-- 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.
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.
In New York: Ms. Christine Duan: 1-203-682-8200
In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968
- [2008-11-18 17:32:38]China Medicine Corporation to Benefit from Guangdong Provincial Government Stimulus Plan
Guangzhou, China – Nov. 17, 2008 – China Medicine Corporation (OTC BB: CHME) (“China Medicine” or “the Company”), a leading distributor and developer of prescription and over-the-counter pharmaceuticals, traditional Chinese medicines (“TCM”), nutritional and dietary-supplements, medical devices, and medical formulations in the People’s Republic of China (“PRC”), today announced that the Company’s plan to commercialize rADTZ will benefit from Guangdong provincial government’s stimulus spending package.
The proposed stimulus plan of 2.37 trillion RMB ($347 billion) by the Guangdong provincial government will be spent on infrastructure, service, high-technology and agriculture industries, among others. China Medicine’s plan to commercialize rADTZ falls into the category of innovative, high-technology projects. “We are pleased that the provincial government is committed to support the economy and domestic consumption in Guangzhou province. In addition, we are confident that our commercialization of rADTZ project will be considered as one of the “Top 10 Innovative Projects” finalist where we will be entitled for government’s subsidy,” stated Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation.
According to the stimulus plan, the Guangdong provincial government will also allocate spending for small and medium-sized enterprises (SMEs), education industry and provincial health care system. “We believe the government’s stimulus will definitely benefit China Medicine’s growth strategy going forward,” concluded Mr. Yang.
- [2008-09-01 17:31:52]China Medicine be the supplier servicing primary hospitals
Guangzhou China, August 28 -- China Medicine Corporation (OTC Bulletin Board: CHME; "China Medicine" or "the Company"), a leading distributor and developer of ethical and over-the-counter drugs, traditional Chinese medicines (TCMs), nutritional and dietary supplements, medical devices, and medical formulations in the People’s Republic of China (PRC), today announced it has successfully entered 22 regions of Guangdong province to distribute pharmaceutical products.. The Company will distribute over 100 products in each regions and is also one of the selected online suppliers to service primary hospitals in Guangdong province from 1st September 2008 to 31st August 2009.
"A number of products we supply are widely used and well recognized in hospitals and we expect better margins from these products as we have the exclusive national distribution rights, regional distribution rights and manufacturing license to them," commented Mr. Senshan Yang, Chairman and CEO of China Medicine Corp. "Hospitals in China distribute 80% of the drugs in China, and the local government in Guangdong and Hainan province selects its distributors in order to ensure the quality of pharmaceutical products. Since we have been selected as one of the main online suppliers for hospitals in Guangdong province, we expect this will increase our sales and reputation as a leading pharmaceutical distributor going forward."
- [2008-08-11 17:28:10]The Management Philosophy of Konzern--Democratic & Public
6th June,2008, Senshan Yang, CEO of China Medicine Corporation, participated in the Democratic Management Working Conference 2008 held by Department concerned of Guangzhou Yuexiu District, and delivered a speech，and reported the significant progress of the company of developing modern management system.
Guangzhou Konzern Pharmaceutical Company, the wholly subsidiary of China Medicine Corporation, established in July 2000, successfully obtained GSP(Good Supply Practice) Certificate in September 2003. Konzern transformed from a Chinese Private Enterprise to a Sino-America Joint Venture Science and Technology Company in 2004 and foreign enterprise in Feb 2006, meanwhile, listed on the Over-The-Counter Bulletin Board in the America.
“We are devoted to developing our company, expanding our distribution network and research and developing our property products, and the most important task at hand is to build up a qualified management team. In our long-term planning, we had reached our goal of setting a solid foothold in the market.” Said Mr. Yang during the convention. As we are aiming at the second five-year goal, to improve our Institutional Management，and the third five-year goal, to set up a system to arouse leagal awareness to the employees.
- [2008-08-11 17:27:00]China Medicine Announces Conference Call to Discuss Second Quarter 2008 Results
Guangzhou, China – August 7, 2008 -- China Medicine Corporation (OTC BB: CHME) (“China Medicine” or “the Company”), a leading developer and distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary supplements, and medical devices and medical formulations, today announced that it will conduct a conference call at 10:00 a.m. Eastern Time on Wednesday, August 13, 2008 to discuss its second quarter 2008 results.
Joining Mr. Shensan Yang, Chairman and Chief Executive Officer of China Medicine Corporation, will be Ms. Huizhen Yu, Chief Financial Officer. The Company plans to make an earnings announcement prior to the call.
To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 888-482-0024. International callers should dial 617-801-9702, Conference Passcode: 38093968.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on August 13, at 12:00 p.m. Eastern Time. To access the replay, dial 888-286-8010, international callers dial 617-801-6888, and enter the passcode of 73037488.
