China Biologic Announces Favorable Resolution to Title Dispute Involving
BEIJING, April 2, 2014
BEIJING, April 2, 2014 /PRNewswire/ -- China Biologic Products, Inc. (NASDAQ:
CBPO, "China Biologic" or the "Company"), a leading fully integrated
plasma-based biopharmaceutical company in China, today announced that the
Company has learned that the pending claim in the High Court of Hong Kong (the
"Court") against Ms. Siu Ling Chan ("Ms. Chan"), an individual shareholder of
the Company, and her spouse, Mr. Tung Lam, had been withdrawn with Court
approval.The claim was originally filed by a group of individuals against the
title of certain shares of the Company's common stock held by Ms. Chan and Ms.
Lin Ling Li ("Ms. Li"), a formal individual shareholder of the Company.
The Company understands that the plaintiffs have reached settlement agreements
with all defendants, including Ms. Chan and her spouse, with respect to the
claim, and the claim against other defendants, Ms. Li and her spouse, had also
previously been withdrawn with Court approval. The withdrawal of the claim
against Ms. Chan and her spouse with Court approval thus represents a final
conclusion to the title dispute in respect of certain shares of the Company's
common stock held by Ms. Chan and Ms. Li. For more information about the
settlement agreements, please refer to the current reports on Form 8-Ks filed
by the Company with the SEC on August 5, 2013 and February 7, 2014,
Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China
Biologic, commented, "While CBPO was not a party to the litigation, we are
glad that the historical dispute involving certain of our individual
shareholders has finally been settled and concluded. We welcome this positive
development which has resolved certain historical issues in our shareholder
base. We remain confident that 2014 will be a promising year for our company
and we will continue to work hard to increase shareholder value."
About China Biologic Products, Inc.
China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated
plasma-based biopharmaceutical company in China. The Company's products are
used as critical therapies during medical emergencies and for the prevention
and treatment of life-threatening diseases and immune-deficiency related
diseases. China Biologic is headquartered in Beijing and manufactures over 20
different dosage plasma-based products through its indirect majority-owned
subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin
Biologic Technologies Co., Ltd. The Company also has an equity investment in
Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to
hospitals and other healthcare facilities in China. For additional
information, please see the Company's website www.chinabiologic.com.
Safe Harbor Statement
This news release may contain certain "forward-looking statements" relating to
the business of China Biologic Products, Inc. and its subsidiaries. All
statements, other than statements of historical fact included herein, are
"forward-looking statements." These forward-looking statements are often
identified by the use of forward-looking terminology such as "believes,"
"expects," or similar expressions, and involve known and unknown risks and
uncertainties. Although the Company believes that the expectations reflected
in these forward-looking statements are reasonable, they involve assumptions,
risks, and uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking statements,
which speak only as of the date of this news release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors, including its
potential inability to achieve the expected operating and financial
performance in 2014, potential inability to find alternative sources of
plasma, potential inability to increase production at permitted sites,
potential inability to mitigate the financial consequences of a temporarily
reduced raw plasma supply through cost cutting or other efficiencies, and
potential additional regulatory restrictions on its operations and those
additional risks and uncertainties discussed in the Company's periodic reports
that are filed with the Securities and Exchange Commission and available on
its website (http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly qualified in
their entirety by these factors. Other than as required under the securities
laws, the Company does not assume a duty to update these forward-looking
China Biologic Products, Inc.
Mr. Ming Yin
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
SOURCE China Biologic Products, Inc.
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