Navigation Links
China Medicine Corporation Files Extension for Fiscal 2010 Form 10-K Filing
Date:3/23/2011

GUANGZHOU, China, March 23, 2011 /PRNewswire-Asia/ -- China Medicine Corporation (OTC Bulletin Board: CHME) (the "Company"), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines ("TCM"), and other health products in the People's Republic of China, today announced that it has filed with the United States Securities and Exchange Commission 1) a Current Report on Form 8-K to disclose that its previously issued financial statements should not be relied upon, and 2) a Form 12b-25 Notification of Late Filing for its Annual Report on Form 10-K for the year ended December 31, 2010. The Company expects to restate its previously issued financial statements for fiscal years 2008 and 2009, and the quarters within the fiscal years of 2008, 2009, and 2010, in order to correct certain accounting and reporting errors that impact the accuracy of the previously issued financial statements. Because of the nature and timing of the review, the Company will be unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2010 with the SEC by March 31, 2011, the prescribed due date.

The Board of Directors (the "Board") of the Company, after consultation with and upon recommendation of the management of the Company and its Audit Committee, concluded that the Company's previously issued financial statements contained in its Annual Reports on Form 10-K for fiscal years 2008 and 2009, and the Quarterly Reports on Form 10-Q for the periods within the fiscal years of 2008, 2009 and 2010, (collectively, "the previously issued financial statements") should no longer be relied upon.

In connection with the preparation of the Company's financial statements for the year ended December 31, 2010, certain accounting and reporting errors were identified with respect to improper activities by certain employees of Guangzhou LifeTech Pharmaceutical Co., Ltd ("LifeTech"), a wholly-owned subsidiary that the Company acquired on October 26, 2009. The Company is currently conducting an internal review with respect to these matters. In the course of such review, it has been observed that similar accounting and reporting errors also took place at Guangzhou Konzern Medicine Co., Ltd., another wholly-owned subsidiary of the Company, in relation to the subsidiary's financial statements for the fiscal years ended December 31, 2008 and 2009.  The Board intends to engage a reputable, international public accounting firm to assist the Board with its review of the Company's financial statements and its internal control over financial reporting.

The Company does not expect that the filing of the Annual Report on Form 10-K will be made within the extension period provided for under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. The delay could not be eliminated without unreasonable effort or expense. The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 will be filed as soon as practicable after the Company has completed the restatement process.

About China Medicine CorporationChina Medicine Corporation, a vertically integrated enterprise with a research and development center, manufacturing facility and well established sales network, engages in the production and distribution of prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China. The Company is developing a number of proprietary products for a variety of indications, including oncology, high blood pressure and toxin removal from food and animal feeds. For more information, please visit the Company's website at http://www.cmc621.com. The Company routinely posts important information on its website.

Safe-Harbor Statement This press release contains forward-looking statements concerning the Company's business and products. The Company's actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release.Contact InformationICR, Inc.In New York: Ms. Christine Duan: 1-203-682-8200In Beijing: Ms. Wen Lei Zheng: 86-10-6599-7968
'/>"/>

SOURCE China Medicine Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. HUYA Bioscience Intl Announces Clinical Trial Milestones in China for Promising New Anti-Arrhythmic Compound; Data Supports Desirable Safety Profile
2. HUYA Bioscience Intl Announces World-Class Clinical Advisory Team for New Anti-Arrhythmic Compound Sourced From China
3. HUYA Bioscience Intl Announces First Pre-IND Outcome for a Development Stage Compound Sourced From China - HBI-8000, Promising New Cancer Compound
4. HUYA Bioscience Intl Announces Pre-IND Outcome for HBI-3000 - Promising Anti-Arrhythmia Compound Sourced From China
5. China Sky One Medical, Inc. Announces 26 New Drugs in Clinical Trials
6. RHEI Pharmaceuticals Announces the Initiation of the Final Clinical Study for Approval of Tibozole in China
7. Varian Medical Systems to Exhibit Cancer Treatment and X-ray Imaging Technologies at China Med Exhibition
8. China Sky One Medical, Inc. Achieves Significant Breakthrough in Research for Sudden Cardiac Death (SCD) Early Examination Kit
9. China Animal Welfare Law Under Review While 36,000 Dogs Culled
10. China-Biotics, Inc. Prices $69 Million Public Offering of Common Stock
11. Clifford Chance Advises Pfizer on Conditional Clearance in China of Its Merger with Wyeth
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... FinancialBuzz.com News Commentary  ... According to new data ... research, the legal cannabis market is projected to continue to ... signals from the current presidential administration. The report created by ... drivers of growth in this industry are the passage and ...
(Date:3/24/2017)... Research and Markets has announced the addition of the ... offering. ... is very strong with a total of 97 drug candidates. Pharma giant ... are involved in the development of the IPF therapeutics. The IPF pipeline ... stage, 15 are in Phase II stage, 12 are in Phase I ...
(Date:3/24/2017)... March 24, 2017 A ReportsnReports.com report says, ... growing rapidly as the global sales of Adcetris and Kadcyla have ... the antibody drug conjugates market is driven by large number of ... wider therapeutic window offered by ADCs. ... Browse 3 Tables and 94 Figures, 10 Major ...
Breaking Medicine Technology:
(Date:3/24/2017)... ... March 24, 2017 , ... According to a new ... invalid because it does not obey the rules Congress has directed the CBO to ... which the GOP reform would restore. Yet, it estimates a reduction in employer-based coverage ...
(Date:3/24/2017)... Diego, Calif. (PRWEB) , ... March 24, 2017 ... ... has raised over $100,000 for its innovative EcoQube Frame vertical micro-veggies garden on ... the instant demand for the product – with nearly 2,000 consumers (and counting) ...
(Date:3/24/2017)... ... March 24, 2017 , ... Viewers who like to educate ... historical facts, cultural practices, goods, services, and societal issues tend to appreciate and love ... the popular practice of utilizing running events for causes around the world. ...
(Date:3/24/2017)... ... March 24, 2017 , ... “End Time GPS”: a dauntless and ... “End Time GPS” is the creation of published author, Wesley Gerboth, a World ... military munitions and space-vehicle projects. Now, at age ninety-one, he shares the Wisdom God ...
(Date:3/23/2017)... ... 2017 , ... A recent report from the National Council on Teacher Quality ... report suggests, based on a review of GPA and SAT/ACT requirements at 221 institutions ... U.S. It argues that this higher bar should be set by states, by the ...
Breaking Medicine News(10 mins):