China Jo-Jo Drugstores, Inc. Announces Board Changes

  China Jo-Jo Drugstores, Inc. Announces Board Changes

Business Wire

HANGZHOU, China -- January 4, 2013

China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) (the “Company”), a retail and
wholesale distributor of pharmaceutical and other healthcare products in
Zhejiang and Shanghai, today announced the appointment of Mr. Taihong Guo to,
and the resignations of Ms. Shuizhen Wu and Messrs. Chong’an Jin, Mr. Bennet
Tchaikovsky, Xiaomeng Yu and Baowen Zhao from, the Company’s Board of
Directors (the “Board”).

After these changes, the Board will be comprised of five (5) directors, three
of whom are independent. The Board previously consisted of nine (9) members.

“We welcome Mr. Guo to our Board, and given his expertise in the
pharmaceutical industry, we are confident that he will prove an invaluable
addition to our Company,” stated Mr. Lei Liu, the Company’s Chairman and CEO.

Since December 2012, Mr. Guo has been the President of the Zhejiang Province
Pharmaceutical Industry Association, which has over 300 local pharmaceutical
enterprises as members, and serves as a bridge between its members and the
Zhejiang Food and Drug Administration (“FDA”). He was previously the Chief of
the Hangzhou FDA from January 2003 to September 2009, and an Inspector from
September 2009 to June 2012. From February 2010 to January 2012, he also
chaired the Board of Supervisors at three private companies in Hangzhou:
Hangzhou Industrial Assets Management Co., Ltd., a state-owned asset
management company, Hangzhou Qingcunbao Group Co., Ltd., a leading supplier of
traditional Chinese medicine and nutritional supplements throughout China, and
Hangzhou Information Technology Co., Ltd., a state-owned asset management
focusing on technology companies.

Mr. Guo will also serve as a member of the audit, compensation and nominating
committees of the Board.

Of the departing directors, Mr. Jin will continue to serve on the Company as
its Vice President, and Mr. Tchaikovsky will assist the Company on a part-time
basis as a consultant.

“We want to thank Ms. Wu and Messrs. Yu and Zhao for their service as
directors and wish each of them well on their future endeavors,” continued Mr.
Liu. “We also want to thank Messrs. Jin and Tchaikovsky for their continuing
involvement with the Company.”

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc., through its subsidiaries and contractually
controlled affiliates, is a retailer and wholesale distributor of
pharmaceutical and other healthcare products in the People’s Republic of
China. As of September 30, 2012, the Company had 65 retail pharmacies
throughout Zhejiang Province and Shanghai.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: Certain of the statements made in the press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the use
of forward-looking terminology such as “believe,” “expect,” “may,” “will,”
“should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative
thereof or comparable terminology. Such statements typically involve risks and
uncertainties and may include financial projections or information regarding
the progress of new product development. Actual results could differ
materially from the expectations reflected in such forward-looking statements
as a result of a variety of factors, including the risks associated with the
effect of changing economic conditions in The People’s Republic of China,
variations in cash flow, reliance on collaborative retail partners and on new
product development, variations in new product development, risks associated
with rapid technological change, and the potential of introduced or undetected
flaws and defects in products, and other risk factors detailed in reports
filed with the Securities and Exchange Commission from time to time.

Contact:

China Jo-Jo Drugstores, Inc.
Ming Zhao
Chief Financial Officer
561-372-5555
frank.zhao@jojodrugstores.com
 
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