China Medicine (PINK:CHME)

China Medicine Corporation today announced that the Company’s Board of Directors (the “Board”) has authorized a new stock repurchase plan (the "New Repurchase Plan"). Under the New Repurchase Plan, the Board approved the repurchase of up to an additional $2,000,000 worth of shares of the Company's common stock over the 12 month period commencing upon the conclusion of the existing stock repurchase plan, in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-5, Rule 10b5-1 and Rule 10b-18 of the Securities and Exchange Commission.

Under the Company's previously announced stock repurchase program, by December 22, 2010, the Company repurchased approximately $1.5 million of common stock, or approximately 710,000 shares. The Company will continue to make purchases under its existing stock repurchase program until the earlier of the conclusion of the existing stock repurchase plan or July 11, 2011.

Mr. Senshan Yang, Chairman and CEO of China Medicine Corporation, commented "We have the fundamental strength to pursue a variety of opportunities with our cash. We are actively investigating a variety of strategic opportunities on the acquisition front in order to best utilize our cash and ultimately create long-term shareholder value. We are committed to driving organic and acquisition-led growth and we are very confident that our dedicated efforts will help us realize our long-term business goal to expand the Company’s product portfolio and geographical footprint in China and allow us to deliver sustainable returns to our shareholders.”

Mr. Yang continued, “Our proprietary recombinant, Aflatoxin Detoxifizyme (rADTZ), which is used for removing aflatoxins in food and animal feed, is well at the last step of the Chinese Ministry of Agriculture (MOA) approval process. As we disclosed before, we have completed all requirements and are still waiting for the last step onsite inspection by the MOA, which is expected to commence in early next year. We are working closely with national and provincial MOA to complete this process as expeditiously as possible. At this point, we remain confident in receiving the final approval in near future but cannot predict the actual timing of MOA review.”