Cellular Biomedicine Group Announces Selection of Audit Committee Chairman
PALO ALTO, Calif., Feb. 21, 2013 /PRNewswire/ -- Cellular Biomedicine Group (incorporated as EastBridge Investment Group Corp. (OTCQB: EBIGD)) today announced the selection of Tony Liu to fill the role of Chairman of the Audit Committee of the board of directors of CBMG. Currently, Tony is the CVP at Alibaba Group responsible for Alibaba's overseas investments. Since joining Alibaba in 2009, Tony has held various positions including CVP at B2B corporate investment, corporate finance, and General Manager for a global ecommerce platform. He was also CFO for HiChina, a subsidiary of Alibaba, a leading internet infrastructure service provider.
Prior to joining Alibaba, Tony spent 19 years at Microsoft Corporation where he served in a variety of finance leadership roles. He was the General Manager of Corporate Strategy looking after Microsoft's China investment strategy and corporate strategic planning process. Tony was a key leader in the Microsoft corporate finance department during the 1990s as the Corporate Accounting Director. He was well recognized within Microsoft for driving an efficient worldwide finance consolidation, reporting, internal management accounting policy process, and showcased Microsoft's best practices to many Fortune 500 companies in the U.S. Tony obtained his Washington State CPA certificate in 1992.
Mr. Liu was selected and designated by CBMG's management as an independent director in connection with the merger between CBMG and EastBridge which was completed on February 6, 2013. He will take office as a director on the board ten days after delivery to stockholders of a notice of the change in control of the board of directors, per SEC rules. His appointment as Audit Committee Chairman will take effect on the same date.
"We are very pleased to have Tony join the CBMG board," said Dr. Steve Liu, Chairman and CEO of CBMG. "His integrity and attention to detail will be well utilized as we advance our plans to commercialize safe and effective cellular medicine therapies in China."
"I am very glad to be working with the CBMG board at this transformational time for the Company," said Mr Liu. "CBMG is a clear leader in the cellular medicine industry in China and is poised to make significant breakthroughs utilizing this technology in order to deliver new treatment options to the largest population on earth."
About Cellular Biomedicine Group
Cellular Biomedicine Group, Ltd. develops proprietary cell therapies for the treatment of certain degenerative diseases and cancers. Our developmental stem cell, progenitor cell, and immune cell projects are the result of research and development by scientists and doctors from China and the United States. Our flagship GMP facility, consisting of eight independent cell production lines, is designed, certified and managed according to U.S. standards. To learn more about CBMG, please visit: www.cellbiomedgroup.com
Forward-Looking Statements
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.
Contact:
Jeff Ramson
Investor Relations
ProActive Capital Group
646-863-6341
Sarah Kelly
Director of Corporate Communications, CBMG
sarah.kelly@cellbiomedgroup.com
