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Dec. 23, 2011 /PRNewswire Asia-FirstCall/ -- Feihe International, Inc. (NYSE: ADY; "Feihe International" or the "Company"), one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in
China, today announced that it has engaged
Crowe Horwath (HK) CPA Ltd. ("CHHK") as the Company's independent registered public accounting firm, effective immediately.
Liu Hua, the Company's Vice Chairman and Chief Financial Officer, stated, "After careful consideration by our Audit Committee, we decided to dismiss Deloitte Touche Tohmatsu CPA Ltd. ("DTTC") and chose CHHK as our independent auditor. CHHK will perform our annual audit for our fiscal year 2011. There was no disagreement between the Company and DTTC regarding any accounting principles or practices, financial statement disclosures, or auditing scope or procedure during its service period. CHHK is a member firm of Crowe Horwath International and we believe its experienced team will provide us critical support, expertise and cost-efficiency and thus to generate value for our shareholders." Mr. Liu also noted, "We appreciate DTTC's hard work and contribution."
About Feihe International, Inc.
Feihe International, Inc. (NYSE: ADY) (formerly known as American Dairy, Inc.) is one of the leading producers and distributors of premium infant formula, milk powder, and soybean, rice and walnut products in
the People's Republic of China. Feihe International conducts operations in
China through its wholly owned subsidiary, Feihe Dairy, and other subsidiaries. Founded in 1962, Feihe Dairy is headquartered in
Beijing, China, and has processing and distribution facilities in Kedong, Qiqihaer, Baiquan, Gannan, Longjiang,
Shanxi, and Langfang. Using proprietary processing techniques, Feihe International makes products that are specially formulated for particular ages, dietary needs and health concerns. Feihe International has over 200 company-owned milk collection stations, seven production facilities with an aggregate milk powder production capacity of approximately 1,950 tons per day and an extensive distribution network that reaches over 80,000 retail outlets throughout
China. For more information about Feihe International, Inc., please visit
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking information about the Company's operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about the Company's plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words "may," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "targets," "could," "would," and similar expressions. Because these forward-looking statements are subject to a number of risks and uncertainties, the Company's actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading "Risk Factors" in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2010, as amended, and in other reports filed with the United States Securities and Exchange Commission and available at
www.sec.gov. The Company assumes no obligation to update any such forward-looking statements.