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8-K - Harbin Electric, Inc | v168050_8k.htm |
EX-10.1 - Harbin Electric, Inc | v168050_ex10-1.htm |
Exhibit
99.1
Harbin
Electric Appoints Boyd R. Plowman as a Member of its Board of Directors and
Audit Committee Chairman
Harbin, China, December 1, 2009 – Harbin Electric, Inc.
(“Harbin Electric” or the “Company”, NASDAQ: HRBN), a leading developer and
manufacturer of a wide array of electric motors in the People’s Republic of
China, today announced the appointment of Boyd R. Plowman as a member of its
board of directors (the “Board”) and Chairman of its Audit Committee, effective
December 1, 2009.
“I am
delighted that Mr. Plowman has agreed to join our Board. All of us at Harbin
Electric are honored that such an accomplished business and financial expert is
highly comfortable with our business, financial and accounting track record and
practices. He will help us further improve,” said Tianfu Yang, Chairman and
Chief Executive Officer of Harbin Electric. “His long career
in leadership positions at a manufacturing company in a capital-intensive
industry like ours and with other organizations gave him the perspective and
experience that will serve us well as we continue to grow. His experience
as a chief financial officer at Fleetwood Enterprises, Inc. will add significant
depth and understanding of global capital markets to the Board and the Audit
Committee and further enhance corporate governance at Harbin
Electric.”
"I am
very pleased and honored to be joining the board of this very fine company. I
have visited the Company’s operations in China and I am extremely impressed with
the quality of its management team and products. I am equally impressed with the
vision applied to its various business lines and the Company’s ability to
capitalize on strong in-house R&D, higher technology and innovation to
create unique products with a strong competitive advantage,” said Mr. Plowman.
“I believe the Company is well-positioned to participate fully in China's growth
and in the global economic recovery and has the potential to become a global
leader in the electric motor industry. All this bodes well for shareholders and
for all stakeholders"
Mr.
Plowman, 66, is the retired Executive Vice President and Chief
Financial Officer of Fleetwood Enterprises, Inc. (“Fleetwood”) where he was
employed from 1969 until 1987 and from 1997 until 2008. Fleetwood
was the world’s largest producer of recreational vehicles and manufactured
housing. During his career with Fleetwood, Mr. Plowman held numerous leadership
positions including Controller, Treasurer, and Financial Vice President. During
his second stint with Fleetwood, he served as Executive Vice President and Chief
Financial Officer until his retirement in 2008. He also
served as President and Chief Executive Officer of Lee & Associates (Inland
Empire Region). Lee & Associates is one of the leading commercial real
estate brokerage firms in the United States. Prior to that, Mr. Plowman
served as a Director and Chairman of the Audit Committee for Corporate Insurance
and Reinsurance Company Limited (CIRCL), a Bermuda-based company reinsuring
risks for captive insurance companies. Earlier in his career, Mr. Plowman
worked as a senior tax accountant at Arthur Andersen & Co. and Ernst &
Ernst. He earned his bachelor’s degree from Utah State University and
was a certified public accountant. Mr. Plowman resides in
California.
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Mr.
Plowman is the co-founder and President of Boyd Plowman & Associates,
Inc., a firm involved in venture capital, merchant banking, and
consulting services regarding real estate, capital formation, and financial
services.
About
Harbin Electric, Inc.
Harbin
Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on innovative,
customized and value-added products. Its major product lines include industrial
rotary motors, linear motors, and specialty micro-motors. The Company's products
are purchased by a broad range of domestic and international customers,
including those involved in energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices, machinery
and tool manufacturing, chemical, petrochemical, as well as in the metallurgical
and mining industries. With a recent acquisition of industrial rotary motor
business, the Company operates four manufacturing facilities in China located in
Xi'an, Weihai, Harbin and Shanghai.
As China
continues to grow its industrial base, Harbin Electric aspires to be a leader in
the industrialization and technology transformation of the Chinese manufacturing
sector. To learn more about Harbin Electric, visit http://www.harbinelectric.com
.
Safe
Harbor Statement
The
actual results of Harbin Electric, Inc. could differ materially from those
described in this press release. Detailed information regarding factors that may
cause actual results to differ materially from the results expressed or implied
by statements in this press release may be found in the Company's periodic
filings with the U.S. Securities and Exchange Commission, including the factors
described in the section entitled "Risk Factors" in its annual report on Form
10-K for the year ended December 31, 2008. The Company does not undertake any
obligation to update forward-looking statements contained in the press release.
This press release contains forward-looking information about the Company that
is intended to be covered by the safe harbor for forward- looking statements
provided by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking terminology such as
"believe," "expect," "may, "will," "should," "project," "plan," "seek,"
"intend," or "anticipate" or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry trends and the
Company's future performance, operations and products.
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For
investor and media inquiries, please contact:
In
China
Harbin
Electric, Inc.
Tel: +86-451-8611-6757
Email:
MainlandIR@Tech-full.com
In
the U.S.
Christy
Shue
Harbin
Electric, Inc.
Executive
VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email:
cshue@HarbinElectric.com
Kathy
Li
Christensen
Investor Relations
Tel: +1-212-618-1987
Email:
kli@christensenir.com
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