Attached files
| file | filename |
|---|---|
| 8-K - China Power Equipment, Inc. | v177602_8k.htm |
| EX-10.1 - China Power Equipment, Inc. | v177602_ex10-1.htm |
China
Power Equipment Announced Appointment of Two Independent Directors
New York,
March 16,
2010
/PRNewswire-FirstCall/ -- China Power Equipment, Inc. (“China Power
Equipment”, OTC Bulletin Board: CPQQ), the manufacturer of a new generation of
energy saving electric transformer cores and transformers in the People’s
Republic of China, today announced the appointments of Mr. Junyi Li (“Mr. Li”)
and Mr. Siu Kuen Leung (“Mr. Leung”) as independent directors to the Company’s
Board of Directors. Together with the Company’s current three board members, the
company’s board now consists of five members. Three of the five board members
each qualify as “independent” directors as defined by the rules of the NASDAQ
Stock Market.
Mr. Li
was appointed as an independent director effective March 10, 2010. Mr. Li has
been active in the amorphous alloy industry for more than 30 years and has
served as Vice President of Advanced Science & Technology Co., Ltd. (Public,
SHE: 000969) since 2004. Mr. Li previously served as the Executive Deputy Chief
of National Amorphous and Nano-Crystalline Engineering Center, and General
Manager of the Amorphous Division. As a senior engineer in the industry, Mr. Li
was named as an “Advanced Individual” of the “Ninth Five-Year National Key
Science and Technology Research Programs” and awarded a special government
allowance for scientists. He was also awarded the Second Prize of National
Science and Technology Progress and the First Prize of Metallurgical Science and
Technology Progress. Mr. Li has a Bachelor’s degree from Northeastern University
and serves as an instructor in the university.
Mr. Leung
was appointed as an independent director effective March 10, 2010. Mr. Leung is
a member of the Hong Kong Institute of Certified Public Accountants and an
associate of the Chartered Institute of Management Accountants (U.K.), with more
than 20 years of experience in accounting and finance. He has been an
independent director of Everpride Biopharmaceutical Company Limited, a company
listed on the Growth Enterprise Market of the Hong Kong Stock Exchange, since
November 2009. He was an executive director of China Golden Development Holding
Limited, a company listed on the main board of the Hong Kong Stock Exchange,
during the period from April 2007 to December 2008. Mr. Leung holds a Master of
Business Administration degree and a Bachelor of Science (economics) degree from
Hong Kong Polytechnic (now named the Hong Kong Polytechnic
University).
Mr. Yong Xing Song, Chairman of the
Board of China Power Equipment, said, “We are pleased to have individuals
of this high caliber join us as independent directors on our board of directors.
We look forward to the substantial knowledge and diverse experience that both
will contribute to our Company. I believe Mr. Leung, with his extensive
experience, will help to further enhance the Company’s financial systems and
internal controls. Mr. Li will bring new perspectives, understanding, and great
knowledge to our amorphous alloy transformer core and transformer
business.
Mr. Song
continued, “These outstanding professionals will be good stewards for China
Power Equipment’s shareholders as we navigate the technological and financial
markets. The election of these board members is major step toward achieving our
goal to maximize value for our
shareholders.”
About
China Power Equipment, Inc.
China
Power Equipment, Inc., through its wholly-owned subsidiary, Xi’an Amorphous
Zhongxi Co., Ltd., has developed a proprietary patented technology to produce a
new generation of energy saving electricity transformers and transformer cores.
The company currently manufactures 59 models of
transformers in four product series that are sold throughout China. The
company was formed in 2006 as a U.S. corporation, and in November 2006,
created a Chinese subsidiary that was granted a license as a privately held
wholly owned foreign enterprise by the Chinese government.
Safe
harbor
Certain
statements in this release concerning our future growth prospects are
forward-looking statements, which involve a number of risks and uncertainties
that could cause actual results to differ materially from those in such
forward-looking statements.
The risks
and uncertainties relating to these statements include, but are not limited to,
risks and uncertainties regarding the success of our investments, risks and
uncertainties regarding fluctuations in earnings, our ability to sustain our
previous levels of profitability including on account of our ability to manage
growth, intense competition, wage increases in China, our ability to
attract and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration, our ability to
successfully complete and integrate potential acquisitions, withdrawal of
governmental fiscal incentives, political instability and regional conflicts,
and legal restrictions on raising capital or acquiring companies
outside China.
Additional
risks that could affect our future operating results are more fully described in
our filings with United States Securities and Exchange Commission. These filings
are available at www.sec.gov.
We may,
from time to time, make additional written and oral forward-looking statements,
including statements contained in our filings with the Securities and Exchange
Commission and our reports to shareholders. We do not undertake to update any
forward-looking statements that may be made from time to time by or on our
behalf except as required by law.
For more
information on China Power Equipment please visit our website at
www.chinapower-equipment.com.
For more
information, please contact:
Christensen
Mr.
Yuanyuan Chen (English and Chinese)
Mobile
+86-139-2337-7882 in Beijing
ychen@christensenir.com
Mr. Tom
Myers (English)
Mobile
+86-139-1141-3520 in Beijing
tmyers@christensenir.com
Ms. Kathy
Li (English and Chinese)
Telephone
+1-212-618-1978 in the USA
kli@christensenir.com
SOURCE
China Power Equipment, Inc.
www.chinapower-equipment.com