Synutra International, Inc. Amends August 2005 Current Report on Form 8-K and Annual Report on Form 10-K for the Fiscal Year Ended Marc...( QINGDAO China and ROCKVILLE Md. J...),Health

QINGDAO, China and ROCKVILLE, Md., Jan. 15 /Xinhua-PRNewswire/ -- Synutra International, Inc. (Nasdaq: SYUT; ''Synutra''), one of China's leading manufacturers of dairy-based nutritional products for infants, children and adults, today filed amendments to its Current Report on Form 8-K filed on August 22, 2005 and its Annual Report on Form 10-K for the fiscal year ended March 31, 2007 with the U.S. Securities and Exchange Commission. As explained in the Forms 8-K and 10-K, the amendments are the result of certain deficiencies and errors in Synutra's financial statements identified during its ongoing assessment process to improve the effectiveness of its disclosure controls and procedures and internal control over financial reporting.

Synutra previously concluded that the audited consolidated Balance Sheets, Income Statements and Cash Flow Statements as of and for the calendar years ended December 31, 2003 and 2004 and unaudited consolidated Balance Sheets, Income Statements and Cash Flow Statements as of and for the three and six months ended June 30, 2004 and 2005 of its wholly owned subsidiary, Synutra Inc. (''Synutra Illinois''), should no longer be relied upon because of errors in such financial statements. The Current Report on Form 8-K filed today restates Synutra Illinois' financial statements to (i) reclassify certain other income as sales revenue and (ii) breakout certain cash and cash equivalents into cash and restricted cash line items.

Synutra also previously concluded that certain filings made subsequent to the Form 8-K filed on August 22, 2005, including Synutra's Annual Report on Form 10-K for the fiscal year ended March 31, 2007 and Amendment No. 1 to the Annual Report on Form 10-K for the fiscal year ended March 31, 2007, which presented audited financial statements covering the 12-month periods ended March 31, 2005, 2006, and 2007 (together, the ''Form 10-K"), should have presented, but did not present, audited financial statem
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