Tiens Biotech Group (USA) Appoints New Auditing Firm
01 Octobre 2007 - 2:00PM
PR Newswire (US)
NEW YORK, Oct. 1 /Xinhua-PRNewswire/ -- Tiens Biotech Group (USA),
Inc. ("the Company" or "Tiens"), (AMEX:TBV),
http://www.tiens-bio.com/, today announced that the audit committee
of its Board of Directors had appointed Grobstein, Horwath &
Company LLP ("GH&C") as its independent auditor effective
September 26, 2007. GH&C replaces Moore Stephens Wurth Frazer
& Torbet LLP ("MSWF&T") which had previously served as the
Company's audit firm of record. The appointment of GH&C was
made after consideration and approval by the audit committee and
was not the result of any disagreement between Tiens and MSWF&T
on any matter of accounting principles or practice, financial
statement disclosure, or auditing scope or practice. About
Grobstein, Horwath & Company LLP. Grobstein, Horwath &
Company LLP (GH&C) was founded in 1966. GH&C is a member
firm of Horwath International. Horwath International is among the
top ten largest accounting networks worldwide. GH&C has
extensive experience in working with companies in the People's
Republic of China which are listed in the United States. Also,
Horwath International's extensive network presence in Greater
China, including Hong Kong, enhances GH&C's ability to better
serve its China based clients. About Tiens Biotech Group (USA),
Inc. http://www.tiens-bio.com/. Tiens Biotech Group (USA), Inc.
(AMEX:TBV) conducts its business operations from Tianjin, People's
Republic of China. Tiens primarily engages in the research,
development, manufacturing, and marketing of nutrition supplement
products, including wellness products and dietary nutrition
supplement products, and personal care products. Tiens derives its
revenues principally from product sales to affiliated companies in
China and internationally in 63 countries. Since its establishment,
Tiens has developed and produced 35 nutrition supplements, which
include wellness products and dietary nutrition supplements. Tiens
develops its products at its own product research and development
center, which employs highly qualified professionals in the fields
of pharmacology, biology, chemistry and fine chemistry. Tiens has
obtained all required certificates and approvals from government
regulatory agencies to manufacture and sell its products in China.
In China, Tiens conducts the marketing and sales of its products
through its affiliated company, Tianshi Engineering. Tianshi
Engineering markets and sells Tiens' products in China through
chain stores, domestic affiliated companies, and its 105 branches.
Outside of China, Tiens sells its products to affiliated companies
in 63 countries who in turn sell through an extensive direct sales
force, or multi-level marketing sales force. The Company's direct
sales marketing program is subject to governmental regulation in
each of these countries. Certain statements in this press release
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities and Exchange Act of 1934. Such forward- looking
statements are not necessarily indicative of future financial
results, and may involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or
achievements of the Company, to be materially different from any
future results, performance, or achievements expressed or implied
by such forward-looking statements. The Company's future operating
results are dependent upon many factors, including but not limited
to the Company's ability to: (i) obtain sufficient capital or a
strategic business arrangement to fund its expansion plans; (ii)
build the management and human resources and infrastructure
necessary to support the growth of its business; (iii) competitive
factors and developments beyond the Company's control; (iv) whether
Tianshi Engineering, the Company's affiliate which sells its
products in China, obtains a direct selling license in China; and
(v) other risk factors discussed in the Company's periodic filings
with the Securities and Exchange Commission which are available for
review at http://www.sec.gov/ under "Search for Company Filings."
DATASOURCE: Tiens Biotech Group (USA), Inc. CONTACT: Investor
Relations for Tiens Biotech Group (USA), Inc., +86-22-8213-7915,
Fax +86-22-8213-7667, ; or Carl Hymans of G. S. Schwartz & Co.,
+1-212-725-4500, Fax +1-212-725-9188, , for Tiens Biotech Group
(USA), Inc. Web site: http://www.tiens-bio.com/
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