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China Medicine Announces Stock Repurchase Plan
Date:7/9/2010

GUANGZHOU, China, July 9 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "the Company"), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines ("TCM"), and other health products, today announced that its board of directors authorized a stock repurchase program. The program authorizes a buyback of the Company's common stock up to a value of $2.0 million. The authorization is valid through July, 2011. The program utilizes funds currently held in the escrow account pursuant to the Company's agreement with its principal shareholder, OEP CHME Holdings, LLC, an affiliate of One Equity Partners, the private equity arm of JP Morgan, dated January 28, 2010.

Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation stated, "We have the fundamental strength to pursue a variety of opportunities with our cash, and today's authorization is an appropriate and strategic decision that brings us additional flexibility to leverage our strong balance sheet. We are committed to enhancing shareholder value, and we have confidence in our long-term growth plan to expand the Company's product portfolio and geographical footprint in China."

China Medicine may (but is not obligated to) repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions pursuant to Rule 10b-5, Rule 10b5-1, Rule 10b-18 and other applicable legal requirements of the SEC. The timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to m
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SOURCE China Medicine Corporation
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