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

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.

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