Allstar Restaurants (OTC Bulletin Board: AREN) ("Allstar" or the
"Company"), today announced changes to its Board of Directors.
The Company is pleased to announce changes to our Board of
Directors in connection with the consummation of the Merger
Agreement executed February 12, 2010. Mr. Terry Bowering resigned
as a Director of the Company and Mr. Guiping Zhang, Mr. Zaizhi
Cheng, Mr. Xiaogang Zhu, and Mr. Michael Segal were appointed as
our Directors.
Mr. Zaizhi Cheng, Mr. Xiaogang Zhu, and Mr. Michael Segal were
appointed as our Independent Directors by the determination of
independence of directors has been made using the definition of
“independent director” contained under Rule 4200(a)(15) of the
Rules of National Association of Securities Dealers.
Mr. Wang, Chairman said, “We are very proud that Mr. Zhang, Mr.
Cheng, Mr. Zhu, and Mr. Segal have chosen to join our Board. These
appointments fulfill our commitment to strengthen our corporate
governance practices.”
About our Board of Directors
Guozhu Wang – Chief Executive Officer and Chairman. Mr.
Wang was appointed Chief Executive Officer and Chairman of the
Company on February 12, 2010. Mr. Wang has been China Qinba
Pharmaceuticals’ CEO since November 5, 2008 and China Qinba
Pharmaceuticals' Chairman since November 15, 2008. He has
also been Chairman of Xi’an Pharmaceuticals since August 2007.
Mr. Wang served as Chairman of the Board at Shandong Cide
Pharmaceuticals, Inc., where he was in charge of overall operations
of the company from May 2004 until August 2007.
Mr. Wang was also employed at Jilin Aodong Medicine Industry
Group Co., Ltd., Shandeng Sales Company as General Manager from
May 2003 until May 2004.
Guiping Zhang – President and Director. Mr. Zhang was
appointed President of the Company on February 12, 2010.
Mr. Zhang has been the China Qinba Pharmaceuticals’ General
Manager since November 5, 2008 and a Director of China Qinba
Pharmaceuticals since November 15, 2008. From August 2007 to
November 2008, Mr. Zhang was General Manager and Vice President
with Xi’an Pharmaceuticals and responsible for the overall
operations and management. He was Chairman of the Board of Xi’an
Pharmaceuticals from 2001 through August 2007. Mr. Zhang
attended Shandong University majoring in Micro-organism Engineering
and graduated in July 1989.
Xiaogang Zhu – Director. Mr Zhu is currently employed
with China Recycling Energy Corp as General Manager and is also
employed with Xi’an TCH Energy Technology Co. Ltd. as Chief
Executive Officer. Mr Zhu has held these positions since 2007. From
2005 to 2007, Mr. Zhu was employed with China Natural Gas, Inc. as
Chief Financial Officer as well as the Chief Financial Officer of
Xi’an Xilan Natural Gas Co., Ltd. From 2000 to 2005, Mr. Zhu was
employed with Xi’an Dapeng Biological Technology Co., Ltd. as Vice
General Manager. Mr. Zhu graduated from Shaanxi Institute of
Finance and Economics, majoring in Accounting, and he holds the
professional designation of Senior Accountant.
Zaizhi Cheng – Director. From January 2005 to December
2009, Mr. Cheng was employed with Shandong Tianyue Pharmaceuticals
Co., Ltd., as Chief Financial Officer. From January 2003 to
December 2004, Mr. Cheng was employed with Shandong Fangzhou Mi
Co., Ltd., as Chief Financial Officer. From May 2001 to December
2002, Mr. Cheng was employed with Guangdong Zhongshan Xiaoya
Jinglin Air Conditioner Factory, as Executive Vice President.
From May 1997 to May 2001, Mr. Cheng was employed with Shandong
Yinchu Industry Co., Ltd., as Chief Financial Officer. Mr. Cheng
majored in accounting and received his diploma from Shandong
University.
Michael Segal – Director. Since 2001, Mr. Segal has been
President of Segal Cirone Services Inc., a financial consulting
company. He was a Principal, Options Compliance Principal and
Branch Office Manager of Whitaker Securities LLC, a member of the
Financial Industry Regulatory Authority (FINRA) from October 23,
2006 until October 2009. Prior to that, Mr. Segal had served as
President of Alexander Westcott & Co., Inc., a Broker/Dealer
registered with NASD and Secretary of the board of directors of its
parent company, the Financial Commerce Network Inc., a public
company. He is also individually registered as a Commodity Trading
Advisor with the Commodity Futures Trading Commission (CFTC) and a
member of the National Futures Association (NFA) and a founding
member of the Managed Funds Association. Mr. Segal received a
B.B.A. in marketing and economics from the University of Miami in
Florida. Mr. Segal sits on the board of directors of China Agri
Business Inc. (CHBU.BB) and China Power Equipment Inc. (CPQQ.BB)
public traded companies on the US OTC Bulletin Board. Additionally
Mr. Segal sits on the board of directors of the following privately
held companies: Asia Nutracueticals Consulting Co. Ltd.; China
America Holdings LLC; Asia Carbon Black Inc.; and SunGame Inc.
Audit Committee
Our Audit Committee consists of our three independent directors
and Mr. Zhu is Chair.
Compensation Committee
Our Compensation Committee consists of our three independent
directors and Mr. Cheng is Chair.
Corporate Governance and Nominating Committee
Our Corporate Governance and Nominating Committee consists of
our three independent directors and Mr. Zhu is Chair.
About the Company
Allstar Restaurants has its headquarters in the City of Xi’an,
Shaanxi Province, China. The Company, thru its wholly-owned
subsidiaries identifies, discovers, develops, manufactures and
distributes both prescription and over-the counter, including both
conventional and Traditional Chinese Medicines, pharmaceutical
products for the treatment of some of the most common ailments and
diseases. The Company currently manufactures 85 pharmaceutical
products in the form of capsules, oral solutions, tablets,
granules, syrups, medicinal teas, tincture and solutions for
injection that are either small volume parenteral solutions that
are freeze dried powders or large volume parenteral solutions. The
Company’s manufacturing facilities are based in Hanzhong and the
Xi’an Jinghe Industrial Zone, both in Shaanxi Province. For the
nine months ended September 30, 2009, revenue was $18,394,922 and
net income as $6,309,887 or $0.16 per share on a pro-forma basis.
As at September 30, 2009 shareholders’ equity was $26,011,958 and
total assets were $35,020,073.
Safe Harbor Statement - This announcement contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
announcement are forward-looking statements, including but not
limited to, the company's ability to raise additional capital to
finance the company's activities; the effectiveness, profitability,
and the marketability of its products; legal and regulatory risks
associated with the share exchange; the future trading of the
common stock of the company; the ability of the company to operate
as a public company; the period of time for which its current
liquidity will enable the company to fund its operations; the
company's ability to protect its proprietary information; general
economic and business conditions; the volatility of the company's
operating results and financial condition; the company's ability to
attract or retain qualified senior management personnel and
research and development staff; and other risks detailed in the
company's filings with the Securities and Exchange Commission and
available on its website at http://www.sec.gov. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the companies and the industry. The
company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or to changes in its expectations, except as may be required by
law. Although the company believes that the expectations expressed
in these forward looking statements are reasonable, they cannot
assure you that their expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results.
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