SOURCE: China Aoxing Pharmaceutical Company

January 25, 2007 16:20 ET

China Aoxing Pharmaceutical Company Announces Resignation of John Leo From Board of Directors

NEW YORK, NY -- (MARKET WIRE) -- January 25, 2007 -- China Aoxing Pharmaceutical Company, Inc. (OTCBB: CAXG) announced today that Mr. John Leo resigned from his position as a member of the CAXG Board of Directors as of January 22, 2007. Mr. Leo joined the Board in April 2006 to assist the company in transforming from a private Chinese company to a public company in the US.

"John has been a valuable member of China Aoxing Pharmaceutical Company's Board, and we wish him well with his endeavors. It has been great interacting with him, and we will miss him. His board experience provided important insights and made valuable contribution to the Company," commented Zhenjiang Yue, the Chairman and CEO of China Aoxing Pharmaceutical Company. Mr. Leo will remain an advisor to the Company for financial and strategic business matters.

Mr. Yue also stated, "The Company is actively evaluating potential members for the Board, and the Company is committed to establishing a seven-member Board of Directors in the first half of 2007 in order to strengthen our corporate governance, strategic business decision-making, and to enhance our shareholder value."

About China Aoxing Pharmaceutical Company

Hebei Aoxing Pharmaceutical Group is a corporation organized under the laws of the People's Republic of China that has developed a patented manufacturing process for a variety of generic analgesic drugs, including Oxycodone, Pholcodine, Naloxone, and Tilidine. Hebei Aoxing is one of only a handful of companies in China to be granted the license to manufacture these drugs and is working closely with the Chinese government to assure their availability throughout China. China Aoxing Pharmaceutical Company acquired Hebei Aoxing in a reverse merger transaction in April of 2006.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. You are urged to read the Company's filings with the Securities and Exchange Commission, including, but not limited to, the risk factors contained therein. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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