NEW YORK, April 13 /PRNewswire-Asia-FirstCall/ -- China YCT International Group Inc., (OTC Bulletin Board: CYIG) ("China YCT" or "the Company"), a leading company engaged in the business of developing, manufacturing and marketing gingko-based products through its wholly owned subsidiary, Shandong Spring Pharmaceutical Co. Ltd, today announced a series of measures adopted to strengthen the Company's corporate governance in compliance with the listing requirements of a senior U.S. exchange.
First, the Company's Board of Directors appointed three independent directors, Mr. Robert J. Fanella, Dr. Bai Junying and Mr. Zhang Wengao, effective April 6, 2009. As a result, the Board of the Company expanded to five members.
Mr. Robert J. Fanella, CPA, 58 years old, has more than 35 years' career
specializing in corporate finance and accounting. From 2008 to the present, Mr.
Fanella has served as a senior consultant to an Illinois based LED Lighting
Manufacturer, providing advice regarding capital raising affairs,
capitalization at both the subsidiary and corporate level, and day-to-day
financial operations. From 2006 to 2007, Mr. Fanella served as a senior
consultant at Chicago Industrial Plating Manufacturer. In that position, Mr.
Fanella was responsible for resolving the company's short-term gap financing
issues and working with external auditors to finalize the annual financial
report. Prior to that, from 2001 to 2006, Mr. Fanella was co-owner and CFO of
Tru-Way, Inc. From 1983 to 2001, Mr. Fanella was a co-founder and CFO of
Microenergy, Inc. Mr. Fanella earned his Bachelor's Degree in Finance from
North Illinois University in 1972, and he was licensed as a Certified Public
Accountant in 1975. In 1979, Mr. Fanella received his MBA from the
Dr. Bai Junying, age 50. Over the last twenty years, Dr. Bai has held senior management roles in several companies, including as CEO of Shandong Dong-e E-jiao Group, CEO of Shandong Xinhua Pharmaceutical Co., Ltd., and Head of the Research and Development Department and subsequently Vice Executive Manager of Lukang Pharmaceutical Group Co., Ltd. Dr. Bai is currently the CEO of Shandong Dong-e E-jiao Group, a national well-known pharmaceutical and health care group. From 2000 to 2005, Dr. Bai served at Shandong Xinhua Pharmaceutical Group Co., Ltd. From 1987 to 2000, as Head of the R&D Department of Lukang Pharmaceutical Group Co., Ltd., Dr. Bai played a central role in the integration and development of an antibiotic injection agent. Dr. Bai obtained his Ph.D. in Pharmacy from Peking University Health Science Center.
Mr. Zhang Wengao, age 66, has over 30 years of experience in pharmaceutical, Chinese traditional medicine and diagnostic industries. Mr. Zhang is currently a full time professor of Shandong University of Traditional Chinese Medicine. From 1985 to 1998 Professor Zhang was Dean of the Research and Development Department of Shandong University of Traditional Chinese Medicine. Mr. Zhang has received various awards within the clinical medicine field. Mr. Zhang is also an associate commissioner of the International Chinese Medicine Association and Director of the International Chinese Medicine Association Cardiovascular Committee. In 1968, Mr. Zhang received his Bachelor's Degree majoring in Pharmacy from Shandong University of Traditional Chinese Medicine.
The Board also established an audit committee, a compensation committee and a nominating committee, with Mr. Fanella appointed as Chairman of the Audit Committee.
Mr. Yan Tinghe, Chairman of the Company, stated, "On behalf of the Board, I would like to welcome Mr. Fanella, Dr. Bai and Mr. Zhang. We are very pleased that Mr. Fanella, with his strong record of success in terms of various business running and capital operation, has accepted the positions of Chairman of the Audit Committee and independent member of the Board. He will bring the Company over 30 years of experience in financial and operational management in publicly held and private-owned companies." Mr. Yan continued, "Dr. Bai and Mr. Zhang bring to the Company a wealth of knowledge, industrial expertise and experiences. Their addition to our Board of Directors is the first step in the implementation of our attempt for listing on a senior U.S. Exchange. And I look forward to working with our new directors to expand our business and pursue our commercial objectives."
About China YCT International
Established in 2005, China YCT International Group Inc., through its operating subsidiary, Shandong Spring Pharmaceutical Co. Ltd. ("Shandong Spring Pharmaceutical"), a corporation organized under the laws of the People's Republic of China, is a high-tech enterprise, which applies modern biological technology and integrates research & development, production and sales of ginkgo healthcare products, ginkgo cosmetics, daily-use chemical products, ginkgo glycoside products and biological medicines. All of Shandong YCT's businesses are currently in China.
|SOURCE China YCT International Group Inc.|
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