HARBIN, China, Jan. 20 /PRNewswire-Asia-FirstCall/ -- Renhuang Pharmaceuticals, Inc. (''Renhuang'' or ''the Company''), a leading pharmaceutical company in the People's Republic of China (''PRC''), today announced that it has engaged Moore Stephens, P.C. (''MSPC'') as its new independent auditor, effective January 9, 2009. Moore Stephens, P.C. replaces Schwartz Levitsky Feldman, LLP ("Schwartz"), which was dismissed on the same day.
The Company's decision to change its independent auditor was recommended, authorized and approved by the audit committee of Renhuang's board of directors. Renhuang had no disagreements with Schwartz from the time of the initial engagement to its dismissal on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if they had not been resolved to Schwartz, would have caused them to make reference to the disagreements in their reports on Renhuang's financial statements.
''We are pleased to engage Moore Stephens, which has an excellent reputation and strong experience working with Chinese companies listed in the U.S., as our new independent auditor,'' commented Mr. Shaoming Li, Chief Executive Officer of Renhuang, ''We look forward to achieving the highest standard of financial reporting to our shareholders in the future as a result of our cooperation with MSPC.''
About Renhuang Pharmaceuticals, Inc.
Founded in 1996, Renhuang Pharmaceuticals, Inc, produces western, traditional Chinese medicines (TCM), and branded pharmaceuticals, using its GMP-certified facilities in China. The Company's GMP-certified manufacturing facilities, containing cutting-edge technologies and advance equipment, are capable of producing as many as 200 types of pharmaceuticals. Additionally, Renhuang distributes raw materials and finished pharmaceutical products using its extensive distribution channels and third party distributors throughout China. The Company's distribution network includes over 3,000 sales representatives in 70 sales centers across 24 districts, covering over 50% of greater China. The Company also exports its products to Russia and Southeast Asia. For more information, visit http://www.renhuang.com .
CONTACT: Shuang Tan, IR Contact, Renhuang Pharmaceuticals, Inc. at
+86-451-5392-5461 or ir@renhuang.com; Or Crocker Coulson, President, CCG
Investor Relations Inc. at +1-646-213-1915 or crocker.coulson@ccgir.com for
Renhuang
Web site: http://www.renhuang.com/
http://www.ccgirasia.com/
