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China Jo-Jo Drugstores, Inc. Appoints New Chief Financial Officer

China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD), which primarily operates retail pharmacies in the People’s Republic of China, today announced the appointment of Frank Ming Zhao, 35, as Chief Financial Officer, effective immediately. Mr. Zhao replaces Bennet P. Tchaikovsky, who resigned to pursue other opportunities. Mr. Tchaikovsky replaces Shike Zhu, a director with the Company who resigned his position from the Board of Directors.

Mr. Zhao brings 12 years of financial and public company experience to the Company. His expertise includes SEC reporting and audit work. Most recently, Mr. Zhao was a Senior Manager with CFO Oncall, Inc., a financial consulting firm providing CFO services to U.S.-listed, China-based publicly traded companies, and has been consulting for the Company since January 2010. Prior to that, Mr. Zhao was a Senior Auditor with Sherb & Co., LLP, where he was responsible for auditing and reviewing the financial statements of primarily China-based U.S. publicly traded companies.

Mr. Zhao, who is from and currently lives in Hangzhou, holds a Bachelor of Accounting from the Central University of Finance and Economics in Beijing, and a Master of Professional Accounting from the University of Washington in Seattle. He is registered as a Certified Public Accountant in the State of Washington and is fluent in both Chinese and English.

“We are pleased to have Mr. Zhao assume the position of Chief Financial Officer,” stated Dr. Lei Liu, Chief Executive Officer of the Company. “He has worked closely with our management team during the past year and a half, which should provide for a seamless transition. We anticipate that Mr. Zhao’s strong financial background and extensive public company experience, as well as his bilingual skills, will greatly enhance our capabilities in financial management and corporate communications.”

The Company also announced the appointment of Mr. Tchaikovsky to the Company’s Board of Directors, effective immediately. Mr. Tchaikovsky was appointed to replace Mr. Shike Zhu, who resigned from the Board on August 1, 2011. With Mr. Tchaikovsky’s appointment, the ratio of independent directors and non-independent directors on the Board will remain unchanged.

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