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Buybacks: China Medicine Authorizes $2 Million

July 12, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — China Medicine Corp. (OTCBB: CHME) said that its board of directors has authorized a stock repurchase program. The program authorizes a buyback of the company's common stock up to a value of $2 million.The authorizati on is valid through July, 2011.

The program utilizes funds currently held in the escrow account pursuant to the company's agreement with its principal shareholder, OEP CHME Holdings, LLC, an affiliate of One Equity Partners, the private equity arm of JP Morgan, dated January 28, 2010.

China-based China Medicine engages in the production and distribution of prescription and over the counter drugs, traditional Chinese medicine products, herbs and dietary-supplements, medical devices, and medical formulations in China.

The Company distributes its products to wholesale distributors, including more than 300 hospitals and 500 medicine companies that sell to over 2,000 drug stores in 28 provinces throughout China.

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