June 10, 2011
/PRNewswire/ -- Tibet Pharmaceuticals, Inc. (NASDAQ: TBET), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in
, today announced that effective as of
June 6, 2011
its Chairman, Mr.
, replaces Mr.
as CEO of Tibet Pharmaceuticals.
leaves Tibet Pharmaceuticals to pursue other interests while
, the Chairman of Tibet Pharmaceuticals and founder of its operating entity in
, takes a more active role in the Company's development initiatives and investor outreach.
will remain a director of the Company for the foreseeable future.
Mr. Yu stated, "As I take over the position of CEO we would like to thank
for his commitment and dedication to the firm both before and after Tibet Pharmaceuticals' IPO in January. Taylor will continue to advise the company as an active member of the Board of Directors. Moving forward, one of my top priorities will be putting various measures in place to enhance our communication levels with the investor community, in addition to implementing initiatives to actively support shareholder value."
Mr. Yu went on to say, "We remain confident in the long-term prospects of
's healthcare market and, in particular, the growth potential of Tibet Pharmaceuticals as we continue to report strong sales and earnings across our various pharmaceutical products."
About Tibet Pharmaceuticals, Inc.
Based in Shangri-La County,
, Tibet Pharmaceuticals, Inc. (NASDAQ: TBET) is a rapidly growing specialty pharmaceutical company engaged in the research, development, manufacturing and marketing of modernized traditional Tibetan medicines in
. With over 190 employees and nation-wide distributors, the company develops both prescription and over-the-counter traditional Tibetan medicines that promote health in human respiratory, digestive, urinary and reproductive systems. Tibet Pharmaceuticals' products are sold throughout
, with a majority of sales concentrated in the southern provinces, most notably
, where the company's 52,000 sq. ft. GMP-certified manufacturing facilities are located. The access to key raw materials, not generally available outside the province, provides a significant advantage for Tibet Pharmaceuticals.
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