Cellular Biomedicine Group Announces Appointment of New Chief Financial
Officer and Board Secretary and New Audit Committee Chair
PALO ALTO, Calif., Jan. 3, 2014 (GLOBE NEWSWIRE) -- Cellular Biomedicine Group
Inc. (OTCQB:CBMG), a biomedicine firm engaged in the development of new
treatments for degenerative and cancerous diseases, today announced the
appointment of Bizuo (Tony) Liu as Chief Financial Officer and Board Secretary
and the election of Nadir Patel as Independent Director, Chairman of the Audit
Committee of the board of directors of CBMG.
Most recently Mr. Liu served as Corporate Vice President at Alibaba Group,
responsible for Alibaba's overseas investments. After joining Alibaba in 2009,
Mr. Liu held various positions, including Corporate Vice President at B2B
corporate investment, corporate finance, and General Manager for the B2C
global ecommerce platform. He was also Chief Financial Officer for HiChina, a
subsidiary of Alibaba, a leading internet infrastructure service provider.
Prior to joining Alibaba, Mr. Liu spent 19 years at Microsoft Corporation
where he served in a variety of finance leadership roles. He was the General
Manager of Corporate Strategy looking after Microsoft's China investment
strategy and corporate strategic planning process. Mr. Liu was a key leader in
the Microsoft corporate finance department during the 1990s as the Corporate
Accounting Director. He was recognized within Microsoft for driving an
efficientworldwide finance consolidation, reporting, internal management
accounting policy process,and showcased Microsoft's best practicesto many
Fortune 500 companies in the U.S. Mr. Liuobtained hisWashington State CPA
certificatein 1992. Prior to becoming CBMG's Chief Financial Officer, Mr. Liu
had been serving as an Independent Director and Chairman of the Audit
Committee for CBMG since March 2013.
CBMG's current Chief Financial Officer and Board Secretary, Andrew Chan, will
move to the exciting new role of Senior Vice President of Corporate Business
Development to focus on partnership opportunities, market development, and
"We are very pleased to have Tony join the CBMG management team," said Dr.
William Cao, Chief Executive Officer of CBMG. "His reputation and extensive
experience in finance leadership roles for multi-national public corporations
will be a great asset for our company in navigating our rapidly expanding
operations and commercializing safe and effective cellular medicine therapies.
With this new alignment of the management team, CBMG is entering a phase of
Regarding the selection of Nadir Patel as Audit Committee Chairman, CBMG's
Chairman, Dr. Wentao (Steve) Liu, commented, "Mr. Patel has an outstanding
career in financial management in the public sector and brings a wealth of
global experience working closely with the private sector. I am pleased that
someone of his experience will be continuing the important work of our Audit
Committee at this exciting time in our development."
Mr. Patel is currently Assistant Deputy Minister, Corporate Planning, Finance
and Information Technology, and Chief Financial Officer for Canada's
Department of Foreign Affairs, Trade and Development, which includes the
responsibilities of strategic planning, finance, information management and
technology, risk management and performance.Previously Mr. Patel served as
Canada's Consul General in Shanghai, promoting trade and investment between
Canada and China. Mr. Patel also serves on the Board of Governors of the
International Development Research Centre (and on its Audit and Finance
Committee), as well as the Ottawa Advisory Board of Wilfrid Laurier
University's School of Business and Economics. He has a Master of Business
Administration (MBA) from New York University's Stern School of Business, the
London School of Economics and Political Science, and the HEC Paris School of
About Cellular Biomedicine Group, Inc.
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 fromChinaandthe 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
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: Sarah Kelly
Director of Corporate Communications, CBMG
+1 650 566 5064
Managing Director Investor Relations, Grayling
+1 646 284 9427
Cellular Biomedicine Group Inc. Logo
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