China Biologic Products Establishes Audit Committee and Appoints Three New Independent Directors to Board of Directors
July 30 2008 - 4:00PM
PR Newswire (US)
TAI'AN, Shandong, China, July 30 /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 July 24, 2008, it has appointed Mr.
Sean Shao, Dr. Jie Gan, and Dr. Tong-Jun Lin, to serve as
independent members of its Board of Directors, and that it has
established an Audit Committee comprised of the new directors. Mr.
Chao Ming Zhao and Mr. Guangli Pang resigned as directors of the
Company on the same date, to facilitate the appointment of the new
independent directors. Mr. Zhao will continue to fulfill his role
as CBP's Chief Executive Officer. "We are delighted to add Mr.
Shao, Dr. Gan and Dr. Lin to our Board of Directors and as members
of our Audit Committee, and to have Mr. Shao serve as our Audit
Committee Chair," said Mr. Chao Ming Zhao, the Company's CEO. "They
each bring to CBP a wealth of knowledge, industrial expertise and
experience working with leading public companies in both North
America and China. Their addition to our Board of Directors is the
first step in the implementation of our new corporate governance
policy, as we continue to expand our business and pursue our
commercial objectives." Mr. Sean Shao has been appointed to serve
as the Chairman of CBP's Audit Committee. He 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 has been appointed to serve as a member of CBP's audit
committee. She brings to CBP strong financial consulting
experiences. 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 has been
appointed to serve as a member of CBP's audit committee. He 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 appointment of the new
independent directors and the establishment of the Audit Committee;
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:
+86-538-6202206 Email: Website: 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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