China Medicine Corporation Announces the Appointment of New Chief Financial Officer

GUANGZHOU, China, Nov. 19, 2010 /PRNewswire-Asia-FirstCall/ -- China Medicine Corporation (OTC Bulletin Board: CHME) ("China Medicine" or "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 it has appointed Mr. Henry Chi Fung Ho as its Chief Financial Officer, effective November 16, 2010. Mr. Fred Cheung resigned from his position as Chief Financial Officer of China Medicine, effective November 16, 2010, to pursue other opportunities.

Mr. Henry Chi Fung Ho has served as the Company's Vice President of Finance and Accounting since October 1, 2010.  Prior to joining the Company, Mr. Ho worked at Ernst & Young China (Hong Kong office) from September 2005 to September 2010, Ernst & Young's Chicago office from June 2002 to August 2005, and Arthur Andersen LLP from July 1998 to May 2002. Through his experience working with "Big Four" firms in the U.S. and Hong Kong, Mr. Ho has over twelve years of professional experience in auditing, financial reporting and management. Mr. Ho received his M.B.A. from the Graduate School of Business at the Loyola University of Chicago in 2005 and his Bachelor degree in Public Accounting and Finance from the Loyola University of Chicago in 1998. Mr. Ho is a member of American Institute of Certified Public Accountants and he is also a licensed Certified Public Accountant in the State of Illinois.

Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation, stated, "We are pleased to welcome Mr. Ho to our team and believe that his professional accomplishments and experience will aid us as we execute our growth strategy. On behalf of CHME's Board of Directors and management team, I want to thank Mr. Cheung for his contribution to the Company. We all wish him well."

About China Medicine Corporation

China Medicine Corporation, a vertically integrated enterprise with a research and development centre, manufacturing facility and well established sales network, engages in the production and distribution of prescription and over the counter ("OTC") drugs, traditional Chinese medicine ("TCM") 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.

Safe-Harbor Statement

This press release contains forward-looking statements concerning the Company's business and products. The Company's actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, obtaining regulatory approval for new products, government support for rural health care, competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Medicine Corporation undertakes no duty to revise or update any forward-looking statement to reflect events or circumstances after the date of this release.

SOURCE China Medicine Corporation