China Nuokang Bio-Pharmaceutical Inc. Provides Update on Continued Restructuring Efforts
- Mr.
Felix Chungfai Wong has been appointed finance director to succeed Ms.Lixin Niu ; - Mr.
Tong Le has been appointed vice-president of sales & marketing to succeed Mr.Tao Zhu ; - Mr.
Steven Duan has been promoted to vice-president of investor relations from director of investor relations; and - Mr.
Yong Xu will be succeeded by a new vice-president of administration and human resources, to be officially confirmed pending a necessary quiet period.
Mr.
"In the past few months, our performance has been affected by our exploration of certain strategic alternatives to enhance shareholder value. These efforts necessarily resulted in certain additional expenses and an operational focus on these strategic initiatives. Although we remain open to strategic alternatives that enhance shareholder value, we are now focused on stabilizing our commercialization platform and achieving our goal of becoming one of
"Operationally, we have improved our financial health by strengthening our balance sheet. We have paid off most of our debt to strengthen our capital structure. Also, we have improved our working capital by significantly reducing our accounts receivable balance. We will continue to strive to improve cash flows and financial health to build a solid balance sheet for future growth.
"Furthermore, we are excited to bring onboard a number of new executives who we believe will complement this mission and our new direction. Felix's strong finance background strengthens our ability to provide the financial planning and internal controls expected of a U.S.-listed company. His diversified experience includes serving as the financial controller of a Fortune 500 company and working with the international pharmaceutical leader Roche, as well as a decade of audit experience. Tong's decades of experience in sales and marketing with both domestic and international leaders in
"Lastly, we are also pleased to announce Steven's promotion to vice-president of investor relations. Steven played an integral role in our initial public offering on NASDAQ as well as supporting and communicating Nuokang's growth as a public company. As our company continues endeavor to strengthen our market position, we are excited for Steven to broaden his role. We recognize the importance of investor relations and believe Steven's new position demonstrates Nuokang's commitment to investor needs."
The preliminary financial results are subject to adjustment based upon, among other things, the finalization of the Company's year-end closing and reporting during the audit process. The Company plans to release fourth quarter and full year 2011 financial results on
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This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's new product development and financial outlook, are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends" and "future" or similar expressions. Among other things, the statements relating to the Company's restructuring and future financial results may contain forward-looking statements. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's filings with the
CONTACT:ICR, Inc. Mr.Rob Koepp Tel: (+86) 10-6583-7516 Ms.Wen Lei Zheng : Tel: (+86) 10-6583-7510 U.S. Tel: (646) 405-5180
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Copyright: | 2012 GlobeNewswire, Inc. |
Source: | GlobeNewswire |
Wordcount: | 1261 |
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