China Jo-Jo Drugstores Announces Change in Auditing Firm

HANGZHOU, China, April 10, 2015 /PRNewswire/ — China Jo-Jo Drugstores, Inc. ("China Jo-Jo", or the "Company") (NASDAQ CM: CJJD), a leading China-based retail and wholesale distributor of pharmaceutical and health care products through its own online and retail pharmacies, today announced that it has engaged BDO China Shu Lun Pan Certificated Public Accountants LLP ("BDO China") as the Company’s new independent auditing firm effective on April 7, 2015. The appointment of BDO China was approved by the Company’s Audit Committee.

BDO is one of the leading global accounting firms with member firms in over 144 countries. BDO China was founded in 1927 and is one of the earliest and most influential accounting firms in China. BDO China’s clients include over 300 listed companies, over 300 IPO companies, and more than 2,000 enterprises with foreign investments. The companies BDO provides services to cover a wide range of sizes and industries including large national enterprises, state-owned companies, commercial banks, securities companies, futures brokerage, insurance, trusts and funds.

With BDO China team’s large local presence and its well-established reputation, the Company believes that BDO China is well qualified to become its independent auditing firm. The Company does not believe that the change of auditor will affect the timely filing of its annual report on Form 10-K for the year ending March 31, 2015.

For more information on the Company’s change in auditing firm, please refer to the Company’s Form 8-K filed on April 7, 2015:

http://www.sec.gov/Archives/edgar/data/1413263/000121390015002561/f8k040715_chinajojo.htm

About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of December 31, 2014, the Company had 60 retail pharmacies in Hangzhou. The Company’s wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).

Forward Looking Statement

Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "estimate," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate," the negatives thereof, or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. It is routine for the Company’s internal projections and expectations to change as the quarter and year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change. Although these expectations may change, the Company is under no obligation to inform you if they do. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of numerous factors, including the risks associated with the effect of changing economic conditions in the People’s Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products. Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements.

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