Dragon Appoints Ernst & Young LLP as Company's Auditor and Intends to Apply For American Stock Exchange Listing
July 12 2005 - 8:30AM
PR Newswire (US)
Dragon Appoints Ernst & Young LLP as Company's Auditor and
Intends to Apply For American Stock Exchange Listing VANCOUVER,
July 12 /PRNewswire-FirstCall/ -- Dragon Pharmaceutical Inc. (OTC
BB: DRUG; TSX: DDD; BBSE: DRP) ("the Company") is pleased to
announce the appointment of Ernst & Young LLP ("Ernst &
Young") by its Board of Directors as the Company's independent
registered public accounting firm. In addition, the Board also
approved the filing of a listing application with the American
Stock Exchange (AMEX). The appointment of Ernst & Young is a
natural extension of a seven-year business relationship with Moore
Stephens Ellis Foster Ltd. ("Moore Stephens Ellis Foster") which
has been the Company's independent registered public accounting
firm since inception. With the merger of Moore Stephens Ellis
Foster in May 2005, Ernst & Young inherits the thorough
understanding of Dragon's history and business. The Company
believes its international growth strategy will be supported by
Ernst & Young's global network and presence. In addition, the
Company's Board also approved the filing of an application to list
its common stock with the American Stock Exchange as soon as
practicable. This will mark an important step for the Company to
gain greater visibility and recognition among the investment
community, which will help increase shareholders' value by
providing liquidity and a more credible, stable trading
environment. The Company believes that the foregoing events will
assist in seeking additional financing from new institutional and
strategic investors as disclosed earlier even though the financing
has taken longer than anticipated. "We are confident in our
products and markets. We believe that working with a top-tier
auditing firm and applying for a senior stock exchange listing in
the U.S. will provide a good foundation for the Company to move
forward by enhancing the visibility of the Company, liquidity of
our stock and shareholders' value," said Mr. Yanlin Han, Chairman
and CEO of Dragon. About Dragon Pharmaceutical Inc. Dragon
Pharmaceutical Inc. is an international pharmaceutical company
headquartered in Vancouver, Canada, with three key business units
consisting of a Pharma division for 44 generic prescription,
over-the-counter and sterilized bulk drugs; a Chemical division for
bulk pharmaceutical chemicals and intermediates (Clavulanic Acid
and 7-ACA, Abamectin); and a Biotech division for recombinant drugs
(EPO and G-CSF). The Company has four manufacturing facilities in
China (three in Datong city and one in Nanjing city), approximately
1,800 employees, plus over 1,200 sales representatives in China,
and approximately 55 key products in 86 different dosages and
presentations currently in the market. For further information
please contact: Dragon Pharmaceutical Inc. Garry Wong, CFA, IMBA
Telephone: +1-(604)-669-8817 or North America Toll Free:
1-877-388-3784 Email: Website: http://www.dragonpharma.com/ or
Renmark Financial Communications Inc. John Boidman : Sylvain
Laberge : Media - Cynthia Lane : Telephone: +1-(514) 939-3989
Website: http://www.renmarkfinancial.com/ This press release
contains forward looking statements. These statements are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those anticipated in the forward looking
statements. No assurance can be given that the Company's
application to list its common stock with the American Stock
exchange will be approved or that the Company will be able to
obtain additional investors. Readers should not place undue
reliance on forward looking statements, which only reflect the view
of management as of the date hereof. The Company does not undertake
the obligation to publicly revise these forward looking statements
to reflect subsequent events or circumstances. Readers should
carefully review the risk factors and other factors described in
its periodic reports with the Securities and Exchange Commission.
DATASOURCE: Dragon Pharmaceutical Inc. CONTACT: Dragon
Pharmaceutical Inc., Garry Wong, CFA, IMBA, Telephone: (604)
669-8817 or North America Toll Free: 1-877-388-3784, Email: ,
Website: http://www.dragonpharma.com/; or Renmark Financial
Communications Inc., John Boidman: ; Sylvain Laberge : ; Media -
Cynthia Lane : , Telephone: (514) 939-3989, Website:
http://www.renmarkfinancial.com/
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