China Biologic Products Retains O'Melveny & Myers LLP to Advise on Special Investigation
Mar 1, 2010
TAI'AN, China, March 1 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (NASDAQ: CBPO) ("China Biologic," or the "Company"), a leading plasma-based biopharmaceutical company in China, today announced that the special committee of independent directors appointed by the Company's board of Directors in the wake of the recent allegations against certain directors and an employee of the Company (the "Special Committee") has retained O'Melveny & Myers LLP, an international law firm, to advise the Special Committee and to assist in the investigation of the allegations.
The Company will issue no further comment concerning either the allegations or the work of the Special Committee until the investigation has been completed.
"In the interim, our stakeholders should rest assured that the allegations and ongoing investigation will not disrupt our business and operations," said Mr. Chaoming Zhao, Chief Executive Office of China Biologic. "Our management team continues to work diligently on the daily business of the Company and remains committed to executing our growth strategies and creating value for our shareholders."
About China Biologic Products, Inc.
China Biologic Products, Inc. (the "Company"), through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd, and its equity investment in Xi'an Huitian Blood Products Co., Ltd., is currently the largest non-state- owned plasma-based biopharmaceutical company in China. The Company is a fully integrated biologic products company with plasma collection, production and manufacturing, research and development, and commercial operations. The Company's plasma-based biopharmaceutical products are irreplaceable during medical emergencies, and are used for the prevention and treatment of various diseases. The Company sells its products to hospitals and other healthcare facilities in China.
Safe Harbor Statement
This release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the significance of the Special Committee's engagement of O'Melveny & Myers LLP; the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries, including the ability of the Company's management to attend to the business and operations of the Company and execute the Company's growth strategies during the ongoing investigation; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations 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 could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (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. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact: Company Contact: Mr. Y. Tristan Kuo Chief Financial Officer China Biologic Products, Inc. Tel: +86-538-6202206 Email: IR@chinabiologic.com Web: http://www.chinabiologic.com/ Investor Relations Contact: Ms. Lei Huang, Account Manager CCG Investor Relations Tel: +1-646-833-3417 Email: firstname.lastname@example.org Web: http://www.ccgirasia.com/ Mr. Crocker Coulson, President Tel: +1-646-213-1915 Email: email@example.com
SOURCE: China Biologic Products, Inc.
CONTACT: Mr. Y. Tristan Kuo, Chief Financial Officer of China Biologic
Products, Inc., +86-538-6202206, IR@chinabiologic.com; or Investors, Ms. Lei
Huang, Account Manager, +1-646-833-3417, firstname.lastname@example.org, or Crocker
Coulson, President, +1-646-213-1915, email@example.com, both of CCG
Web site: http://www.chinabiologic.com/