TIANJIN, China, Nov. 17 /PRNewswire-Asia-FirstCall/ -- Yayi International Inc., (OTC Bulletin Board: YYIN) ("Yayi International" or "the Company"), the leading producer and distributor of premium goat milk formula products for infants, toddlers, and adults throughout the People’s Republic of China, today announced that it engaged Ernst & Young (China) Advisory Limited, Beijing Branch Office ("EY Beijing") to assist the Company in implementing Sarbanes-Oxley Act Section 404 requirements ("SOX 404").
SOX 404 requires the Company and the Company’s external auditor to report on the adequacy of the Company’s internal financial reporting and controls systems after documenting and testing financial reporting and control procedures.
EY Beijng’s engagement with Yayi International involves assisting the Company in complying with SOX 404 requirements. The engagement will last through the end of January 2011.
"We are pleased to have Ernst & Young help us embrace good governance and ensure the full compliance with the requirements of the Sarbanes-Oxley Act. As the Company expands its business, we feel a sound internal reporting and controls framework is pre-requisite for healthy and sustainable growth," said Ms. Li Liu, Chief Executive Officer of Yayi International. "The move reflects our commitment to instituting best practices in corporate governance and enhancing long term shareholder value."
About Yayi International
Yayi International is the first mover and the leading producer and distributor of premium goat milk formula products for infants, toddlers and adults, goat milk tablets, and goat foremilk powder throughout China. Its current formula product lines are targeted at the premium market segment and health-conscious consumers. The Company’s distribution network is comprised of approximately 3,600 retail points including infant-maternity store chains, supermarkets, and drug stores as well as catalogue sales across China.
Forward-looking Statements:
This press release contains certain statements that may include ‘forward-looking statements’. All statements other than statements of historical fact included herein are‘forward-looking statements’. 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 the Company 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. The Company’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 the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Ms. Tong Li, Chief Financial Officer
Tel: +86-22-5869-1668
Email: litong9955@yahoo.com.cn
Investor Relations Contact:
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com