KUNMING, China, April 5, 2012 /PRNewswire-Asia-FirstCall/ --
China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Amex: KUN)
("China Shenghuo" or the "Company"), today announced that its
audited consolidated financial statements for the fiscal year ended
December 31, 2011, included in the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 30, 2012
contained a going concern qualification from its independent
registered public accounting firm, Marcum
Bernstein & Pinchuk LLP.
This announcement is required by NYSE Amex Company Guide Section
610(b), which requires separate disclosure of receipt of an audit
opinion containing a going concern qualification. This announcement
does not represent any change or amendment to the Company's
financial statements or to its Annual Report on Form 10-K for the
fiscal year ended December 31,
2011.
About China Shenghuo
Founded in 1995, China Shenghuo is primarily engaged in the
research, development, manufacture, and marketing of Sanchi-based
medicinal and pharmaceutical, nutritional supplement and cosmetic
products. Through its subsidiary, Kunming Shenghuo Pharmaceutical
(Group) Co., Ltd., it owns thirty SFDA (State Food and Drug
Administration) approved medicines, including the flagship product
Xuesaitong Soft Capsules, which is currently being listed in the
2010 Provincial Insurance Catalogue of sixteen provinces around
China. At present, China Shenghuo
incorporates a sales network of agencies and representatives
throughout China, which markets
Sanchi-based traditional Chinese medicine to hospitals and drug
stores as prescription and OTC drugs primarily for the treatment of
cardiovascular, cerebrovascular and peptic ulcer disease. The
Company also exports medicinal products to Asian countries such as
Indonesia, Singapore, Japan, Malaysia, and Thailand and to European countries such as the
United Kingdom, Tajikistan, Russia and Kyrgyzstan.
With the substantial completion of Shenghuo Plaza at the end of
2010, China Shenghuo entered into a new business - the hotel and
hospitality business. Two floors of Shenghuo Plaza are
designed to be utilized as 12 Ways Chinese Herbal Beauty
Demonstration Center. The balance of Shenghuo Plaza is used as
a business hotel - Zhonghuang Hotel, restaurant and banquet
facilities and an entertainment venue.
China Shenghuo is also expanding into the businesses of wellness
tourism. For more information, please visit
http://www.shenghuo.com.cn.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements," as defined in the United
States Private Securities Litigation Reform Act of 1995,
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and the
actual results and future events could differ materially from
management's current expectations. Such factors include, but are
not limited to, risks of litigation and governmental or other
regulatory proceedings arising out of or related to any of the
matters described in recent press releases, including arising out
of the restatement of the Company's financial statements; the
Company's ability to refinance or repay loans received; the
Company's uncertain business condition; the Company's continuing
ability to satisfy any requirements which may be prescribed by the
Exchange for continued listing on the Exchange; risks arising from
potential weaknesses or deficiencies in the Company's internal
controls over financial reporting; the Company's reliance on one
supplier for Sanchi; the possible effect of adverse publicity on
the Company's business, including possible contract cancellation;
the Company's ability to develop and market new products; the
Company's ability to establish and maintain a strong brand; the
Company's continued ability to obtain and maintain all
certificates, permits and licenses required to open and operate
retail specialty counters to offer its cosmetic products and
conduct business in China;
protection of the Company's intellectual property rights; market
acceptance of the Company's products; changes in the laws of
the People's Republic of China
that affect the Company's operations; cost to the Company of
complying with current and future governmental regulations; the
impact of any changes in governmental regulations on the Company's
operations; general economic conditions; and other factors detailed
from time to time in the Company's filings with the United States
Securities and Exchange Commission and other regulatory
authorities. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Company
Contact:
|
China Shenghuo
Pharmaceutical Holdings, Inc.
|
Ms. Shujuan
Wang
|
Secretary of Board of
Directors
|
+86-871-7282698
|
|
SOURCE China Shenghuo Pharmaceutical Holdings, Inc.