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| 8-K - Bohai Pharmaceuticals Group, Inc. | v210111_8k.htm |
Exhibit
99.1
Bohai
Pharmaceuticals Appoints Anthony Chan and Gene Hsiao to Board of
Directors
Executive
Financier and Bohai’s Current CFO
Bring
Additional Financial and Governance Expertise
YANTAI,
China, Feb. 4, 2011 — Bohai Pharmaceuticals Group, Inc. (OTC Bulletin Board:
BOPH), a China-based pharmaceutical company engaged in the production,
manufacturing and distribution of Traditional Chinese Medicine (TCM) in China,
today announced the appointment of a new independent director, Anthony Chan to
its Board of Directors. Gene Hsiao, Bohai’s Chief Financial Officer, was
also appointed to the Board of Directors. Their appointments are effective
as of February 2, 2011.
As a
result of these additions, Bohai’s board now has six members, four of whom are
independent as defined by SEC and NASDAQ rules.
Mr. Chan
brings nearly 30 years of experience in finance and management to Bohai.
He has been instrumentally involved with multiple PIPEs, mergers, IPO’s
and investment transactions, specifically involving U.S.-listed Chinese
companies. He currently serves as Chief Financial Officer at a leading
Chinese mobile phone manufacturer, Zoom Technologies, Inc. (Nasdaq: ZOOM).
Previously, Mr. Chan served as an Asia Investment Banking Consultant to
GunnAllen Financial, Inc., Chief Financial Officer and Director of the Board of
a US internet technology company, hereUare, Inc. and served as a financial
advisor and CEO at two other NASDAQ listed US and Chinese
companies.
“With his
strong management background and multiple years of experience as CFO of several
US-listed public companies, I am delighted to have Mr. Chan join Bohai’s Board
of Directors, along with our CFO, Gene Hsiao,” said Mr. Hongwei Qu, Chairman,
President and Chief Executive Officer of Bohai Pharmaceuticals. ”We are
looking forward to working with Mr. Chan and believe his execution in financial
transaction skill-set will prove extremely valuable in helping to guide Bohai’s
expansion in the years ahead. As we continue to strengthen our Board, Mr.
Chan’s and Mr. Hsiao’s appointments take us one step closer to our goal of
uplisting to NASDAQ.”
Gene
Hsiao joined Bohai as Chief Financial Officer in June 2010. He has over 15
years of SEC accounting, corporate finance and public company management
experience. Since joining the company, Mr. Hsiao has overseen all of
Bohai’s financial reporting and related company procedures, has taken a lead
role in Bohai’s investor relations program, and is spearheading the company’s
move towards an uplisting to NASDAQ.
Bohai
also announced that it has formally established three independent board
committees – an audit committee, nominating and corporate governance committee
and compensation committee. The formation of these committees is a
requirement for uplisting to NASDAQ, and the company will look to the expertise
and guidance of its independent directors serving on these committees to further
enhance Bohai’s corporate governance.
About
Bohai Pharmaceuticals Group, Inc.
Based in
the city of Yantai, Shandong Province, China, Bohai Pharmaceuticals Group, Inc.
(OTCBB/OTCQB: BOPH) is engaged in the production, manufacturing and distribution
of herbal pharmaceuticals based on Traditional Chinese Medicine in China.
Bohai’s medicines address common health problems such as rheumatoid
arthritis, viral infections, gynecological diseases, cardio vascular issues and
respiratory diseases. Bohai’s products are sold either by prescription
through hospitals or over-the-counter through local pharmacies and retail drug
store chains. Bohai has approximately 600 employees, including approximately 300
sales representatives, operating from 20 offices throughout China. Bohai’s
three lead products, Tongbi Capsules, Tongbi Tablets and Lung Nourishing Cream,
are eligible for reimbursement under China’s National Medical Insurance Program.
For
comprehensive investor relations material, including fact sheets, research
reports, presentations and video, please follow the appropriate link: Research
Report, Investor Fact Sheet and Overview Video.
For
additional information, please visit Bohai’s corporate website:
www.bohaipharma.com.
Additional
Information Relating to Bohai’s Trading Data
Due to
certain recent disruptions in the marketplace relating to quotations on the OTC
Bulletin Board operated by FINRA (OTCBB), incomplete trading data may exist for
certain companies like Bohai. Real-time trading data for Bohai on the
OTCQB market is available through the below link. Readers are advised that
OTCQB market is operated by the owner of otcmarkets.com, and Bohai
Pharmaceuticals Group, Inc. makes no representation or warranty regarding the
OTCQB market.
For
real-time trading data for Bohai on the OTCQB market, including Level 2 quotes,
please visit: www.otcmarkets.com/stock/boph/quote.
Cautionary
Note Regarding Forward Looking Statements
This
press release and the statements of representatives of Bohai Pharmaceuticals
Group, Inc. (the “Company”) related thereto contain, or may contain, among other
things, “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other than statements
of historical fact included herein are “forward-looking statements,” including
any other statements of non-historical information. These forward-looking
statements are subject to significant known and unknown risks and uncertainties
and are often identified by the use of forward-looking terminology such as
“guidance,” “projects,” “may,” “could,” “would,” “should,” “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “plans,” “ultimately” or
similar expressions. All forward-looking statements involve material
assumptions, risks and uncertainties, and the expectations contained in such
statements 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 (including, without limitation, the
performance of the Company’s directors and the results of the Company’s efforts
to obtain a NASDAQ or other exchange listing) could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including factors and risks discussed in the periodic reports that the
Company files with the Securities and Exchange Commission (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. The
Company undertakes no duty to update these forward-looking statements except as
required by law.
Company Contact: Bohai Pharmaceuticals
Group, Inc., Gene Hsiao, Chief Financial Officer, 856-499-4475; Investor Relations Contacts:
The Trout Group, Danielle Spangler, 646-378-2924