GUANGZHOU, China, Aug. 31 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a developer and leading distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines (TCM), nutritional and dietary supplements, and medical devices and medical formulations, today announced the appointment of Richard P. Wu as its new Chief Financial Officer, effective August 25, 2009. Mr. Wu replaces Ms. Huizhen Yu, who had served as Chief Financial Officer of China Medicine since February 2006. Ms. Yu now serves as Controller of the Company and its subsidiaries, including our wholly-owned operating subsidiary, Guangzhou Konzern Medicine Co., Ltd. In addition, the Company also appointed Mr. Robert Lu to a newly created position of Finance Manager, which involves cash planning, internal and external reporting, tax planning and capital budgeting.
Richard P. Wu has over 14 years of experience in accounting and finance both in China and the U.S. including financial reporting, disclosure and regulatory compliance, financial planning, taxation, and debt and equity financing. Mr. Wu also has a strong legal background as a practicing lawyer in China from 1987 to 1992. Prior to joining China Medicine, Mr. Wu was Chief Financial Officer and Executive Vice President of China Natural Gas, Inc., a NASDAQ Global-listed company, from 2008 to 2009. From January 2004 to May 2007 he was Chief Financial Officer and Corporate Senior Vice President of The AlliancePharm U.S. LLC's China operations, where he had full finance and accounting responsibility for the sourcing and contract manufacturing business for active pharmaceutical ingredients and managed a finance and accounting team of over 100 people. From December 1999 to December 2003 he was Chief Financial Officer and Corporate EVP of MeetChina.com Inc.'s China business, an online cross-border ecommerce portal in China. From October 1997 to December 1999, he was senior director of Finance and VP Investment of the Paging Products Group in Greater China of Motorola Inc., a New York Stock
Exchange-listed company. He also served as Investment Banking Associate and Vice President of Lehman Brothers Inc.'s New York and Hong Kong offices from 1995 to 1997. Mr. Wu graduated from the Wharton School, University of Pennsylvania in 1995 with an MBA degree in finance and accounting. He received a Master of Justice Administration degree from Indiana University in 1993, and a Master of Law degree from China University of Political Science and Law in 1987. Mr. Wu obtained a Bachelor of Arts degree from Zhengzhou University, China, in 1985 and is fluent in English and Mandarin.
Robert Lu has over six years of experience in finance and accounting and most recently served as international and regional tax manager for Huawei Technologies Co., Ltd, a global telecommunications provider based in Shenzhen, China. He holds a bachelor's degree in accounting from the Harbin Institute of Technology and is fluent in both English and Mandarin.
"We are very happy to strengthen our financial management team with the appointment of Mr. Wu as Chief Financial Officer and Mr. Lu as Finance Manager," stated Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation. "Given Mr. Wu's track record of success and extensive corporate accounting and financial experience, we believe he will make a significant contribution to our executive team as China Medicine continues to evolve as a public company. Mr. Wu will also allow us to better support our relationship with the investment community as we seek to list our shares on a senior stock exchange." Mr. Yang added, "We would also like to thank Ms. Yu for her continued dedication as she will now serve as Controller of China Medicine and our subsidiaries."
About China Medicine Corporation
China Medicine Corporation is a developer and leading distributor of prescription and over the counter ("OTC") drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company also has its research and development force for certain products it manufactures through OEM arrangement and distributes. The Company distributes its products to wholesale distributors including more than 300 hospitals and 500 medicine companies that sell to over 2,000 drug stores in 28 provinces throughout China. The Company actively develops a number of proprietary products for a variety of uses, including oncology, high blood pressure and the removal of toxins from food and animal feeds. For more information visit the Company's website at http://www.chinamedicinecorp.com .
Cautionary 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, the expected contribution of higher margin 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.
