YANTAI, China, Feb. 4, 2011 /PRNewswire/ -- Bohai Pharmaceuticals Group, Inc. (OTC Bulletin Board: BOPH), a China-based pharmaceutical company engaged in the production, manufacturing and distribution of Traditional Chinese Medicine (TCM) in China, today announced the appointment of a new independent director, Anthony Chan to its Board of Directors. Gene Hsiao, Bohai's Chief Financial Officer, was also appointed to the Board of Directors. Their appointments are effective as of February 2, 2011.
As a result of these additions, Bohai's board now has six members, four of whom are independent as defined by SEC and NASDAQ rules.
Mr. Chan brings nearly 30 years of experience in finance and management to Bohai. He has been instrumentally involved with multiple PIPEs, mergers, IPO's and investment transactions, specifically involving U.S.-listed Chinese companies. He currently serves as Chief Financial Officer at a leading Chinese mobile phone manufacturer, Zoom Technologies, Inc. (Nasdaq: ZOOM). Previously, Mr. Chan served as an Asia Investment Banking Consultant to GunnAllen Financial, Inc., Chief Financial Officer and Director of the Board of a US internet technology company, hereUare, Inc. and served as a financial advisor and CEO at two other NASDAQ listed US and Chinese companies.
"With his strong management background and multiple years of experience as CFO of several US-listed public companies, I am delighted to have Mr. Chan join Bohai's Board of Directors, along with our CFO, Gene Hsiao," said Mr. Hongwei Qu, Chairman, President and Chief Executive Officer of Bohai Pharmaceuticals. "We are looking forward to working with Mr. Chan and believe his execution in financial transaction skill-set will prove extremely valuable in helping to guide Bohai's expansion in the years ahead. As we continue to strengthen our Board, Mr. Chan's and Mr. Hsiao's appointments take us one step closer to our goal of uplisting to NASDAQ."Gene Hsiao joined Bohai as Chief Financial Officer in June 2010. He has over 15 years of SEC accounting, corporate finance and public company management experience. Since joining the company, Mr. Hsiao has overseen all of Bohai's financial reporting and related company procedures, has taken a lead role in Bohai's investor relations program, and is spearheading the company's move towards an uplisting to NASDAQ. Bohai also announced that it has formally established three independent board committees – an audit committee, nominating and corporate governance committee and compensation committee. The formation of these committees is a requirement for uplisting to NASDAQ, and the company will look to the expertise and guidance of its independent directors serving on these committees to further enhance Bohai's corporate governance.