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.
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.
In New York: Ms. Christine Duan: 1-203-682-8200
In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968