BEIJING, April 2, 2014 /PRNewswire/ -- China Biologic
Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a
leading fully integrated plasma-based biopharmaceutical company in
China, today announced that the
Company has learned that the pending claim in the High Court of
Hong Kong (the "Court") against
Ms. Siu Ling Chan ("Ms. Chan"), an
individual shareholder of the Company, and her spouse, Mr. Tung
Lam, had been withdrawn with Court approval. The claim was
originally filed by a group of individuals against the title of
certain shares of the Company's common stock held by Ms. Chan and
Ms. Lin Ling Li ("Ms. Li"), a formal
individual shareholder of the Company.
The Company understands that the plaintiffs have reached
settlement agreements with all defendants, including Ms. Chan and
her spouse, with respect to the claim, and the claim against other
defendants, Ms. Li and her spouse, had also previously been
withdrawn with Court approval. The withdrawal of the claim
against Ms. Chan and her spouse with Court approval thus represents
a final conclusion to the title dispute in respect of certain
shares of the Company's common stock held by Ms. Chan and Ms.
Li. For more information about the settlement agreements,
please refer to the current reports on Form 8-Ks filed by the
Company with the SEC on August 5,
2013 and February 7, 2014,
respectively.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"While CBPO was not a party to the litigation, we are glad that the
historical dispute involving certain of our individual shareholders
has finally been settled and concluded. We welcome this
positive development which has resolved certain historical issues
in our shareholder base. We remain confident that 2014 will be a
promising year for our company and we will continue to work hard to
increase shareholder value."
About China Biologic Products, Inc.
China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully
integrated plasma-based biopharmaceutical company in China. The Company's products are used as
critical therapies during medical emergencies and for the
prevention and treatment of life-threatening diseases and
immune-deficiency related diseases. China Biologic is headquartered
in Beijing and manufactures over
20 different dosage plasma-based products through its indirect
majority-owned subsidiaries, Shandong Taibang Biological Products
Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The
Company also has an equity investment in Xi'an Huitian Blood
Products Co., Ltd. The Company sells its products to hospitals and
other healthcare facilities in China. For additional information, please see
the Company's website www.chinabiologic.com.
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
2014, 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
(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.
Contact:
China Biologic Products, Inc.
Mr. Ming Yin
Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com
SOURCE China Biologic Products, Inc.