NEW YORK and YANTAI, China, July 1, 2011 (GLOBE NEWSWIRE) -- Bohai Pharmaceuticals Group, Inc. (OTCBB:BOPH) (OTCQB:BOPH), a China-based pharmaceutical company engaged in the production, manufacturing and distribution of modernized traditional Chinese medicine (TCM) in China, today announced that the audit committee of the company's board of directors has appointed Marcum Bernstein & Pinchuk LLP as the company's new independent registered public accounting firm.
Mr. Hongwei Qu, Chairman, President and CEO of Bohai Pharmaceuticals, stated, "Given the rapid growth in our business, we decided for the benefit of our company and our shareholders to engage one of the largest independent accounting firms in the U.S. Marcum has a strong global reputation and extensive expertise and physical presence in the China market, which we believe reinforces our commitment to the highest levels of transparency and strong corporate governance."
About Bohai Pharmaceuticals Group
Bohai Pharmaceuticals Group, Inc. (OTCBB:BOPH) (OTCQB:BOPH) is engaged in the production, manufacturing and distribution of modernized 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 over 650 employees, including over 330 sales representatives, operating from 21 offices throughout China. Bohai's three lead products, Tongbi Capsules, Tongbi Tablets and Lung Nourishing Syrup, are eligible for reimbursement under China's National Medical Insurance Program.
For more information, please visit the Company's website at www.bohaipharmaceutical.com.
Additional Information Relating to Bohai's Trading Data
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Cautionary Note Regarding Forward-Looking Statements
This press release and the statements of representatives of our officers, directors, employees and representatives related thereto or in the conference call referred to herein contain or may contain forward-looking statements which are based upon the current beliefs and expectations of our management. Such statements contained in this release are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" and words of similar import, are intended to identify any forward-looking statements. The information contained in the forward looking statements is inherently uncertain, and our actual results may differ materially due to a number of factors, many of which are beyond our ability to predict or control, including, among others: (i) changes in the level of consumer spending or preferences or demand for our products; (ii) pressures from competition; (iii) our ability to hire and retain key personnel and our relationship with our employees; (iv) the performance of our distributors and other key vendors; (v) effectively carrying out and managing our growth strategies; (vi) failure to maintain the value and image of our brand and protect our intellectual property rights; (vii) seasonality; (viii) costs of materials and labor; (ix) sales, manufacturing, supply or distribution difficulties or disruptions; (x) compliance with or changes in Chinese, U.S. or international laws and regulations; (xi) costs as a result of operating as a public company; (xii) material weaknesses in internal controls; (xiii) interest rate and foreign currency risks; (xiv) our ability to maintain our land use and drug manufacturing rights in China; (xv) general economic and industry conditions in China and internationally, and other risks as more fully detailed in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available at www.sec.gov. You are urged to consider these factors carefully in evaluating our forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances unless as required by applicable laws or regulations.