- [2008-08-01 17:25:29]The 4nd Session of the Workers Congress of the 2nd Konzern Pharmaceutical
Guangzhou Konzern Pharmaceutical Company, the wholly subsidiary of China Medicine Corporation, hold The 4nd Session of the Workers Congress of the 2nd Konzern Pharmaceutical Company on 1st Aug, 2008. In accordance with Labor Contract Law of PRC, Adopted at the 28th Session of the Standing Committee of the 10th National People's Congress on June 29, 2007, effective from January 1, 2008, the Company and all the employees enter into the new collective contract.
“The principle of democratic management is in line with the democratic management concept and consistent with our goal to exploit the glabal market.” said Mr. Senshan Yang, Chief Executive Officer of China Medicine.
The Company had adopted the human-oriented Management Mode and introduced the collective salary negotiation system before the new Labor Contract Law of PRC was implemented. In addition, the company regards the welfare and retraining opportunity for the employees significant and benefitial.“There has been no labor dispute ever since the company established, and the operating cost would not increase for the implementation of new Labor Contract Law”noted Mr Yang.
- [2008-07-24 17:23:38]China Medicine Corporation Obtains Australian Patent for rADTZ
GUANGZHOU, China, July 17 -- China Medicine Corporation (OTC Bulletin Board: CHME; “China Medicine” or “the Company”), a leading distributor and developer of ethical and over-the-counter drugs, traditional Chinese medicines (TCMs), nutritional and dietary supplements, medical devices, and medical formulations in the People’s Republic of China (PRC), announced today that it obtained a patent from Australia Patent Office for recombinant Aflatoxin Detoxifizyme (rADTZ). The patent is valid through January 13, 2025.
rADTZ is an innovative product that has the potential to detoxify aflatoxin (AFT), a potential cancer causing agent, in food and feed. It is a compound that is a derivation of aflatoxin-detoxifizyme (ADTZ), an extracellular enzyme. Developed by Guangzhou Co-Win Bioengineering Co., Ltd, a subsidiary of China Medicine, rADTZ can be used as an additive to remove aflatoxins from animal feed as well as other food products. The Company intends to develop rADTZ for this and other applications.
“We are proud to announce that we have achieved a major milestone in being granted a patent for rADTZ in Australia,” said Mr. Senshan Yang, Chairman and CEO of China Medicine. “This is a major breakthrough for China Medicine and it opens up the opportunity to expand our business overseas,” he added. China Medicine has already obtained a patent for rADTZ from the State Intellectual Property Office of China in early 2004.
China Medicine has performed laboratory experiment on rADTZ and has gathered important data to address technological challenges related to its development. The Company is currently testing rADTZ on animal feed and is scheduled to begin working with the Chinese Department of Agriculture on a large scale experiment in order to meet national standards and apply for production permits. Once the Company receives production permits it expects to begin trial sales of rADTZ by the end of 2008.
- [2008-06-08 17:29:12]Opening Hearts to Sichuan Earthquake Victim
On May 12 2008, the strongest earthquake hit China and jolted Wenchuan County in Sichuan province, killing more than 68,000 and casualties are still expected to rise. During the disaster, Chairman Mr. Senshan Yang of China Medicine Corporation and Executive Vice President, Ms. Minhua Liu were on their business trip in United States. Nonetheless, they have responded very quickly to the natural disaster by gathering all the employees of China Medicine to form a fund raising campaign to contribute to earthquake victim in Sichuan province. Thus far, the Company raised $7143(RMB 50,000),and the individual raised $1436(RMB 10055).
- [2008-02-08 17:21:00]CMC held a board meeting
March 17th 2008, Guangzhou China -----CMC held a board meeting, all directors attend the meeting to discuss CMC’s developing strategy. CEO Mr. Senshan Yang hosted the meeting, and Mr. Bob Adler, Mr. Yanfang Chen and Ms. Rachel Gong all gave their profound comments on CMC’s operating and development. Mr. Jinkun Xie, the director of konzern R&D department, and Mr. Weiguo Xu, the assistant of general manager from Co-win Ltd, were invited to attend the meeting and report their achievements to the board. CMC’s operating and performance of 2007 has been further convinced.
Directors discussed and analyzed the actual conditions, and figured out CMC’s long-term strategy and the operating goal for 2008.
1. Developing strategy
The strongest competitive advantage for CMC lies in distribution network and sales team.
CMC will continue to choose good products to expand our distribution. We will try our best to enhance our profitability, increase our input in R&D and increase IP and OEM products sales revenue. We will purchase manufacturing facilities under possible proper opportunity to integrate R&D, production and distribution.
2. Objectives for 2008
1) ADTZ has finished the 50L experiment, and it is expected to have trial sales in 2008.
2) We will try to purchase a manufacturer company to finish the new medicine and patent application, and gain more products and profits through the acquisition.