HARBIN, China, June 7, 2011 /PRNewswire/ -- The Audit Committee
of the Board of Directors of Weikang Bio-Technology Group Co., Inc.
(OTC Markets: WKBT.PK - News) ("WKBT," "Weikang" or the "Company"),
a leading developer, manufacturer and marketer of Traditional
Chinese Medicine (TCM), Western prescription and OTC
pharmaceuticals and other health and nutritional products in
the People's Republic of China,
today announced that Grant Thornton ("GT"), one of the world's
leading organizations of independently owned and managed accounting
and consulting firms, has verified that the cash amounts listed on
the Company's SEC filings for 2010 and the first quarter of 2011
are consistent with account statements obtained from WKBT's banks
directly by GT.
"Given the recent change in auditors and my new chairmanship of
the WKBT Audit Committee, we authorized the Grant Thornton review
to take place last week, and are now releasing the results," said
Jeffery Chuang, independent director
and Chairman of the Audit Committee of WKBT. "Weikang
continues to advance as a U.S. publicly-traded company and we are
committed to high standards in the thoroughness of our financial
information," said Mr. Chuang, a U.S. CPA who is based in
Southern California.
About Weikang Bio-Technology Group Co., Inc.
Weikang Bio-Technology Group Co., Inc. is principally engaged in
developing, manufacturing and distributing Traditional Chinese
Medicine (TCM), and health and nutritional supplements in
China, in compliance with
requisite Chinese licenses and approvals. The Company is also
expanding its business scope to develop, manufacture and distribute
Chinese herbal extract products and GMP certified Western
prescription and OTC pharmaceuticals through its acquisition of
Tianfang Pharmaceutical Co., Ltd. For more information,
please visit http://www.weikangbio.com
Safe Harbor Statement
Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Company Contact:
Jeffery Chuang
jeffery827@yahoo.com
+1 (909) 569-2658
SOURCE Weikang Bio-Technology Group Co., Inc.