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8-K - LIHUA INTERNATIONAL INC. | v163550_8-k.htm |
EX-10.1 - LIHUA INTERNATIONAL INC. | v163550_ex10-1.htm |
Lihua
International Appoints Kelvin Lau to Board of Directors
Company
Regains Compliance with Nasdaq Listing Requirements
DANYANG, CHINA, October 23, 2009 — Lihua International, Inc.,
(NASDAQ: LIWA) (“Lihua” or the “Company”), a leading Chinese developer,
designer, manufacturer, marketer and distributor of low cost, high quality
alternatives to pure copper superfine and magnet wire, today announced that
Kelvin Siu Ki Lau has been appointed to the Company’s Board of Directors,
effective October 20, 2009. Mr. Lau will serve on the Board’s Audit, Nominating
and Corporate Governance and Compensation Committees. He replaces Mr. Su Liu,
who resigned as a Director of the Company on October 11, 2009, for personal
reasons.
“We are
very excited to have Kelvin Lau join our Board of Directors, as he brings over
20 years of capital markets knowledge to Lihua. We believe his wealth of
experience in working with public companies in the U.S. capital markets, as well
as his extensive work advising companies through the IPO and secondary fund
raising processes will strengthen our Board as Lihua moves to the next level as
a public company. We believe his expertise will prove invaluable as we work to
continue growing the Company, expanding our leadership position in the market
for superfine and magnet wire, and increasing shareholder value,” said Jianhua
Zhu, Chairman and Chief Executive Officer of Lihua.
Kelvin
Lau added, “I am honored to join the Board of Directors of Lihua International.
The Company has an experienced management team, an exciting growth story and a
strong position in an industry that is poised for substantial growth as a result
of increased infrastructure spending associated with China’s four trillion RMB
stimulus package. These factors, coupled with their strong balance sheet and
financial performance since the completion of the IPO give me a great deal of
confidence about what the future holds for the Company and I am looking forward
to contributing to their success.”
Lihua
International, Inc.
Page 2 of
3
The
Company’s Board has determined that Mr. Lau qualifies as an “independent
director” as defined and determined in accordance with Rule 5605(a)(2) of the
Marketplace Rules of The NASDAQ Stock Market, LLC. (the “Nasdaq Marketplace
Rules”) and Section 10A(m)(3) of the Securities Exchange Act of 1934, as
amended. The Company believes that with Mr. Lau’s appointment, it has regained
compliance with Nasdaq Marketplace Rule 5605, which requires that (i) a majority
of the Board of Directors consist of independent directors, and (ii) the audit
committee consist of at least three members, and as such, qualifies for
continued listing on the Nasdaq Capital Market.
Mr. Lau
joins Lihua’s Board with over 20 years of experience in investment banking and
the finance industry. He is currently Managing Director of Capital Markets &
Corporate Finance at Mizuho Securities Asia Limited, a Japanese investment bank
and securities company, where he leads the origination, structuring and
execution of equity and equity-linked capital market transactions and financial
advisory activities for Greater China. Prior to joining Mizuho Securities in
December 2008, he was Managing Director of DBS Asia Capital Limited, the
investment banking unit of Singapore bank, DBS where he has served for over 10
years. Mr. Lau has also worked with the Listing Division The Stock Exchange
of Hong Kong Limited in the late 1980s. Mr. Lau is a fellow member of the
Chartered Association of Certified Accountants of the United Kingdom and a
member of the Hong Kong Institute of Certified Public Accountants. He holds a
Bachelor of Science Degree in Economics from University of London.
About
Lihua International, Inc.
Lihua
International, through its two wholly-owned subsidiaries, Lihua Electron and
Lihua Copper, is a leading value-added manufacturer of copper replacement
products for China’s rapidly growing magnet and fine wire
market. Lihua is one of the first vertically integrated companies in
China to develop, design, manufacture, market and distribute lower cost, high
quality, alternatives to pure copper magnet wire. Lihua’s products include
copper-clad aluminum wire (“CCA”) and recycled scrap copper wire and are sold in
China either directly to manufacturers or through distributors in the wire and
cable industries and manufacturers in the consumer electronics, white goods,
automotive, utility, telecommunications and specialty cable
industries. Lihua’s corporate and manufacturing headquarters are
located in the heart of China’s copper industry in Danyang, Jiangsu
Province. http://www.lihuaintl.com
Lihua
International, Inc.
Page 3 of
3
To be
added to the Company's email distribution for future news releases, please send
your request to lihua@tpg-ir.com.
Safe Harbor
Statement
This
press release contains certain statements that may be deemed to be
“forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements, other than statements of historical facts, that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future, including, without
limitation, statements about its business or growth strategy, general industry
conditions including availability of copper or recycled scrap copper, future
operating results of the Company, capital expenditures, expansion and growth
opportunities, bank borrowings, financing activities and other such matters, are
forward-looking statements. Although the Company believes that its expectations
stated in this press release are based on reasonable assumptions, actual results
may differ from those projected in the forward-looking statements.
Please
note that information in this press release reflects management views as of the
date of issuance.
Contact
The
Piacente Group, Inc.
Investor
Relations
Kristen
McNally / Brandi Floberg
(212)
481-2050
lihua@tpg-ir.com
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