SOURCE: China Aoxing Pharmaceutical Company, Inc.

January 04, 2007 16:02 ET

China Aoxing Pharmaceutical Company Appoints Hui Shao as Senior Vice President of Finance

NEW YORK, NY -- (MARKET WIRE) -- January 4, 2007 -- China Aoxing Pharmaceutical Company, Inc. ("Aoxing") (OTCBB: CAXG) announced the appointment of Hui (David) Shao, Ph.D., MBA, as Senior Vice President of Finance, effective immediately. Dr. Shao has more than 10 years of pharmaceutical industry experience, including a senior scientist position at Roche Pharmaceuticals and most recently as a healthcare analyst at Wall Street investment firms in New York City. In his new role, Dr. Shao will assist Aoxing's Chief Financial Officer, Yue Zhenjiang, with the financial and accounting operations, as well as corporate communications at China Aoxing Pharmaceutical Company.

"We are delighted to welcome an expert of Hui Shao's experience and abilities to our senior management team," said Yue Zhenjiang, President and Chief Executive Officer. "He brings a successful track record that includes global industry experience, strategic vision, keen financial and transaction skills that we believe will benefit us as we enter an exciting phase of growth."

Dr. Shao brings more than 10 years of experience in pharmaceutical industry. Before working on Wall Street, he was a Principal Scientist of Roche Pharmaceutical in Nutley, New Jersey. Since 2003, he has been a healthcare analyst at Mehta Partners LLC, and most recently, at Kamunting Street Asset Management.

A Chartered Financial Analyst (CFA), Dr. Shao earned an M.B.A. in Finance and Accounting from New York University and a Ph.D. in Organic Chemistry from University of California, San Diego, as well as graduated from University of Science and Technology of China with a B.S. in Polymer Chemistry. He is a member of CFA institute and New York Society of Security Analysts.

Commenting on his new position, Dr. Shao said, "In less than 5 years China Aoxing has established itself as a leading specialty pharma company in pain management in China, and I am thrilled to be joining the management team as the company is entering an exciting period of growth."

In the interim, Mr. Yue Zhenjiang will continue to be the principal financial and accounting officer of the Company while Dr. Shao continues to transition into his new role.

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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