China Medicine Corporation Applies to List on NASDAQ Global Market
March 10 2010 - 8:00AM
PR Newswire (US)
GUANGZHOU, China, March 10 /PRNewswire-Asia/ -- China Medicine
Corporation (BULLETIN BOARD: CHME) ("China Medicine" or "the
Company"), primarily a leading distributor and a developer of
Western pharmaceuticals, traditional Chinese medicines ("TCM"), and
other nutriceuticals, announced today that the the Company has
received comments from Nasdaq's Listing Qualifications Department
in response to its application for listing its common stock on the
NASDAQ Global Market. China Medicine submitted the application
earlier this year, following the board of directors' approval of
the Company's uplisting. "With the NASDAQ Global Market listing
process now underway, we look forward to reaching this significant
milestone in our development as a U.S. publicly-traded company,"
stated Mr. Senshan Yang, Chairman and CEO of China Medicine
Corporation. "As a growing public company, management and the board
believe it is in the best interest of our shareholders for the
Company to apply for the listing on NASDAQ. Such a move, if
approved, can help to broaden the Company's shareholder base,
provide greater trading liquidity and raise the Company's profile
in the investment community." Comments from Nasdaq's Listing
Qualifications Department primarily focused on confirmation and
supporting details related to factual matters. China Medicine is
working expeditiously to submit a response for NASDAQ's review and
believes that it will satisfy all of the listing qualifications
associated with its application. The Company's common stock will
continue to trade on the OTC Bulletin Board under its current
symbol, CHME, until the Company is notified of its acceptance. The
Company hopes to receive approval to list its common shares on the
Nasdaq Global Market in the near future. About China Medicine
Corporation China Medicine Corporation is a developer and leading
distributor of prescription and over-the-counter ("OTC") drugs,
traditional Chinese medicine products, herbs and
dietary-supplements, medical devices, and medical formulations in
China. The Company also has its research and development force for
certain products it manufactures through OEM arrangement and
distributes. The Company distributes its products to wholesale
distributors including more than 300 hospitals and 500 medicine
companies that sell to over 2,000 drug stores in 28 provinces
throughout China. The Company actively develops a number of
proprietary products for a variety of uses, including oncology,
high blood pressure and the removal of toxins from food and animal
feeds. For more information visit the Company's website at
http://www.chinamedicinecorp.com/ . Cautionary Statement This press
release contains forward-looking statements concerning the
Company's business and products. The Company's actual results may
differ materially depending on a number of risk factors including,
but not limited to, the following: general economic and business
conditions, approval to list the Company's common stock on NASDAQ
and various other factors beyond its control. All forward-looking
statements are expressly qualified in their entirety by this
Cautionary Statement and the risk factors detailed in the Company's
reports filed with the Securities and Exchange Commission. China
Medicine Corporation undertakes no duty to revise or update any
forward-looking statement to reflect events or circumstances after
the date of this release. For further information, please contact:
Company Contact: China Medicine Corp. Mr. Robert Lu Chief Financial
Officer Tel: +86-20-8739-1718 Email: konzern08@163.com Investor
Relations Contact: CCG Investor Relations Ms. Lei Huang, Account
Manager Tel: +1-646-833-3417 (NY Office) Email: lei.huang@ccgir.com
Web: http://www.ccgirasia.com/ Mr. Crocker Coulson, President Tel:
+1-646-213-1915 (NY Office) Email: crocker.coulson@ccgir.com
DATASOURCE: China Medicine Corp. CONTACT: Robert Lu, Chief
Financial Officer of China Medicine Corp.,+86-20-8739-1718,
konzern08@163.com; or Investors, Ms. Lei Huang, AccountManager,
+1-646-833-3417 (NY Office), lei.huang@ccgir.com; or Crocker
Coulson,President, +1-646-213-1915 (NY Office),
crocker.coulson@ccgir.com, both of CCGInvestor Relations Web site:
http://www.chinamedicinecorp.com/
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