Cellular Biomedicine Group Inc. (NASDAQ:CBMG) (“CBMG” or the
“Company”), a biomedicine firm engaged in the development of
effective stem cell therapies for degenerative diseases and
immunotherapies for cancer, today announced the election of Terry
A. Belmont as Chairman of the Board of Directors, and the
appointment of Tony (Bizuo) Liu to Chief Executive Officer,
effective February 7, 2016.
The Board of Directors of CBMG issued the
following statement: “We are delighted that Terry Belmont, a
well-respected and seasoned healthcare veteran, will be leading
CBMG’s strategic growth efforts as independent Chairman of the
Board of Directors. Having recently retired as CEO of University of
California, Irvine Health, Mr. Belmont brings an extensive array of
experience in large-scale health sector institutions along with
vast corporate and community Board experience, all of which will
continue to serve CBMG well. The Board expresses its sincere
appreciation for the tireless efforts of outgoing Chairman, Wentao
(Steve) Liu for his guidance and leadership, and are grateful for
his business experience as he continues to serve as a Director and
strategic advisor to CBMG’s management team.”
The Board also confirmed the appointment of Tony
(Bizuo) Liu, currently Chief Financial Officer, to the position of
Chief Executive Officer. “The depth and breadth of Tony’s
multinational strategic planning, finance and investment experience
combined with his tenure at CBMG will be a tremendous asset in
leading CBMG through its next phase of growth and success,”
commented Chairman Terry Belmont. “I am confident that Tony will
excel in his new role as the company continues to fortify its
technology platforms and enlarge its development pipelines.”
Tony Liu commented, “Biotechnology, analogous to
the technology companies I have led, is prime for innovation and
disruption and I look forward to leading the development of CBMG’s
immuno-oncology and stem cell research programs and driving
clinical patient benefits in these exciting fields. CBMG is well on
its way to being a leader in this domain as we strategically
position the Company to monetize our growing cellular therapy
programs, deliver value to our stakeholders and serve large patient
populations under a world-class infrastructure. I’m pleased to lead
the Company through this important stage of growth and
success.”
Tony Liu will continue to serve as the Company’s
Chief Financial Officer while an executive search for a successor
is underway.
About Terry A. Belmont Mr.
Belmont has been serving CBMG as an Independent Director since
December 2013 and as Vice Chairman of the Board since March
2015.
Mr. Belmont has over 35 years of experience in
leading major medical centers and healthcare entities with
multi-campus responsibilities. Before he retired from his CEO
position at University of California, Irvine Health in June 2015,
Mr. Belmont had lead the transition of this medical center into a
leading regional and nationally recognized healthcare system. Among
his notable accomplishments at UC Irvine Health, Mr. Belmont added
the state of the art Douglas Hospital as part of UC Irvine Medical
Center, a 7 story clinical laboratory building, the establishment
or outpatient centers throughout the Orange County Region, the
development of affiliated healthcare networks to serve the
entire region and, most importantly, partnered with the
leadership of the School of Medicine in significantly improving the
medical center’s quality of care reputation throughout the United
States.
From 2006 to 2009 Mr. Belmont served as CEO of
Long Beach Memorial Medical Center and Miller Children’s Hospital.
He has also served as president and chief executive officer in St.
Joseph Hospital of Orange, Pacific Health Resources, California
Hospital Medical Center and HealthForward. He continues to
participate in several healthcare organizations in improving
continuity of care in various California communities.
Mr. Belmont’s community involvement has included
board positions with the March of Dimes, Orange County World
Affairs Council, Southern California College of Optometry, American
Heart Association and Children’s Fund. He also serves on the Board
of Trustees of the University of Redlands. He was also a founding
board member of Pacificare Health Systems, which was acquired by
United Healthcare in early 2000. Mr. Belmont received his
master’s in public health with a major in hospital administration
from UC Berkeley, and a bachelor’s in business from the University
of Redlands.
About Tony (Bizuo) LiuMr. Liu
began serving CBMG as an Independent Director and Chairman of the
Audit Committee in March 2013, after which he was appointed as
Chief Financial Officer in January 2014.
Previously, Mr. Liu served as the Corporate Vice
President at Alibaba Group responsible for Alibaba's overseas
investments. Since joining Alibaba in 2009, he held various
positions including Corporate Vice President at B2B corporate
investment, corporate finance, and General Manager for the B2C
global ecommerce platform. He was also Chief Financial
Officer for HiChina, a subsidiary of Alibaba, a leading internet
infrastructure service provider. Prior to joining Alibaba, Tony
spent 19 years at Microsoft Corporation where he served in a
variety of finance leadership roles. He was the General
Manager of Corporate Strategy looking after
Microsoft's China investment strategy and corporate
strategic planning process. Tony was a key leader in the
Microsoft corporate finance department during the 1990s as the
Corporate Accounting Director. He was well recognized
within Microsoft for driving an efficient worldwide finance
consolidation, reporting, internal management accounting policy
process, and showcased Microsoft's best practices to many
Fortune 500 companies in the U.S. Tony obtained
his Washington State CPA certificate in 1992.
About Cellular Biomedicine
GroupCellular Biomedicine Group, Inc. develops proprietary
cell therapies for the treatment of certain degenerative and
cancerous diseases. Our developmental stem cell and
Immuno-Oncology projects are the result of research and development
by scientists and doctors from China and the United
States. Our GMP facilities in China, consisting of nine independent
cell production lines, are designed, certified and managed
according to U.S. standards. To learn more about CBMG, please
visit: www.cellbiomedgroup.com
Forward-Looking
StatementsStatements in this press release relating to
plans, strategies, trends, specific activities or investments, and
other statements that are not descriptions of historical facts may
be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
information is inherently subject to risks and uncertainties, and
actual results could differ materially from those currently
anticipated due to a number of factors, which include risks
inherent in doing business, trends affecting the global economy,
including the devaluation of the RMB by China in August 2015 and
other risks detailed from time to time in CBMG’s reports filed with
the Securities and Exchange Commission, quarterly reports on form
10-Q, current reports on form 8-K and annual reports on form 10-K.
Forward-looking statements may be identified by terms such as
"may," "will," "expects," "plans," "intends," "estimates,"
"potential," or "continue," or similar terms or the negative of
these terms. Although CBMG believes the expectations reflected in
the forward-looking statements are reasonable, they cannot
guarantee that future results, levels of activity, performance or
achievements will be obtained. CBMG does not have any obligation to
update these forward-looking statements other than as required by
law.
Contacts:
Sarah Kelly
Director of Corporate Communications, CBMG
+1 408-973-7884
sarah.kelly@cellbiomedgroup.com
Vivian Chen
Managing Director Investor Relations, Grayling
+1 347 481-3711
vivian.chen@grayling.com
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