China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) (“China Jo-Jo Drugstores” or the “Company”), which operates retail pharmacies in the People’s Republic of China, today announced that its Audit Committee and Board of Directors has selected Friedman LLP as its new independent public accounting firm, effective with the Company’s 2011 annual audit for the fiscal year ended March 31, 2011. The appointment of Friedman LLP replaces Frazer Frost, LLP, effective immediately.
Dr. Lei Liu, CEO of China Jo-Jo Drugstores, stated, “We thank Frazer Frost, LLP for their service to China Jo-Jo Drugstores. As we continue to pursue our growth and expansion plans, we look forward to working with Friedman, LLP to meet our increasing financial and accounting needs. We believe the firm will bring a keen understanding of China-based SEC practice that will add significant value to the Company and its shareholders.”
Friedman LLP (
) has been serving the accounting, tax and business consulting needs of public and private companies since 1924. Practice areas include Asian-American, fashion, financial services, not-for-profit, real estate, health care, telecommunications, technology and automotive. In March 2011, the firm opened a Beijing office, expanding its ability to offer specialized audit and tax services to its fast growing China-based SEC practice. Friedman LLP was recently ranked number three among auditors serving China-based SEC registrant companies, according to an analysis by Audit Analytics. They are the largest independent member firm of DFK International, an association of accounting firms around the world.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc. operates a retail pharmacy chain in China offering both western and traditional Chinese medicine, including prescription and over-the-counter drugs, sundries, nutritional supplements and medical devices. China Jo-Jo Drugstores also provides on-site physician consulting. The Company operates through its contractually controlled affiliates Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd., Hangzhou Jiuzhou Clinic of Integrated Traditional and Western Medicine General Partnership, and Hangzhou Jiuzhou Medical & Public Health Service Co., Ltd.