XIANYANG, China, Jan. 28 /PRNewswire-Asia-FirstCall/ -- Biostar Pharmaceuticals, Inc. (OTC Bulletin Board: BSPM) ("Biostar" or "the Company"), a Xianyang-based developer, manufacturer and supplier of pharmaceutical products and medical nutrients addressing a variety of diseases and conditions, today announced that effective January 22, 2010, its Board of Directors had appointed Mazars Hong Kong as the Company's new independent auditors, replacing the firm of Acquavella, Chiarelli, Shuster, Berkower & Co., LLP. The decision to change auditors was not the result of any disagreement between the Company and Acquavella, Chiarelli, Shuster, Berkower & Co., LLP on any matter of accounting principals or practices, financial statement disclosure, or auditing scope or procedure.
About Mazars Hong Kong
Mazars Hong Kong is part of the Mazars Group, an international, integrated and independent partnership, and as such is a member of the Praxity alliance, which ranks among the top 10 of international accounting firms in size and global billings. Mazars Hong Kong currently provides auditing services for a number of China based US listed companies and Hong Kong listed companies.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary in China, develops, manufactures and markets pharmaceutical and medical nutrient products for a variety of diseases and conditions. The Company's most popular product is its Xin Aoxing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. In addition to its hepatitis product, Biostar manufactures two broad-based OTC products, two prescription-based pharmaceuticals and thirteen nutrients. The Company has adopted international standards and is in the process of applying for two patents.
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our S-1 dated June 27, 2008, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, our 10-K for the year ended December 31, 2008, and other recent filings. These filings are available at http://www.sec.gov . We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
For further information, contact: Ms. Elaine Zhao, CFO Phone: +1-626-456-2789 Email: email@example.com John Mattio HC International, Inc. Phone: US +1-914-669-5340 Email: firstname.lastname@example.org Web: http://www.hcinternational.net
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