-- The Company To Reduce The Size of Its Board --

GUANGZHOU, China, Sept. 27, 2011 /PRNewswire-Asia/ -- China Medicine Corporation (Other OTC: CHME.PK) (the "Company"), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines ("TCM"), and other health products in the People's Republic of China, today announced that it has appointed PricewaterhouseCoopers (“PwC”) as the Company’s independent registered public accounting firm to audit its financial results for fiscal years 2006 to 2010, effective September 21, 2011. PwC will audit the Company's consolidated financial statements for fiscal years ended December 31, 2006, 2007, 2008, 2009 and 2010, and review the Company's unaudited quarterly financial statements within the fiscal years 2006, 2007, 2008, 2009 and 2010. The appointment of PwC has been approved by the Audit Committee of the Company's board of directors.

Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation, stated, "We are very pleased to have PwC as our new independent auditor. The addition of a Big Four audit firm signifies our commitment to the highest standards of corporate governance, in financial reporting, integrity and transparency. We look forward to working with PwC to serve the best interests of our shareholders."

In addition, the Company's board of directors voted to reduce the size of the board of directors from seven directors to five directors in an attempt to streamline decision-making within the Company. In conjunction with this vote, two of the Company's existing directors, Mr. Sean Shao and Ms. Minhua Liu, informed the board of directors of their resignation from the board of directors, effective September 30, 2011. Two existing independent directors, Mr. Ryan Shih and Mr. Daniel Shih, will replace Mr. Shao as a member of the Audit Committee and as a member of the Compensation Committee of the Board, respectively.

About China Medicine Corporation

China Medicine Corporation, a vertically integrated enterprise with a research and development center, manufacturing facility and well established sales network, engages in the production and distribution of prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company is developing a number of proprietary products for a variety of indications, including oncology, high blood pressure and toxin removal from food and animal feeds. For more information, please visit the Company's website at http://www.cmc621.com. The Company routinely posts important information on its website.

Safe-Harbor Statement

This press release contains forward-looking statements concerning the Company's business and products. The Company's actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release except as required by applicable law or regulation.

Guangzhou, China, August 22, 2011 – China Medicine Corporation (Other OTC: CHME.PK) (the “Company”), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines (“TCM”), and other health products in the People’s Republic of China, today announced that the Audit Committee (the “Audit Committee”) of the Board of Directors of the Company (the “Board”), has dismissed Frazer Frost as the Company’s independent auditor, effective August 16, 2011.

The audit reports of Frazer Frost on the financial statements of the Company as of and for the years ended December 31, 2009 and December 31, 2008 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.  However, as previously disclosed, in connection with the preparation of the Company’s financial statements for the year ended December 31, 2010, certain accounting and reporting errors were identified with respect to improper activities by certain employees of Guangzhou LifeTech Pharmaceutical Co. Ltd, a wholly-owned subsidiary that the Company.  The Company has been conducting an internal review with respect to these matters and has observed similar errors at Guangzhou Konzern Medicine Co., Ltd., another wholly-owned subsidiary of the Company in fiscal years 2006 to 2010.  In connection with the audits of the Company’s financial statements for the fiscal years ended December 31, 2009 and 2008 and the subsequent interim period through August 16, 2011, except the matters mentioned above, there were: (i) no disagreements between the Company and Frazer Frost on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Frazer Frost, would have caused Frazer Frost to make reference to the subject matter of the disagreement in connection with their reports on the Company’s financial statements for such years, and (ii) no reportable events within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K. 

As the Company disclosed previously, its previously issued financial statements contained in its Annual Report on Form 10-K for the fiscal years 2006, 2007, 2008 and 2009, and the Quarterly Reports on Form 10-Q for the periods within the fiscal years 2006, 2007, 2008, 2009 and 2010 should not be relied upon and it expects to restate such previously issued financial statements.  As a result, Frazer Frost did not review the Company’s quarterly financial statements for the fiscal quarters ended March 31, 2011 and June 30, 2011.

The Company is in a process of finalizing the search of a reputable, international independent registered public accounting firm and will make a timely announcement when the search is complete and the engagement of a successor independent registered public accounting firm becomes effective.

About China Medicine Corporation

China Medicine Corporation, a vertically integrated enterprise with a research and development center, manufacturing facility and well established sales network, engages in the production and distribution of prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company is developing a number of proprietary products for a variety of indications, including oncology, high blood pressure and toxin removal from food and animal feeds. For more information, please visit the Company's website at http://www.cmc621.com.  The Company routinely posts important information on its website.

Safe-Harbor Statement

This press release contains forward-looking statements concerning the Company’s business and products. The Company’s actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release.

Contact Information

ICR, Inc.

