TSX-V: CHO
www.chinahealthlabs.com
TORONTO,
May 22, 2013 /CNW/ - China Health
Labs & Diagnostics Ltd. ("China Health" or the "Company")
(TSXV:CHO), is pleased to announce that it has appointed Mr.
Chao Zhang as Chief Financial
Officer to be effective May 31,
2013. Mr. Zhang will replace the Company's current
CFO, Ms. Judyanna Chen, who has resigned, effective as of
May 31, 2013 to pursue other
opportunities.
Mr. Zhang was the Chief Financial Officer of the
Biochem Group prior to the Company's Qualifying Transaction with
the Biochem Group in October
2010. Thereafter, Mr. Zhang continued with the Company
as Vice-President, Finance and worked closely with the Company's
CFO. Mr. Zhang has been involved in the medical equipment and
private health care industry at the management level for the past
thirteen years and joined Biochem Group in 2006. He obtained
his MBA degree from Peking University in Beijing in 2008 and his Bachelor degree from
Tianjin University in Tianjin. Mr. Zhang is proficient in both
English and Mandarin Chinese. Mr. Zhang will devote his full
time to the Company at the Company's offices in Beijing. Ms. Chen, China Health's current CFO,
will be continuing with the Company as a consultant during a
transition period.
"We are very pleased to have Chao Zhang as the Company's CFO," said
Wilson Yao, CEO of China Health.
"His prior experience as CFO of the Biochem Group and his recent
experience as the Company's Vice-President, Finance in particular
with respect to Canadian public company reporting requirements will
be invaluable as he transitions into the CFO role. The Board
of Directors and I are grateful to Judyanna Chen for her dedication
and many contributions to China
Health. We wish her success in her future endeavors and are pleased
that she will be able to continue with the Company as a consultant
to ensure a smooth transition."
As part of Mr. Zhang's compensation package for
his services as Chief Financial Officer, Mr. Zhang will receive a
base salary and other customary employment benefits, and will be
granted options to acquire up to 200,000 common shares of the
Company, such options to be granted two business days after the
release of the Company's first quarter financial results and have a
term of five years vesting quarterly per year over three years.
About China Health Labs & Diagnostics
Ltd.
China Health, operating in China as the Biochem Group, is a leading
diagnostic lab solution provider for the public healthcare industry
in China. The Company
develops and sells Biochem Group branded and third-party medical
diagnostic products and services to diagnostic facilities in
China. Customers include
large urban hospitals, rural hospitals, Chinese military and rescue
operations, the Beijing government
and third-party distributors. In 2012, China Health had
revenues of approximately $45.8
million and intends to expand its business by focusing its
efforts on expanding its sales network in three areas where it
provides proprietary solutions, has limited competition and that
are supported by Chinese government policy and budgets: BK Clinlab
total lab solutions for rural hospitals and clinics, POCT solutions
for military and emergency rescue services, and food safety
solutions for large cities in China.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This news release contains forward-looking
statements and information that are based on the beliefs of
management and reflect China Health's current expectations. When
used in this news release, the words "estimate", "project",
"belief", "anticipate", "intend", "expect", "plan", "predict",
"may" or "should" and the negative of these words or such
variations thereon or comparable terminology are intended to
identify forward-looking statements and information. The
forward-looking statements and information in this news release
includes information relating to the appointment of Mr. Zhang as
Chief Financial Officer, the continuation of Ms. Chen's involvement
with the Company as a consultant, and the expansion of the
Company's business by focusing on expanding its sales network to
additional Chinese provinces and cities in the areas where it has
proprietary products and limited competition. The
forward-looking information is based on certain assumptions, which
could change materially in the future, including the assumption
that Mr. Zhang may not be appointed or wish to act as Chief
Financial Officer of the Company, Ms. Chen may not continue with
the Company as a consultant, or the Company's business may not
expand as expected. Such statements and information reflect
the current view of China Health with respect to risks and
uncertainties that may cause actual results to differ materially
from those contemplated in those forward-looking statements and
information. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among
others, the risk that key personnel may not continue and the
Company may not be able to locate suitable or qualified
replacements and may incur expenses to recruit and train new
personnel, which could disrupt business and growth, and the Company
may not be able to expand its business as expected through its
sales network in any of the areas in which it has proprietary
products, limited competition and strong government support. These
and other risks are further described under "Risk Factors" in the
Company's management's discussion and analysis dated April 30, 2013, which is available on SEDAR and
may be accessed at www.sedar.com. When relying on China
Health's forward-looking statements and information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential
events. China Health has assumed a certain progression, which
may not be realized. It has also assumed that the material
factors referred to above will not cause such forward-looking
statements and information to differ materially from actual results
or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF CHINA HEALTH AS OF THE DATE OF THIS NEWS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE CHINA HEALTH MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT
AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
SOURCE CHINA HEALTH LABS &
DIAGNOSTICS