BEIJING and NEW YORK, April 27,
2012 /PRNewswire-Asia-FirstCall/ -- China Biologic
Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"),
one of the leading plasma-based biopharmaceutical companies in
the People's Republic of China,
today announced the resignation of Chief Financial Officer, Mr.
Y. Tristan Kuo, effective
May 31, 2012. Mr. Kuo is pursuing a
new career opportunity and will serve as an independent consultant
to the Company for the next 12 months. The Company's Board of
Directors (the "Board") appointed Mr. Ming
Yang, the Company's Vice President – Finance &
Compliance and Treasurer, as interim Chief Financial Officer,
effective May 31, 2012.
Mr. Chao Ming (Colin) Zhao, China
Biologic's President & Chief Executive Officer, said, "Tristan
has been a valuable member of our management team and we wish him
all the best in his future endeavors. I thank him for his
dedication and substantial contributions in enhancing our financial
management and internal control systems in the past five years, as
well as building strong relationships with the investment
community."
Mr. David Gao, China Biologic's
Chairman of the Board, said, "Mr. Ming
Yang has more than 10 years of financial reporting
experience in various accounting firms. With Tristan serving as an
independent consultant to the Company and Ming Yang serving as interim CFO, I am confident
that we will have a smooth transition to a new CFO. I wish Tristan
great success."
Mr. Ming Yang joined the Company
in March 2012 and has been serving as
the Company's Vice President – Finance & Compliance and
Treasurer in charge of financial management, internal controls,
legal and compliance matters, and the implementation of corporate
governance rules and policies and related decisions of the
Board.
Mr. Yang has six years of financial management experience in
corporations and 11 years of audit experience in accounting firms.
Mr. Yang has extensive experience in dealing with China's tax regulations, People's Republic of
China GAAP, IFRS, and internal control matters. He was an audit
senior manager at KPMG, where he provided audit services for
initial public offerings, rights issues, and merger and acquisition
transactions. He also worked on the annual reports of various
public companies listed in Hong
Kong and mainland China.
His audit clients ranged from state-owned enterprises and Chinese
listed companies to multinational companies. Among his clients were
Angang Steel, China Shenhua Energy, BOE Technology, and BHP
Billiton. Before joining the accounting firms, Mr. Yang worked as
an accountant and finance manager for several Chinese companies.
Mr. Yang is a certified public accountant in China. He is 40 years old.
About China Biologic Products, Inc.
China Biologic Products, Inc., through its indirect
majority-owned subsidiaries, Shandong Taibang Biological Products
Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. and its
equity investment in Xi'an Huitian Blood Products Co., Ltd., is one
of the leading plasma-based biopharmaceutical companies in
China.
China Biologic is a fully integrated biologic products company
with plasma collection, production and manufacturing, research and
development, and commercial operations. The Company's plasma-based
biopharmaceutical products are irreplaceable during medical
emergencies and are used for the prevention and treatment of
various diseases. The Company sells its products to hospitals and
other healthcare facilities in China. Please see the Company's website
www.chinabiologic.com for additional information.
Safe harbor statement
This news release may contain certain "forward-looking
statements" relating to the business of China Biologic Products,
Inc. and its subsidiaries. All statements, other than statements of
historical fact included herein, are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects," or
similar expressions, and involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
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 news 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 its potential inability to achieve the expected operating
and financial performance in 2012, potential inability to find
alternative sources of plasma, potential inability to increase
production at permitted sites, potential inability to mitigate the
financial consequences of a temporarily reduced raw plasma supply
through cost cutting or other efficiencies, and potential
additional regulatory restrictions on its operations and those
additional risks and uncertainties discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website at 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.
www.chinabiologic.com
Company Contact
Mr. Ming Yin
Vice President – Business Development
China Biologic Products, Inc.
Telephone: +86 10 6598 3099
Email: ir@chinabiologic.com
www.chinabiologic.com
SOURCE China Biologic Products, Inc.