China Aoxing Pharmaceutical Corp. Announces Company Name Change and a One-for-Two Reverse Stock Split

NEW YORK, NY--(Marketwire - March 29, 2010) -

China Aoxing Pharmaceutical Company, Inc. (OTCBB: CAXG) (OTCBB: CAXGD) (“China Aoxing” or the “Company”), a China-based pharmaceutical company specializing in research, development, manufacturing and distribution of narcotic and pain-management products, today made the following announcements, effective immediately:

• The Company changed the name of the corporation to “Aoxing Pharmaceutical Company, Inc.,” to better reflect its business and global brand extension.

• The Company effected a one-for-two reverse split of the Company’s common stock, effective at the open of the market on March 29, 2010. The post-reverse split common stock will be listed on the OTC Bulletin Board under the symbol “CAXGD” for twenty days, then revert to “CAXG.” Every two shares of common stock before the reverse stock split represent one share of common stock after the reverse stock split. As a result of the reverse split, the Company now has approximately 46,434,781 shares of common stock issued and outstanding.

• The Company also decreased its authorized common stock from 200,000,000 shares, $0.001 par value to 100,000,000 shares, $0.001 par value;

About Aoxing Pharmaceutical Company, Inc.

Aoxing Pharmaceutical Company, Inc. (OTCBB: CAXG) (OTCBB: CAXGD) is a pharmaceutical company located in China specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. It has international strategic alliances with QRxPharma Limited and American Oriental Bioengineering, Inc. in commercializing narcotic and pain management products for China and ex-China markets. Headquartered in Shijiazhuang City, the pharmaceutical capital of China, outside of Beijing, China Aoxing has China’s largest and the most advanced manufacturing facility for highly regulated narcotic medicines, addressing a very under-served and fast-growing market in China. Its facility is one of the few GMP facilities licensed for narcotics medicines. The Company is working closely with the Chinese government and SFDA to assure the strictly regulated availability to medical professionals of its narcotic drugs and pain medicines throughout China. For more information: www.chinapainmed.com.

Safe Harbor Statement from China Aoxing Pharmaceutical Company, Inc.

Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other risk factors identified in the Company’s filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2009, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.