Cellular Biomedicine Group Announces Change of Auditor

PALO ALTO, Calif., Sept. 11, 2013 /PRNewswire/ -- Cellular Biomedicine Group, Inc. (OTCQB: CBMG), a biomedicine firm engaged in the development of new treatments for degenerative and cancerous diseases, today announced that the Company has engaged BDO USA, LLP ("BDO") as its independent registered public accounting firm, replacing Tarvaran Askelon & Company ("TAC").

The Board of Directors of Cellular Biomedicine Group, Inc. determined that this change of auditor was in the best interest of the Company following the merger that was consummated on February 6, 2013. The decision to change auditors was not the result of any disagreements between the Company and TAC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, nor did any "reportable events" occur during the two most recent fiscal years and any subsequent interim period preceding the change in auditor. 

About Cellular Biomedicine Group
Cellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative diseases and cancers.  Our developmental stem cell, progenitor cell, and immune cell projects are the result of research and development by scientists and doctors from China and the United States. Our flagship GMP facility, consisting of eight independent cell production lines, is designed, certified and managed according to U.S. standards.  To learn more about CBMG, please visit: www.cellbiomedgroup.com

Forward-Looking Statements
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.

Contact:

Jeff Ramson 
Investor Relations
ProActive Capital Group
+1 646 863 6341
[email protected]

Sarah Kelly 
Director of Corporate Communications, CBMG
+1 650 566 5064
[email protected]

SOURCE Cellular Biomedicine Group