LAIYANG, China, March 20, 2011 /PRNewswire-Asia-FirstCall/ -- Jiangbo Pharmaceuticals, Inc. (Nasdaq: JGBO) ("Jiangbo" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, today announced that Elsa Sung, the Company's Chief Financial Officer, will be leaving the Company effective March 31, 2011 due to personal reasons that will limit her ability to serve the Company on a full time basis. Ms. Sung has agreed to assist the Company as a consultant on a part-time basis after March 31, 2011 to ensure a smooth transition for her successor. The Company has initiated a search for a new Chief Financial Officer and will make an announcement as soon as a candidate has been chosen.
"We truly appreciate Ms. Sung's many contributions during her tenure and wish her the best as she deals with some unanticipated personal circumstances," said Mr. Linxian Jin, the Company's Chief Executive Officer. "We are actively seeking a qualified successor with a strong background in US GAAP accounting and the global capital markets to lead our finance team as Jiangbo pursues initiatives to accelerate growth and build shareholder value."
About Jiangbo Pharmaceuticals, Inc.
Jiangbo is engaged in the research, development, production, marketing and sales of pharmaceutical products in China. The Company's operations are located in Eastern China in an Economic Development Zone in Laiyang City, Shandong Province. Jiangbo produces both western and Chinese herbal-based medical drugs in tablet, capsule, granule, syrup and electuary (sticky syrup) form. For additional information, please visit the Company's website (www.jiangbopharma.com).
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers, product obsolescence, and risks to the Company's outlook for production at the Hongrui facility. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
SOURCE Jiangbo Pharmaceuticals, Inc.