KUNMING, CHINA--(Marketwire - January 18, 2012) - First China Pharmaceutical Group, Inc. (OTCBB: FCPG) ("First China" or the "Company"), a rapidly growing and technologically advanced healthcare products distributor based in Yunnan, China, announced today that effective January 13, 2012, the Company has engaged EFP Rotenberg ("EFPR") as its new independent registered public accounting firm to audit the Company's current financial statements.
Headquartered in Rochester, New York, EFP Rotenberg (www.efprotenberg.com) provides accounting solutions to more than 70 public companies and enjoys a healthy international practice with a focus on Asia.
Since 2004 EFPR has been immersed in the overseas market with approximately 35 Asian client companies from Beijing to Shanghai to Hong Kong to Chongqing. EFPR assists in U.S. market listings and conducts audits under US Generally Accepted Auditing Standards (GAAS) and the requirements of the Public Company Accounting Oversight Board (PCAOB) plus US Securities and Exchange Commission (SEC) regulations including Sarbanes-Oxley compliance. EFPR further provides expertise with Generally Accepted Accounting Principles (GAAP), including matters relating to reporting for Foreign Currency Transactions and expertise with US Income Tax Reporting for foreign corporations as well as assistance in raising capital and introductions to investment bankers.
Mr. Zwick, the Chairman of First China Pharmaceutical Group's Audit Committee, states, "We are very pleased to have such a well-respected US based firm undertaking this most important regulatory requirement on our behalf. Our strategic aim is to ensure we achieve the very highest degree of accountability and public disclosure in our efforts. We are very glad to have access to expertise that ensures our common business goals are met regardless of culture."
Further details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About First China Pharmaceutical Group, Inc. (OTCBB: FCPG)
First China Pharmaceutical Group, Inc. aims to develop a high growth pharmaceutical distribution company generating significant revenue from the sale of healthcare products in China. As part of its business strategy, the Company has acquired the assets of Kun Ming Xin Yuan Tang Pharmacies Co. Ltd. (XYT), which includes a strategic advantage over its competitors as it is one of a handful of pharmaceutical distribution companies in Yunnan Province that has obtained government approval to market and fill orders using the internet. First China Pharmaceutical Group plans to continue the rapid growth of the company from its current position as a provider of approximately 7,100 drugs to more than 4,700 pharmacies, hospitals and clinics in China's Yunnan Province. For more information visit: www.firstchinapharma.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development of new business opportunities, acquisition strategies, speed of the processing management system, ability to eliminate false transactions and fraudulent activity, national distribution expansion, growth opportunities, future operations, revenue, profits, gross margins and results of operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
First China Pharmaceutical Group, Inc.
Zhen Jiang Wang
Chairman and CEO