Press release from CNW Group
China Health Labs & Diagnostics Ltd. appoints new Chief Financial Officer
Wednesday, May 22, 2013
China Health Labs & Diagnostics Ltd. appoints new Chief Financial Officer18:46 EDT Wednesday, May 22, 2013
TORONTO, May 22, 2013 /CNW/ - China Health Labs & Diagnostics Ltd. ("China Health" or the "Company") (TSXV:CHO), is pleased to announce that it has appointed Mr. Chao Zhang as Chief Financial Officer to be effective May 31, 2013. Mr. Zhang will replace the Company's current CFO, Ms. Judyanna Chen, who has resigned, effective as of May 31, 2013 to pursue other opportunities.
Mr. Zhang was the Chief Financial Officer of the Biochem Group prior to the Company's Qualifying Transaction with the Biochem Group in October 2010. Thereafter, Mr. Zhang continued with the Company as Vice-President, Finance and worked closely with the Company's CFO. Mr. Zhang has been involved in the medical equipment and private health care industry at the management level for the past thirteen years and joined Biochem Group in 2006. He obtained his MBA degree from Peking University in Beijing in 2008 and his Bachelor degree from Tianjin University in Tianjin. Mr. Zhang is proficient in both English and Mandarin Chinese. Mr. Zhang will devote his full time to the Company at the Company's offices in Beijing. Ms. Chen, China Health's current CFO, will be continuing with the Company as a consultant during a transition period.
"We are very pleased to have Chao Zhang as the Company's CFO," said Wilson Yao, CEO of China Health. "His prior experience as CFO of the Biochem Group and his recent experience as the Company's Vice-President, Finance in particular with respect to Canadian public company reporting requirements will be invaluable as he transitions into the CFO role. The Board of Directors and I are grateful to Judyanna Chen for her dedication and many contributions to China Health. We wish her success in her future endeavors and are pleased that she will be able to continue with the Company as a consultant to ensure a smooth transition."
As part of Mr. Zhang's compensation package for his services as Chief Financial Officer, Mr. Zhang 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 first quarter financial results and have a term of five years vesting quarterly per year over three years.
About China Health Labs & Diagnostics Ltd.
China Health, 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 2012, China Health had revenues of approximately $45.8 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 cities in China.
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 INFORMATION
This news 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 news 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 news release includes information relating to the appointment of Mr. Zhang as Chief Financial Officer, the continuation of Ms. Chen's involvement with the Company as a consultant, and the expansion of the Company's business by focusing on expanding its sales network to additional Chinese provinces and cities in the areas where it has proprietary products and limited competition. The forward-looking information is based on certain assumptions, which could change materially in the future, including the assumption that Mr. Zhang may not be appointed or wish to act as Chief Financial Officer of the Company, Ms. Chen may not continue with the Company as a consultant, or the Company's business may not expand as expected. 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 key personnel may not continue and the Company may not be able to locate suitable or qualified replacements and may incur expenses to recruit and train new personnel, which could disrupt business and growth, and 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. These and other risks are further described under "Risk Factors" in the Company's management's discussion and analysis dated April 30, 2013, which is available on SEDAR and may be accessed at www.sedar.com. 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 NEWS RELEASE REPRESENTS THE EXPECTATIONS OF CHINA HEALTH AS OF THE DATE OF THIS NEWS 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.
SOURCE: CHINA HEALTH LABS & DIAGNOSTICS
For further information:
Chief Financial Officer
China Health Labs & Diagnostics Ltd.
T: (416) 865-3351