TAI'AN, Shandong, China, July 30 /Xinhua-PRNewswire-FirstCall/ -- China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("CBP," or the "Company"), one of the leading plasma-based pharmaceutical companies in the People's Republic of China ("PRC"), today announced that, effective July 24, 2008, it has appointed Mr. Sean Shao, Dr. Jie Gan, and Dr. Tong-Jun Lin, to serve as independent members of its Board of Directors, and that it has established an Audit Committee comprised of the new directors.
Mr. Chao Ming Zhao and Mr. Guangli Pang resigned as directors of the Company on the same date, to facilitate the appointment of the new independent directors. Mr. Zhao will continue to fulfill his role as CBP's Chief Executive Officer.
"We are delighted to add Mr. Shao, Dr. Gan and Dr. Lin to our Board of Directors and as members of our Audit Committee, and to have Mr. Shao serve as our Audit Committee Chair," said Mr. Chao Ming Zhao, the Company's CEO. "They each bring to CBP a wealth of knowledge, industrial expertise and experience working with leading public companies in both North America and China. Their addition to our Board of Directors is the first step in the implementation of our new corporate governance policy, as we continue to expand our business and pursue our commercial objectives."
Mr. Sean Shao has been appointed to serve as the Chairman of CBP's
Audit Committee. He brings to CBP over thirteen years of experience in
financial and operational management in publicly held and private-owned
companies. For the past four years Mr. Shao has served as chief financial
officer of Trina Solar Limited, ChinaEdu Corporation, a Chinese educational
service provider, and Watchdata Technologies Ltd., a Chinese security
software company. Prior to this, Mr. Shao served six years as a senior
manager at Deloitte Touche Tohmatsu Beijing and three years with Deloitte &
Touche Toronto. Mr. Shao received his master's degree in health care
|SOURCE China Biologic Products, Inc.|
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