HARBIN, China, April 15, 2011/PRNewswire/ -- Tongli Pharmaceuticals (USA) Inc. (OTCBB/OTCQB:TGLP) today announced the appointment of Stephen J. Sax as an independent director of the company, effective April 14, 2011.
With the addition of Mr. Sax, Tongli's Board of Directors now consists of six members, three of whom are independent directors under applicable guidelines.
Mr. Sax, age 60, is a U.S. securities industry veteran, having served over the course of a nearly 40-year career in areas of marketing, finance, compliance and corporate governance. He began his career working for the National Association of Securities Dealers (now known as FINRA) and since then has worked for several broker-dealers in a variety of capacities. He is expected to bring an intimate knowledge of the U.S. capital markets and regulatory compliance matters to Tongli and will serve as the company's first U.S.-based director.
Mr. Mingli Yao, Chairman and CEO of Tongli, commented, "We welcome Mr. Sax to our Board of Directors and look forward to working with him. Mr. Sax's extensive financial background and forty years experience in the financial industry will help us greatly as we continue to grow as a public company. We believe that his addition demonstrates our commitment to the establishment of strong corporate governance at our company."
Commenting on his appointment, Mr. Sax stated, "I am very pleased to be appointed to Tongli's board, and I am looking forward to working with Mr. Yao and his team as the company looks to the future."
About Tongli Pharmaceuticals (USA) Inc.
Headquartered in Harbin, China, Tongli Pharmaceuticals (USA) Inc. is a pharmaceutical company focused in the area of Traditional Chinese Medicine (TCM). The company's manufacturing facilities are GMP certified in China, and the company produces a range of prescription and over-the-counter TCM products for sale in China.
Additional Information Relating to Tongli Pharmaceuticals' Trading Data
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Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of Tongli Pharmaceuticals (USA) Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors 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 factors and risks discussed in the periodic reports that the Company files with the Securities and Exchange Commission (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. The Company undertakes no duty to update these forward-looking statements except as required by law.
SOURCE Tongli Pharmaceuticals (USA) Inc.