Tibet Pharmaceuticals Announces Search for New Auditor Upon Resignation of ACSB

Tibet Pharmaceuticals, Inc. TBET today announced the search for a new auditor as it learned that its independent certifying accountant, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP, resigned as Tibet Pharmaceuticals' independent registered public accounting firm. The resignation was not due to any disagreement with the company or any concerns about the company's financials, instead, it was in relation to ACSB pulling out of China. Because ACSB resigned, neither Tibet Pharmaceuticals' audit committee nor the board of directors recommended or approved the action. Instead, they learned of ACSB's resignation through a letter dated September 6, 2011. The principal accountant's reports of ACSB on Tibet's financial statements for the years ended December 31, 2009 and 2010 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.