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Sept. 12, 2011 /PRNewswire/ -- Tibet Pharmaceuticals, Inc. (NASDAQ: TBET), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in
China, today announced the search for a new auditor as it learned that its independent certifying accountant, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP ("ACSB"), resigned as Tibet Pharmaceuticals' independent registered public accounting firm.
The resignation was not due to any disagreement with the company or any concerns about the company's financials, instead, it was in relation to ACSB pulling out of
China. Because ACSB resigned, neither Tibet Pharmaceuticals' audit committee nor the board of directors recommended or approved the action. Instead, they learned of ACSB's resignation through a letter dated
September 6, 2011. The principal accountant's reports of ACSB on Tibet's financial statements for the years ended
December 31, 2009 and 2010 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
"Although we are sad to see ACSB pull out of
China, we believe this can represent a positive move for Tibet Pharmaceuticals as we transition to a new auditor," said
Hong Yu, CEO and Chairman of Tibet Pharmaceuticals. "Although we have not determined our new auditing firm at this time, we look forward to keeping our loyal shareholders informed as soon as we make a decision."
About Tibet Pharmaceuticals, Inc.
Based in Shangri-La County,
China, 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
China. 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
China, with a majority of sales concentrated in the southern provinces, most notably
Yunnan Province, 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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