HARBIN, China, Jan. 24, 2013 /PRNewswire/ -- China Botanic Pharmaceutical Inc. (NYSE AMEX: CBP) ("China Botanic" or the "Company"), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and Traditional Chinese Medicines ("TCM") in China, today announced the appointment of Mr. Jack Zhao as a member of the Company's Board of Directors. Mr. Zhao will serve as an independent director, the Chairman of the Board's Audit Committee, the Audit Committee Financial Expert, and as a member of the Company's Compensation and the Nomination Committees.
Mr. Zhao, 31, has served as the cash management manager at Dreyfus Commodities (BJ) Trading Co., Ltd. since May 2012. Before that, he was employed as a finance manager with Glencore China Ltd. and as a transactional banking manager with Standard Chartered Bank (China) Ltd. He graduated with a Master's Degree in Finance from the University of International Business and Economics Beijing in 2006 and he also received a Bachelor's Degree in Economic Information Management from the University of International Business and Economics Beijing in 2004. Mr. Zhao has also held the CFA (Chartered Financial Analyst) charterholder designation since September 2011.
"We look forward to working with Mr. Zhao to further improve our financial management and internal controls while implementing best practices as a public company. In addition, we believe that Mr. Zhao's joining the Board will enable us to regain compliance with Section 803(B)(2)(a)(iii) of the NYSE MKT LLC Company Guide, which requires that at least one member of the Audit Committee be financially sophisticated," commented Mr. Shaoming Li, Chairman and CEO of China Botanic.
ABOUT CHINA BOTANIC PHARMACEUTICAL INC
China Botanic Pharmaceutical 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. For more information, please visit 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 financial 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 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.
SOURCE China Botanic Pharmaceutical Inc.