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China Medicine Corporation to Restate Financial Statements for 2006 and 2007
Date:7/8/2011

GUANGZHOU, China, July 8, 2011 /PRNewswire-Asia/ -- China Medicine Corporation (Other OTC: 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 the Board of Directors (the "Board") of China Medicine Corporation, after consultation with and upon the recommendation of the management of the Company and the Audit Committee of the Board (the "Audit Committee"), concluded that the Company's previously issued financial statements contained in the Company's Annual Report on Form 10-K for the fiscal years ended December 31, 2006 and 2007, and the Quarterly Reports on Form 10-Q for the periods within the fiscal years 2006 and 2007 (collectively, "the previously issued financial statements") should no longer be relied upon.  

As previously disclosed in the Company's Form 8-K filed with the Securities and Exchange Commission on March 23, 2011, the Board, concluded that the Company's previously issued financial statements contained in the Company's Annual Report on Form 10-K for the fiscal years ended December 31, 2008 and 2009, and the Quarterly Reports on Form 10-Q for the periods within the fiscal years 2008, 2009 and 2010 should no longer be relied upon.

On July 1, 2011, during the course of the on-going internal reviews by the management and the Audit Committee of the Company, the Board determined that the accounting and reporting errors at Guangzhou Konzern Medicine Co., Ltd., a wholly-owned subsidiary of the Company, also occurred in fiscal years 2006 and 2007 in addition to fiscal years 2008, 2009 and the quarterly periods in fiscal year 2010, as previously reported, and such errors materially impacted the previously issued financial statements.  The Company currently is no
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