In New York: Ms. Christine Duan: 1-203-682-8200

In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968

Guangzhou, China, July 8, 2011 – China Medicine Corporation (Other OTC: CHME.PK) (the “Company”), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines (“TCM”), and other health products in the People’s Republic of China, today announced that the Board of Directors (the “Board”) of China Medicine Corporation, after consultation with and upon the recommendation of the management of the Company and the Audit Committee of the Board (the “Audit Committee”), concluded that the Company’s previously issued financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal years ended December 31, 2006 and 2007, and the Quarterly Reports on Form 10-Q for the periods within the fiscal years 2006 and 2007 (collectively, “the previously issued financial statements”) should no longer be relied upon. 

As previously disclosed in the Company’s Form 8-K filed with the Securities and Exchange Commission on March 23, 2011, the Board, concluded that the Company’s previously issued financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal years ended December 31, 2008 and 2009, and the Quarterly Reports on Form 10-Q for the periods within the fiscal years 2008, 2009 and 2010 should no longer be relied upon.

On July 1, 2011, during the course of the on-going internal reviews by the management and the Audit Committee of the Company, the Board determined that the accounting and reporting errors at Guangzhou Konzern Medicine Co., Ltd., a wholly-owned subsidiary of the Company, also occurred in fiscal years 2006 and 2007 in addition to fiscal years 2008, 2009 and the quarterly periods in fiscal year 2010, as previously reported, and such errors materially impacted the previously issued financial statements.  The Company currently is not able to and will not be able to quantify the impact of these errors and related accounting adjustments until the completion of its internal reviews but has concluded that the previously issued financial statements should no longer be relied upon. The Company anticipates that at the conclusion of the internal review by the Audit Committee and its legal counsel, with the assistance of Ernst & Young Advisory Services Limited, and the completion of a re-audit of the affected fiscal years, it will have revised financial results and will issue restated financial statements.

Management is assessing what changes may be necessary in the evaluation of the Company’s internal control over financial reporting and its disclosure controls and procedures and will not reach a final conclusion with respect to these matters until completion of the restatement process.

As soon as practicable, in addition to the previously disclosed amendments, the Company expects to file amendments to its Annual Report on Form 10-K for the years ended December 31, 2006 and 2007, and amendments to its Quarterly Reports on Form 10-Q for the periods within fiscal years 2006 and 2007 reflecting the restated financial statements with respect to the previously issued financial statements.  Given that the review process is still ongoing, the matters discussed herein are preliminary and subject to change. 

About China Medicine Corporation

China Medicine Corporation, a vertically integrated enterprise with a research and development center, manufacturing facility and well established sales network, engages in the production and distribution of prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company is developing a number of proprietary products for a variety of indications, including oncology, high blood pressure and toxin removal from food and animal feeds. For more information, please visit the Company's website at http://www.cmc621.com.  The Company routinely posts important information on its website.

Safe-Harbor Statement

This press release contains forward-looking statements concerning the Company’s business and products. The Company’s actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release.

Contact Information

ICR, Inc.

In New York: Ms. Christine Duan: 1-203-682-8200

In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968

Guangzhou, China, March 23, 2011 – China Medicine Corporation (OTC BB: CHME) (the “Company”), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines (“TCM”), and other health products in the People’s Republic of China, today announced that the Company’s Board of Directors authorized a voluntary withdrawal of the Company’s application for listing its common stock on the Nasdaq Global Market. 

On March 9, 2010, the Company announced its intention to list on Nasdaq in order to broaden its shareholder base, improve trading liquidity and raise the Company’s profile in the investment community.  On March 17, 2011, the Company notified Nasdaq of its intention to voluntarily withdraw its listing application and it received immediate confirmation of the acceptance of the withdrawal.  The decision to withdraw at this time resulted from the inability of the Company to satisfy Nasdaq Listing Rule 5405(a)(1) regarding the $4.00 minimum bid price for initial listing on the Nasdaq Global Market.  The voluntary withdrawal does not preclude the Company from making an application for listing on the Nasdaq Stock Market in the future.  The Company’s common stock will continue to be listed on the OTC Bulletin Board, under the ticker “CHME”.

About China Medicine Corporation

China Medicine Corporation, a vertically integrated enterprise with a research and development center, manufacturing facility and well established sales network, engages in the production and distribution of prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company is developing a number of proprietary products for a variety of indications, including oncology, high blood pressure and toxin removal from food and animal feeds. For more information, please visit the Company's website at http://www.cmc621.com.  The Company routinely posts important information on its website.

Safe-Harbor Statement

This press release contains forward-looking statements concerning the Company’s business and products. The Company’s actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release.

Contact Information

ICR, Inc.

In New York: Ms. Christine Duan: 1-203-682-8200

In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968