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Press release from CNW Group

China Health Labs & Diagnostics Ltd. appoints new Chief Financial Officer

Wednesday, August 03, 2011

China Health Labs & Diagnostics Ltd. appoints new Chief Financial Officer08:30 EDT Wednesday, August 03, 2011TSX-V: CHOOTCQX: CHLBFTORONTO, Aug. 3, 2011 /CNW/ - China Health Labs & Diagnostics Ltd. ("China Health" or the "Company") (TSXV:CHO; OTCQX:CHLBF), is pleased to announce that it has appointed Ms. Judyanna Chen as Chief Financial Officer to be effective August 15, 2011. Ms. Chen is a Chartered Accountant and Certified Public Accountant (U.S.) and, prior to joining China Health, was a senior manager at Manning Elliott LLP, Chartered Accountants, a full service accounting firm based in Vancouver.Ms. Chen's experience includes providing assurance and compliance services for public companies in Canada and the United States, including those that have operations in China. She graduated with distinction from the University of Alberta with a Bachelor of Commerce degree. She managed and led a team of professionals at Manning Elliott LLP in providing audit and advisory services to Chinese companies listed or seeking to list in Canada. Prior to joining Manning Elliott, she worked and articled with KPMG in the public accountability team. Ms. Chen will be relocating to the Company's Toronto office in the fall of this year and will travel regularly to the Company's offices and operations in China. Mr. Adam Kniec, China Health's current CFO, will be continuing with the Company as a consultant during the transition period."We are very pleased to welcome Ms. Chen to our Company," said Wilson Yao, CEO of China Health.  "Her practical experience as an auditor of TSX and TSX-Venture Exchange listed China-based companies, as well as her proficient Mandarin and English skills make her an ideal candidate to assist China Health as we grow. We would also like to thank Mr. Kniec for his excellent services during the past year as we became an issuer on the TSX Venture Exchange. Mr. Kniec's assistance was invaluable and we are pleased that he will be able to stay on to ensure a smooth transition."As part of Ms. Chen's compensation package for her services as Chief Financial Officer, Ms. Chen will receive a base salary and other customary employment benefits, and will be granted options to acquire up to 200,000 common shares of the Company, such options to be granted two business days after the release of the Company's second quarter financial results and have a term of five years vesting quarterly per year over three years.In addition, the Company is pleased to announce that it has retained The Equicom Group Inc. ("Equicom") to provide China Health with strategic investor relations services.Equicom provides strategic communications services to approximately 120 public companies across a diverse range of industries. Under the terms of the agreement, China Health will pay Equicom a monthly fee of $5,000 for select communication services.Neither Equicom nor any of its principals have an ownership interest, directly or indirectly, in China Health or its securities, nor has the Company granted Equicom or its principals any rights to acquire any such interests. Equicom is a wholly-owned subsidiary of TMX Group Inc.About China Health Labs & Diagnostics Ltd.China Health Labs & Diagnostics, operating in China as the Biochem Group, is a leading diagnostic lab solution provider for the public healthcare industry in China. The Company develops and sells Biochem Group branded and third-party medical diagnostic products and services to diagnostic facilities in China. Customers include large urban hospitals, rural hospitals, Chinese military and rescue operations, the Beijing government and third-party distributors.In 2010, China Health had revenues of approximately $33.7 million, and intends to expand its business by focusing its efforts on expanding its sales network in three areas where it provides proprietary solutions, has limited competition and that are supported by Chinese government policy and budgets: BK Clinlab total lab solutions for rural hospitals and clinics, POCT solutions for military and emergency rescue services, and food safety solutions for large cites in China.About the Equicom Group Inc.Equicom, a wholly-owned subsidiary of TMX Group Inc., is a leading Canadian provider of investor relations and strategic corporate communications services. With proven expertise in developing and executing highly effective strategic communications programs, and an extensive network of investment community contacts, Equicom specializes in helping clients achieve their capital markets objectives. Equicom offers a comprehensive suite of services including: investor relations, media relations, annual report production, multimedia and web design, web casting, live event management and corporate branding. Equicom is headquartered in Toronto, with offices in Calgary, and San Diego, CA. For further information, please visit www.equicomgroup.com.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.FORWARD LOOKING INFORMATIONThis press release contains forward-looking statements and information that are based on the beliefs of management and reflect China Health's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to Ms. Chen's expected relocation to Toronto and her expected regular travel to China, the expected continuation of Mr. Kniec for the transition period and the expansion of the Company's business through its sales network in areas where it has proprietary products, limited competition and strong government support. The forward-looking information is based on certain assumptions, which could change materially in the future, including the assumption that the Company will be able to expand its sales network and business.  Such statements and information reflect the current view of China Health with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that the Company may not be able to expand its business as expected through its sales network in any of the areas in which it has proprietary products, limited competition and strong government support. China Health cautions that the foregoing list of material factors is not exhaustive. When relying on China Health's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. China Health has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CHINA HEALTH AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.  WHILE CHINA HEALTH MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.For further information: Babak Pedram Investor Relations TMX Equicom Group T: (416) 815-0700 ext. 264 Email: bpedram@equicomgroup.com