’s financial data and systems.

To assist with an efficient implementation of the Project, Winner Medical engaged an external consultant, Union Strength Business Consulting Co. Ltd., which brings with it deep knowledge and a wealth of experience in accounting, finance and internal control systems.

“We are very confident that our Project to comply with Sarbanes-Oxley Section 404 within the time required will be successfully executed," said Jianquan Li, Chief Executive Officer. "However, our goal is far beyond compliance with the rules. The ultimate goal of our Project is to build sound and self-improving internal controls over our financial reporting processes. I am confident that our board of directors, management and all other personnel are dedicated to maintaining an effective system of internal controls as one of the cornerstones necessary to build and improve shareholder value.”

About Winner Medical

Winner Medical is a leading manufacturer and the largest exporter by volume in the medical dressing industry (medical and wound care products) in China. Headquartered in Shenzhen, the Company has eight wholly-owned manufacturing and distribution facilities, three joint-venture factories and over 5,000 employees. The Company engages in the research, development, manufacture and sale of medical care products, wound care products, home care products and PurCotton(TM) products, a nonwoven fabric made from 100% natural cotton. The products are sold worldwide, with Europe, the US and Japan serving as the top three markets. The Company currently holds 38 patents and patent applications in various products and manufacturing processes and is one of the few Chinese companies licensed with the US Food and Drug Administration (FDA) to ship finished, sterilized products directly to the US market. To learn more about Winner Medical, visit Winner Medical’s web site http://www.winnermedical.com .

Forward-looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding Winner Medical and its subsidiary companies’ business strategy, plans and objective and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although Winner Medical believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Winner Medical’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Winner Medical’s periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to Winner Medical or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Winner Medical does not assume a duty to update these forward-looking statements.

For more information, please contact:

Investor Relations Contacts:

Peng Zhai

Investor Relations Specialist

Winner Medical Group Inc.

Tel: +86-755-2806-6858

Email: peng.zhai@winnermedical.com

Hong Kong

Pamela Leung

Taylor Rafferty

Tel: +852-3196-3712

Email: winnermedical@taylor-rafferty.com

United States

Delia Cannan

Taylor Rafferty

Tel: +1-212-889-4350

Email: winnermedical@taylor-rafferty.com

Source: Winner Medical Group Inc.
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