XI'AN, CHINA--(Marketwire - July 06, 2012) - Skystar Bio-Pharmaceutical Company (NASDAQ: SKBI) ("Skystar" or the "Company"), a China-based manufacturer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today announced that its Audit Committee of the Company's Board of Directors engaged Crowe Horwath (HK) CPA Limited ("Crowe HK") as the Company's principal independent registered public accounting firm to audit its financial statements, to replace Crowe Horwath, LLP ("Crowe LLP"), effective as of June 29, 2012.
Skystar is noting that there were no disagreements with Crowe LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Crowe LLP, would have caused Crowe LLP to make reference to the subject matter of the disagreement in its reports on the Company's financial statements for the periods in which Crowe LLP audited the financial statements of the Company. For more information please refer to Skystar's 8-K filed as of today with the Securities Exchange Commission.
Mr. Weibing Lu, CEO, commented, "We would like to thank Crowe LLP's staff for its service to Skystar and are pleased to engage Crowe HK, as our independent auditing firm. Crowe HK's knowledge of U.S. GAAP and SEC reporting and close proximity to the China markets makes it a solid choice for taking over the role of independent auditing firm."
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About Skystar Bio-Pharmaceutical Company
Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and 287 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors detailed in reports filed with the Securities and Exchange Commission from time to time.