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Aoxing Pharmaceutical Company Announces Management Change

JERSEY CITY, N.J., July 6, 2012 /PRNewswire/ -- Aoxing Pharmaceutical Company, Inc. (NYSEAMEX: AXN), a specialty pharmaceutical company specializing in research, development, manufacturing and distribution of a range of narcotics and pain-management products, today announced that Mr. Bob Yunjun Ai has resigned as Chief Financial Officer of the Company to pursue other business interests, effective as of July 1, 2012. The Company expresses its appreciation for Mr. Ai's significant contributions to the Company and wishes him the best in his future endeavors. 

The Company has appointed Mr. Guoan Zhang as acting Chief Financial Officer to replace Mr. Ai. Mr. Zhang was Senior Vice President of Finance prior to the appointment. He joined the Company in 1998 and held various positions in the finance function. Mr. Zhang is a China CPA. 

The Company also appointed Ms. Guirong Zhou as Vice President of R&D to lead the R&D function. Ms. Zhou has in depth experience in pharmaceutical research and is responsible for our new drugs applications. Ms. Zhou has around 30 years of research and product development experience and she obtained a lot of awards and achievements in the pharmaceutical area. Ms. Zhou is a pharmaceutical expert in research centers and had worked for Shijiazhuang Pharmaceutical Group and other major pharmaceutical companies.

About Aoxing Pharmaceutical Company, Inc. Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products.

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Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc. Certain statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. To the extent that any statements made here are not historical, these statements are essentially forward-looking. The Company uses words and phrases such as "guidance," "forecasted," "projects," "is expected," "remain confident," "will" and/or similar expressions to identify forward-looking statements in this press release. Undue reliance should not be placed on forward-looking information. The economic, competitive, governmental, technological and other risk factors identified in the Company's filings with the Securities and Exchange Commission, specifically, Item 1A, "Risk Factors," in the Form 10-K for the year ended June 30, 2011, may cause actual results or events to differ materially from those described in the forward-looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Company contact: Vicky Zhang 646-367-1747 

SOURCE Aoxing Pharmaceutical Company, Inc.
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