KUNMING, China, April 21, 2011 /PRNewswire-Asia-FirstCall/ --
China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Alternext US:
KUN) ("China Shenghuo" or the "Company"), a China-based pharmaceutical company primarily
engaged in the research, development, manufacture, and marketing of
Traditional Chinese Medicine (TCM), nutritional supplement and
cosmetic products, today announced that Mr. Raymond Wang has joined the Company as part-time
Chief Financial Officer, effective as of April 20, 2011.
He joins China Shenghuo from China Biwin Consulting Co., Ltd.
and Guangzhou Biwin Financial Consulting Co., Ltd. where he was
responsible for financial consulting, internal controls, tax and
Sarbanes-Oxley Section 404 ("SOX404") compliance.
Mr. Wang began his career at one of Big Four accounting firms
where he managed audit engagements, reviewed the working papers,
communicated with top management and liaised with internal tax
professionals. He later worked at another US accounting firm,
where his responsibilities included US GAAP audits, advisory
service on the compliance with SOX 404 and pre-audit advisory
service, such as enhancing the internal control, preparing
financial reports and U.S. GAAP conversion. He holds a
Bachelor of Business degree from Guangdong University of Foreign Studies and is
a member of the Chinese Institute of Certified Public Accountants
(CICPA). He is fluent in English, Mandarin and
Cantonese.
The former CFO, Chuanxiang Huang, resigned from his position as
Chief Financial Officer of the Company, effective as of
April 18, 2011.
About China Shenghuo
Founded in 1995, China Shenghuo is a specialty pharmaceutical
company that primarily focuses on the research, development,
manufacture and marketing of Sanchi-based medicinal and
pharmaceutical, nutritional supplement and cosmetic products.
Through its subsidiary, Kunming Shenghuo Pharmaceutical (Group)
Co., Ltd., it owns thirty SFDA (State Food and Drug Administration)
approved medicines, including the flagship product Xuesaitong Soft
Capsules, which is currently being listed in the 2010 Provincial
Insurance Catalogue of sixteen provinces and remains to be listed
in the 2009 Provincial Insurance Catalogue of three provinces
around China. At present, China
Shenghuo incorporates a sales network of agencies and
representatives throughout China,
which markets Sanchi-based traditional Chinese medicine to
hospitals and drug stores as prescription and OTC drugs primarily
for the treatment of cardiovascular, cerebrovascular and peptic
ulcer disease. The Company also exports medicinal products to Asian
countries such as Indonesia,
Singapore, Japan, Malaysia, and Thailand and to European countries such as the
United Kingdom, Tajikistan, Russia and Kyrgyzstan. For more information, please visit
http://www.shenghuo.com.cn.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements," as defined in the United
States Private Securities Litigation Reform Act of 1995,
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and the
actual results and future events could differ materially from
management's current expectations. Such factors include, but are
not limited to, risks of litigation and governmental or other
regulatory proceedings arising out of or related to any of the
matters described in recent press releases, including arising out
of the restatement of the Company's financial statements; the
Company's ability to refinance or repay loans received; the
Company's uncertain business condition; the Company's continuing
ability to satisfy any requirements which may be prescribed by the
Exchange for continued listing on the Exchange; risks arising from
potential weaknesses or deficiencies in the Company's internal
controls over financial reporting; the Company's reliance on one
supplier for Sanchi; the possible effect of adverse publicity on
the Company's business, including possible contract cancellation;
the Company's ability to develop and market new products; the
Company's ability to establish and maintain a strong brand; the
Company's continued ability to obtain and maintain all
certificates, permits and licenses required to open and operate
retail specialty counters to offer its cosmetic products and
conduct business in China;
protection of the Company's intellectual property rights; market
acceptance of the Company's products; changes in the laws of
the People's Republic of China
that affect the Company's operations; cost to the Company of
complying with current and future governmental regulations; the
impact of any changes in governmental regulations on the Company's
operations; general economic conditions; and other factors detailed
from time to time in the Company's filings with the United States
Securities and Exchange Commission and other regulatory
authorities. 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.
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Company Contact:
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China Shenghuo Pharmaceutical
Holdings, Inc.
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Ms. Shujuan Wang
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Secretary of Board of
Directors
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+86-871-7282698
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Investor Relations
Contact:
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The Trout Group
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Mark Xu
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+86-15821996861
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SOURCE China Shenghuo Pharmaceutical Holdings, Inc.