Zhongpin Engages Consultants to Assist with Sarbanes-Oxley Compliance Effort
09 Maggio 2008 - 2:00PM
PR Newswire (US)
CHANGGE, Henan Province, China, May 9 /Xinhua-PRNewswire-FirstCall/
-- Zhongpin Inc. (NASDAQ:HOGS) ("Zhongpin"), a leading meat and
food processing company in the People's Republic of China ("PRC"),
today announced that it has entered into a letter of engagement
with Horwath Risk Advisory Services Limited ("Horwath"), a member
of Horwath International, and Beijing Richen Consultants Co., Ltd.
("Beijing Richen") to assist the Company in reaching compliance
with Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404").
Horwath and Beijing Richen have worked with Zhongpin since June
2006, following the completion of Zhongpin's reverse merger and
listing on the Over-the-Counter Bulletin Board. Since that time,
Horwath and Beijing Richen have assisted Zhongpin in establishing
internal controls in accordance with SOX 404 requirements. This new
engagement is a continuation of the consulting and advisory
services that have been provided to Zhongpin over the last two
years. Pursuant to the new letter of engagement, Horwath and
Beijing Richen will update the internal control records of
Zhongpin's existing factories and create internal control records
for the Company's newly constructed factories. In addition, the
consultants will assist Zhongpin in documenting and testing its
internal controls and will provide recommendations for the
remediation of any material weaknesses identified. As a part of the
service package, the consultants will also provide the Company with
advice in relation to the management's internal control evaluations
in Zhongpin's annual report filed on Form 10-K for the fiscal year
ending December 31, 2008. "We look forward to continue working with
our consultants in reaching full compliance with SOX 404 by the end
of the year," commented by Mr. Xianfu Zhu, Chairman and CEO of
Zhongpin. "As a public company listed on the Nasdaq Global Select
Market, Zhongpin should have strong internal controls in place,
which will instill confidence in our shareholders regarding the
quality of our financial reporting and disclosure, and keep
Zhongpin on track to achieve our profitability goals and strategic
mission." About Horwath Risk Advisory Services Limited Horwath Risk
Advisory Services Limited is an independent member firm of Horwath
International, which specializes in providing risk consulting
solutions for businesses. As one of the largest global professional
service organizations, Horwath International has more than 110
independent member firms operating from more than 420 offices
around the world. The Hong Kong and China offices of Horwath
International employ 1,700 people in five locations. About Beijing
Richen Consultants Co., Ltd. Beijing Richen Consultants Co., Ltd.,
located in Beijing, provides financial accounting, consulting and
risk management advisory services. About Zhongpin Zhongpin is a
meat and food processing company that specializes in pork and pork
products, and fruits and vegetables, in the PRC. Its distribution
network in the PRC spans more than 20 provinces and includes over
2,900 retail outlets. Zhongpin's export markets include the
European Union, Eastern Europe, Russia, Hong Kong, Japan and South
Korea. For more information, contact CCG Elite directly or go to
Zhongpin's website at http://www.zpfood.com/ . Safe Harbor Under
the Private Securities Litigation Reform Act of 1995: Certain
statements in this press release constitute forward-looking
statements within the meaning of Federal securities laws.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are based upon the current
beliefs and expectations of the company's management and are
subject to risks and uncertainties which could cause actual results
to differ from the forward-looking statements. The following
factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: the Company's
ability to meet SOX 404 compliance by year end, unanticipated
changes in product demand, interruptions in the supply of live
pigs/raw pork, downturns in the Chinese economy, delivery delays,
freezer facility malfunctions, poor performance of the retail
distribution network, changes in applicable regulations, and other
information detailed from time to time in the company's filings and
future filings with the United States Securities and Exchange
Commission. For more information, please contact: Crocker Coulson,
President CCG Elite Tel: +1-646-213-1915 Email: Web:
http://www.ccgelite.com/ Yuanmei Ma, Chief Financial Officer
Zhongpin Inc. Tel: +86-10-82861788 DATASOURCE: Zhongpin Inc.
CONTACT: Crocker Coulson, President of CCG Elite, +1-646-213-1915,
or ; Yuanmei Ma, Chief Financial Officer of Zhongpin Inc.,
+86-10-82861788 Web Site: http://www.zpfood.com/
http://www.ccgelite.com/
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