Tibet Pharmaceuticals, Inc. (TBET)

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ibet Pharmaceuticals, Inc. Announces Intent to Go Private
PR NewswirePress Release: Tibet Pharmaceuticals, Inc. – 24 minutes ago

NEW YORK, Feb. 27, 2012 /PRNewswire-Asia/ -- Tibet Pharmaceuticals, Inc. (NASDAQ: TBET - News), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in China, today announced that,

"In recent days, we noticed that a website mentioned about auctioning our operating entity's assets. These were untrue and incorrect announcements. Our company is in normal business operation. We're conducting our investigation on this mistaken report, and will keep our investors informed on the investigation result," said Mr. Hong Yu, CEO and Chairman of Tibet Pharmaceuticals. "The Company will take all necessary legal measures to defend itself against any untrue reports and to protect the interests of shareholders."

The Company also announced its intent to accept a "going private" proposal by Mr. Hong Yu, and cease its public company status. "In view of market bias towards Chinese companies listed in U.S. stock exchange and our past stock performance, I hereby make an offer to purchase TBET stocks not owned by me for $3.00 per share in cash,"said Mr. Hong Yu, "delisting details will be announced shortly".

Tibet Pharmaceuticals expects to continue to grow in China's fragmented pharmaceutical and traditional Tibetan medicine industries. The company is committed to establishing itself as a leading manufacturer and distributor of Tibetan medicine in China and believes that additional distribution channels will help enhance its completive advantages in the industry.