Exhibit 99.1
CHINA BIOPHARMACEUTICALS HOLDINGS
www.cbioinc.com
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FOR IMMEDIATE RELEASE: CONTACT:
Chris Peng Mao, CEO
86-10-85251616
info@cbioinc.com
Brian Rafferty
212-889-4350
brian.rafferty@taylor-rafferty.com
China Biopharmaceuticals Reports:
o Appointment of Ray Zhong as SVP Finance
o Relocation of HQ to Beijing
o Strategic and Operational Initiatives on Track
BEIJING, China, July 20, 2006 -- China Biopharmaceuticals Holdings, Inc. (OTC
BB: CHBP), a leading Chinese pharmaceutical company focused on the development,
manufacturing and distribution of innovative drugs in China, has announced a
significant senior management appointment, the relocation of its corporate
headquarters to Beijing, and an update of strategic and operational progress.
Ray (Rui) Zhong joins CHBP as Senior Vice President, Finance and Business
Development, bringing to their management team an impressive background in
entrepreneurial and academic roles, including a Ph.D in Finance from Cornell
University.
Ray will be based in the company's new corporate headquarters in Beijing. The
purpose of the relocation is to more efficiently coordinate CHBP's expansion in
Northern China and new drug efforts and to work more effectively with strategic
partners in the process of building CHBP's presence across China. The previous
head office location in Nanjing will now operate as the regional headquarters,
servicing customers in eastern and southern China
Chris Mao, CBH CEO, stated, "We welcome Ray to our senior management team and
look forward to his assistance in achieving our strategic goals and building
shareholder value. We are encouraged by our progress to date. From our
businesses in hand, we expect to earn approximately at least $0.10 per share
based on the currently outstanding number of common shares over the coming
twelve months. On top of this, our prospects for near term organic and
acquisitive growth remain very appealing, and we remain on track to seize the
opportunities of China's pharmaceutical marketplace."
Beijing Headquarters Information:
Suite 602, China Life Tower
16 Chaowai Street, Chaoyang Dist.
Beijing, China 100020
Tel: 86-10-85251616
86-10-85253883
Fax: 86-10-85253882
About China Biopharmaceuticals Holdings
China Biopharmaceutical Holdings, Inc (CBH) is a research driven pharmaceutical
company dedicated to the discovery, development, manufacturing and marketing of
small and large molecule pharmaceutical products, including medicines, vaccines,
and active pharmaceutical ingredients for various categories of diseases.
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CBH is a US public company with operating subsidiaries and senior management
based in China.
For the year ended December 31, 2005, CBH reported in its 10K filed with the US
Securities and Exchange Commission revenues of $31 million, operating income of
$2.7 million and net income of $960,685.
For further information, please visit our website at www.cbioinc.com.
Safe Harbor Statement
The statements contained herein that are not historical facts are "forward
looking statements" within the meaning of Section 21E of the Securities and
Exchange Act of 1934, as amended, and the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of strategy that
involve risks and uncertainties. In particular, our statements regarding the
potential growth of the markets are examples of such forward-looking statements.
The forward-looking statements include risks and uncertainties, including but
not limited to, general economic conditions and regulatory developments, not
within our control. The factors discussed herein and expressed from time to time
in our filings with the Securities and Exchange Commission could cause actual
results and developments to be materially different from those expressed or
implied by such statements. The forward looking statements are made only as of
the date of this filing, and we undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
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