HARBIN, China, April 15 /PRNewswire-Asia-FirstCall/ -- Renhuang Pharmaceuticals, Inc. (“Renhuang” or the “Company”), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and traditional Chinese medicines (“TCM”), today announced the appointment of Mr. Sean Shao to its board of directors as the independent director and chairman of audit committee effective April 13, 2010.
Mr. Shao brings to Renhuang over 30 years of work experience in the fields of finance and accounting in the US and Asian capital markets. He currently serves as a director and chairman of the audit committee of several NASDAQ-listed companies and also serves as chairman of the compensation committee of an NYSE-listed company. From 2006 to 2008, Mr. Shao served as the CFO of Trina Solar Limited, an NYSE-listed integrated manufacturer of solar photovoltaic products. During his tenure, Mr. Shao assisted Trina Solar in its initial public offering on the NYSE. Mr. Shao also served as the CFO of ChinaEdu Corporation, an educational service provider and Watchdata Technologies Ltd., a China-based security software company. Prior to that, Mr. Shao gained valuable experience working in several managerial positions at Deloitte Touche Tohmatsu for over a decade. Mr. Shao holds a Master’s degree in Healthcare Administration from the University of California, Los Angeles and is a Certified Public Accountant and member of the American Society of Certified Public Accountants.
“We are pleased to have Mr. Shao join our board as an independent director and to serve as the chairman of our audit committee,” said Mr. Shaoming Li, Chairman and CEO of Renhuang Pharmaceuticals, Inc. “Mr. Shao brings a wealth of knowledge and experience in areas of finance and accounting and has significant experience working with China-based, US-listed companies. We look forward to working with him and believe he will help enhance the board’s corporate governance principles and bring a fresh insight and perspective to our board.”
ABOUT RENHUANG PHARMACEUTICALS, INC.
Renhuang Pharmaceuticals, Inc. is engaged in the research, development, manufacturing, and distribution of botanical products, bio-pharmaceutical products, and traditional Chinese medicines (“TCM”), in the People’s Republic of China. All of the Company’s products are produced at its three GMP-certified production facilities in Ah City, Dongfanghong and Qingyang. The Company distributes its botanical anti-depression and nerve-regulation products, biopharmaceutical products, and botanical antibiotic and OTC TCMs through its network of over 3,000 distributors and over 70 sales centers across 24 provinces in China.
Safe Harbor Statement
This press release contains certain statements that may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management’s beliefs, assumptions and expectations of the Company’s future operations and economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known that may cause actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition expressed or implied in any forward-looking statements. These forward-looking statements are based on current plans and expectations and are subject to a number of uncertainties including, but not limited to, the Company’s ability to achieve its financial guidance, ability to list its shares on a senior stock exchange, ability to manage expansion of its operations effectively, competition in the marketing and sales of its products, and other factors detailed in the Company’s annual report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented herein.
CONTACT: Renhuang Pharmaceuticals, Inc.: Ms. Portia Tan, IR Contact at
+86-451-5392-5461 or ir@renhuang.com; CCG Investor Relations: Ms. Lei
Huang, Account Manager at +1-646-833-3417 (New York) or lei.huang@ccgir.com
& Mr. Crocker Coulson, President at +1-646-213-1915 (New York) or
crocker.coulson@ccgir.com
Web site: http://www.ccgirasia.com/
