Tianli Agritech (NASDAQ:OINK)

WUHAN, China, Dec. 29, 2011 /PRNewswire-Asia/ -- Tianli Agritech, Inc. (NASDAQ: OINK) ("Tianli" or "the Company"), a leading producer of breeder hogs and market hogs based in Wuhan City, China, announced that based on the recommendation of its Audit Committee, it has appointed Sherb & Co., LLP ("Sherb") as the auditor of the Company. At the request of the Company, Crowe Horwath (HK) CPA Limited ("Crowe Horwath") resigned as the auditor of the Company. Sherb will perform the audit of the Company's annual financial statements for the year ending December 31, 2011. In connection with Tianli's initial public offering Sherb audited Tianli's financial statements for fiscal years 2008 and 2009. Subsequent to the IPO Sherb audited Tianli's financial statements for fiscal year 2010. Crowe Horwath reviewed Tianli's financial statements for the second and third quarters of 2011 and during the course of its work found nothing that required revisions to Tianli's prior financial statements. "We initially determined to appoint Crowe Horwath as our auditor in the belief that it would inspire confidence in the market. We constantly monitor our business in an effort to contain costs and improve our profitability where appropriate. Given the current state of the market for Chinese companies, after conferring with our audit committee, our management team decided to retain our previous auditor, Sherb principally due to the resulting cost savings. While our shareholders might deem this change to be abrupt, we hope they understand that we are acting in their best interests to improve the profitability of our Company," commented Ms. Hanying Li, Chairwoman and CEO of Tianli.