Navigation Links
China YCT International (OTCBB: CYIG) Strengthens Corporate Governance With Establishment of Audit Committee and Appointments of Three New Independent Directors

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 University of Chicago, specializing in Finance & Marketing.

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.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. China Health Resource, Inc. Defers Implementation of Reverse Stock Split in Light of Continuing Market Volatility
2. Rheumatoid Arthritis Therapeutics in China
3. Neurosurgeons from around the world gather at PLA 301 Hospital in China
4. Mindray Medical to Exhibit New Products at 61st China International Medical Equipment Fair
5. Covance Central Laboratory Receives CAP Accreditation in China
6. China Shenghuo Reports Year 2008 Financial Results
7. China Sky One Medical, Inc. Files for Extension to File Form 10-K
8. China Sky One Medical, Inc. Delays Fourth Quarter and Full Year 2008 Earnings Conference Call
9. China Sky One Medical, Inc. Announces Conference Call to Discuss Fourth and Fiscal Year 2008 Results
10. China Medicine Announces Record Fourth Quarter and 2008 Results
11. China Medical Technologies Announces Receipt of SFDA Quality Testing Certificate for its SPR-based Analysis System
Post Your Comments:
(Date:11/24/2015)... ... November 24, 2015 , ... ... States to support their local poison centers through donations on Tuesday, Dec. 1, ... calls it “a day that inspires people to collaborate in improving their local ...
(Date:11/24/2015)... R.I. (PRWEB) , ... November 24, 2015 , ... With ... Amica Insurance is sharing safety tips to help protect your family and vehicle. , ... crashes around the 2013 Thanksgiving holiday weekend. Amica is sharing the following safety tips ...
(Date:11/24/2015)... ... November 24, 2015 , ... ... designated an Aetna Institute of Quality® Bariatric Surgery Facility for treating individuals living ... cost of health care services available to its members to help them make ...
(Date:11/24/2015)... ... November 24, 2015 , ... Sir Grout of Baltimore is ... certification. The award recognizes good companies for excellence in service and a commitment ... and hard surface restoration company earned this recognition after a thorough review by ...
(Date:11/24/2015)... York, N.Y. (PRWEB) , ... November 24, 2015 , ... ... Giving Tuesday, the global movement driven by social media and the generosity of people ... Speaks, then encourage their social media networks to give – and share the personal ...
Breaking Medicine News(10 mins):
(Date:11/24/2015)... 2015 F1000Workspace - a research ... it was launched just six months ago. --> ... platform for scientists - since it was launched just six ... loaded on to F1000Workspace - a research collaboration, ... was launched just six months ago. --> ...
(Date:11/24/2015)... 1, a free mobile-first network that enables healthcare professionals ... new completely redesigned web version that includes uploading. The ... primarily on a desktop, to upload images directly from ... base, Figure 1 is hosting an event during the ... (RSNA) Annual Meeting. Joshua Landy , ...
(Date:11/24/2015)... -- iRhythm Technologies, Inc. , a leading digital health care ... will participate in the 27th Annual Piper Jaffray Healthcare Conference at ... . Kevin King , Chief Executive Officer of ... 8:50am ET. --> --> ... . --> iRhythm is a privately held ...
Breaking Medicine Technology: