XI'AN, CHINA--(Marketwire - March 26, 2013) - 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, announced that on March 14, 2013 the Company engaged Protiviti, a leading provider of consulting and internal audit services, whose expertise will serve to extend Skystar's accounting team's knowledge of rules on internal controls, procedures and reporting related to U.S. listing.
Protiviti has an established track record, providing consulting and internal audit solutions to over 35 percent of both the FORTUNE® 500 and Global 1000 corporations. In following suit, Skystar has asked Protiviti to assist in improving its accounting policies and procedures manual in accordance to U.S. reporting standards. These documents will serve as a basis for training, strengthening and developing an overall deeper domain knowledge of U.S. reporting standards for Skystar's accounting team.
In our selection process, the Company's management took into consideration that Protiviti is the only consulting firm represented on the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, an advisory board guiding the development of a conceptual framework on Enterprise Risk Management, Internal Control and Fraud Deterrence.
Mr. Weibing Lu, Chairman and CEO and Bing Mei, CFO, jointly commented, "By engaging Protiviti, Skystar strengthens its accounting staff's knowledge of U.S. reporting standards while enhancing the Company's commitment to building and maintaining robust internal control over financial reporting to the public at large."
Protiviti is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. It helps solve problems in finance and transactions, operations, technology, litigation, governance, risk, and compliance. Its highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.
Protiviti has more than 2,900 professionals provide a host of consulting and internal audit solutions to over 35 percent of both the FORTUNE® 500 and Global 1000 corporations. It hires and develops diverse thinkers, from recent graduates to experienced professionals, to partner and advise clients in various industry sectors on critical business problems in the following areas:
- Business Performance Improvement
- IT Consulting
- Risk and Compliance
- Internal Audit and Financial Advisory
- Transaction Services
- Restructuring and Litigation
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 over 275 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.
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, including the risks associated with the Company's ability to receive timely certification and related government approvals, its ability to increase production at its existing and future facilities, its ability to maintain and meet forecast production and other performance parameters, effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by the Company. The Company operates in a highly competitive and changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. Additional risks that could affect our future operating results are more fully described in our U.S. Securities and Exchange Commission filings, including the Company's most recently filed Quarterly Report for the quarter ended September 30, 2012 and other subsequent filings. These filings are available at www.sec.gov.