China Biologic Products Establishes Governance and Nominating Committee and Compensation Committee
August 13 2008 - 5:00PM
PR Newswire (US)
TAIAN CITY, Shandong, China, Aug. 13 /Xinhua-PRNewswire-FirstCall/
-- China Biologic Products, Inc. (OTC:CBPO) (BULLETIN BOARD: CBPO)
('CBP,' or the 'Company'), one of the leading plasma-based
pharmaceutical companies in the People's Republic of China ('PRC'),
today announced that, effective August 7, 2008, its Board of
Directors has established a Governance and Nominating Committee and
a Compensation Committee, and has appointed each of the Company's
current independent directors, Dr. Tong Jun Lin, Dr. Jie Gan and
Mr. Sean Shao, as members of each committee. Dr. Lin was appointed
to serve as Chair of the Governance and Nominating Committee and
Dr. Gan was appointed to serve as Chair of the Compensation
Committee. 'We are delighted to have all our board committees in
place, with each of our independent directors as chairpersons of
their respective committees,' said Mr. Chao Ming Zhao, the
Company's CEO. 'The establishment of these new board committees is
another step in furtherance of our new corporate governance policy,
as we continue to expand our business and pursue our commercial
objectives.' Mr. Sean Shao, independent director and Chairman of
CBP's Audit Committee, has been appointed as a member of the
Governance and Nominating Committee and the Compensation Committee.
Mr. Shao brings to CBP over thirteen years of experience in
financial and operational management in publicly held and
private-owned companies. For the past four years Mr. Shao has
served as chief financial officer of Trina Solar Limited, ChinaEdu
Corporation, a Chinese educational service provider, and Watchdata
Technologies Ltd., a Chinese security software company. Prior to
this, Mr. Shao served six years as a senior manager at Deloitte
Touche Tohmatsu Beijing and three years with Deloitte & Touche
Toronto. Mr. Shao received his master's degree in health care
administration from the University of California at Los Angeles in
1988 and his bachelor's degree in art from East China Normal
University in 1982. Mr. Shao holds a CPA license of American
Institute of Certified Public Accountants. Dr. Jie Gan, independent
director and member of CBP's Audit Committee, has been appointed to
serve as the Chair of CBP's Compensation Committee and as a member
of the Governance and Nominating Committee. Dr. Gan brings a wealth
of financial consulting experience to CBP. She serves as an
associate professor with tenure in the Department of Finance at the
Hong Kong University of Science and Technology. Her areas of
research expertise include pharmaceutical company valuation in the
areas of accounting statements, cash flow forecasts, and cost of
capital estimations. Dr. Gan received her PhD in Financial
Economics from the Massachusetts Institute of Technology and her
Bachelor's degree from Nanjing University in China. Dr. Tong Jun
Lin, independent director and member of CBP's Audit Committee, has
been appointed to serve as the Chair of CBP's Governance and
Nominating Committee and as a member of the Compensation Committee.
Dr. Lin has over 20 years of medical research experience. He is an
associate professor with tenure in the Departments of Microbiology
and Immunology and Pediatrics at the Dalhousie University. Dr. Lin
has been involved in the studies of immunological mechanisms in the
host defense against microbial pathogens and allergens. Dr. Lin
received his MD (1984) from The First Military Medical University
in Guangzhou, China and PhD (1990) degree from the Institute of
Materia Medica Chinese Academy of Medical Sciences in Beijing,
China. He received his post-doctoral training at the University of
Alberta, Duke University and Dalhousie University. About China
Biologic Products, Inc. Through its indirect majority-owned
subsidiary Shandong Taibang Biological Products Co. Ltd., China
Biologic Products, Inc. (the 'Company'), is principally engaged in
the research, development, production and manufacturing and sale of
plasma-based biopharmaceutical products to hospitals and other
health care facilities in China. The Company's human albumin
products are mainly used to increase blood volume and its
immunoglobulin products are used for the treatment and prevention
of diseases. Safe Harbor Statement This release may contain certain
'forward-looking statements" relating to the business of China
Biologic Products, Inc. and its subsidiary companies. All
statements, other than statements of historical fact included
herein are 'forward-looking statements," including statements
regarding: the significance of the Company's establishment of the
new board committees; the ability of the Company to achieve its
commercial objectives; the business strategy, plans and objectives
of the Company and its subsidiaries; and any other statements of
non-historical information. These forward-looking statements are
often identified by the use of forward-looking terminology such as
'believes,' 'expects' or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website ( http://www.sec.gov/ ). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements. For more information, please contact: Company Contact:
Mr. Y. Tristan Kuo, CFO China Biologic Products, Inc. Tel:
+86-538-6202-206 Email: Web site: http://www.chinabiologic.com/
Investor Relations Contact: Mr. Crocker Coulson, President CCG
Investor Relations Tel: +1-646-213-1915 (NY office) Email: Website:
http://www.ccgir.com/ DATASOURCE: China Biologic Products, Inc.
CONTACT: Y. Tristan Kuo, CFO of China Biologic Products, Inc. at
+86-538-6202206 or ; Investor Relations Contact: Crocker Coulson,
President of CCG Investor Relations at +1-646-213-1915 (NY office)
or Web site: http://www.chinabiologic.com/ http://www.ccgir.com/
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