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China Jo-Jo Drugstores, Inc. Announces Board Changes

Stocks in this article: CJJD

China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) (the “Company”), a retail and wholesale distributor of pharmaceutical and other healthcare products in Zhejiang and Shanghai, today announced the appointment of Mr. Taihong Guo to, and the resignations of Ms. Shuizhen Wu and Messrs. Chong’an Jin, Mr. Bennet Tchaikovsky, Xiaomeng Yu and Baowen Zhao from, the Company’s Board of Directors (the “Board”).

After these changes, the Board will be comprised of five (5) directors, three of whom are independent. The Board previously consisted of nine (9) members.

“We welcome Mr. Guo to our Board, and given his expertise in the pharmaceutical industry, we are confident that he will prove an invaluable addition to our Company,” stated Mr. Lei Liu, the Company’s Chairman and CEO.

Since December 2012, Mr. Guo has been the President of the Zhejiang Province Pharmaceutical Industry Association, which has over 300 local pharmaceutical enterprises as members, and serves as a bridge between its members and the Zhejiang Food and Drug Administration (“FDA”). He was previously the Chief of the Hangzhou FDA from January 2003 to September 2009, and an Inspector from September 2009 to June 2012. From February 2010 to January 2012, he also chaired the Board of Supervisors at three private companies in Hangzhou: Hangzhou Industrial Assets Management Co., Ltd., a state-owned asset management company, Hangzhou Qingcunbao Group Co., Ltd., a leading supplier of traditional Chinese medicine and nutritional supplements throughout China, and Hangzhou Information Technology Co., Ltd., a state-owned asset management focusing on technology companies.

Mr. Guo will also serve as a member of the audit, compensation and nominating committees of the Board.

Of the departing directors, Mr. Jin will continue to serve on the Company as its Vice President, and Mr. Tchaikovsky will assist the Company on a part-time basis as a consultant.

“We want to thank Ms. Wu and Messrs. Yu and Zhao for their service as directors and wish each of them well on their future endeavors,” continued Mr. Liu. “We also want to thank Messrs. Jin and Tchaikovsky for their continuing involvement with the Company.”

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