Attached files
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8-K - CHINA ELECTRIC MOTOR, INC. | v188109_8k.htm |
EX-10.1 - CHINA ELECTRIC MOTOR, INC. | v188109_ex10-1.htm |
FOR IMMEDIATE
RELEASE
CHINA
ELECTRIC MOTOR APPOINTS DEXTER FONG AS CHIEF FINANCIAL OFFICER
SHENZHEN,
CHINA — June 11, 2010 — China Electric Motor, Inc. (NASDAQ: CELM, “China
Electric” or “the Company”), a Delaware corporation and China-based company that
engages in the design, production, marketing and sale of micro-motor products
through its subsidiary Shenzhen YuePengCheng Motor Co., Ltd. (“Shenzhen YPC”),
today announced that Mr. Heung Sang (“Dexter”) Fong, who has served as a
Director of the Company since January 2010, has been appointed to the role of
Chief Financial Officer and Corporate Secretary of China Electric, effective
June 10, 2010. Haixia Zhang, who has served as Chief Financial Officer of the
Company since March 2009 and as Chief Financial Officer of Shenzhen YPC from
June 2008 to March 2009, will take on a new responsibility at China Electric as
Corporate Controller.
Mr. Yue
Wang, Chief Executive Officer of China Electric, said, “I would like to thank
Ms. Zhang for her hard work as CFO and for her important contributions during
the preparation for and execution of our IPO this year, and during our first
important quarters as a public company. I look forward to her continued success
at China Electric as she begins her new role as Corporate
Controller.
“I am
pleased to promote Mr. Fong to the role of CFO. Dexter has been an integral
member of our management team, and brings to the role significant financial and
accounting experience as a U.S. CPA. I believe that his extensive financial
experience and deep knowledge of the capital markets will advance our capital
markets goals and our efforts to continually improve our financial reporting
processes and corporate governance.”
Mr. Fong
has served as a Director of the Company since January 2010. From February 2009
to March 2010, Mr. Fong served as the Chief Financial Officer and as a Director
of Apollo Solar Energy, Inc. (OTCBB: ASOE). From December 2006 to January 2009,
Mr. Fong served as the Executive Vice President of Corporate Development of Fuqi
International, Inc. (NASDAQ: FUQI). From January 2004 to November 2006, Mr. Fong
served as the managing partner of Iceberg Financial Consultants, a financial
advisory firm based in China that advises Chinese clients in capital raising
activities in the United States. From December 2001 to December 2003, Mr. Fong
was the Chief Executive Officer of Holley Communications, a Chinese company that
engaged in CDMA chip and cell phone design. From March 2002 to March 2004, he
served as Chief Financial Officer of Pacific Systems Control Technology, Inc.
From May 2001 to November 2001, Mr. Fong was the Director of Finance of
PacificNet, Inc., a customer relationship management, mobile internet,
e-commerce and gaming technology company based in China. From December 1998 to
April 2001, he was the Group Financial Controller of Oregon Scientific, a
wholly-owned subsidiary of IDT, a Hong Kong Stock Exchange-listed company. Mr.
Fong is a U.S. CPA and has held various positions in such capacity with
accounting firms in the United States and Hong Kong, including Deloitte and
Touche, Ernst and Young, and KPMG Peat Marwick. Since March 2010, Mr. Fong has
served as Director of Rongfu Agriculture, Inc. (OTCBB: RNFU). Since July 2006,
Mr. Fong has served as an independent director of a Hong Kong public company,
Universal Technology Inc. (HK: 8091). Since July 2007, Mr. Fong has also served
as a Director and audit committee chairman for both Diguang International
Development Co., Ltd. (OTCBB: DGNG) and Kandi Technology Corp. (NASDAQ-CM:
KNDI). Mr. Fong served as independent director of Zhaoheng Hydropower (ZHYLP.PK)
from June 2008 to May 2009. Mr. Fong graduated from the Hong Kong Baptist
College with a diploma in History in 1982. He also received an MBA from the
University of Nevada at Reno in 1989 and a Master’s degree in Accounting from
the University of Illinois at Urbana Champaign in 1993. Mr. Fong’s long and
varied business career, including service as a CFO and Director of a
publicly-traded company, as well as his significant financial and accounting
experience as a U.S. CPA and knowledge of the capital markets, qualify him to
serve on the Company’s Board of Directors.
About
China Electric Motor, Inc.
China
Electric Motor, Inc. (Nasdaq: CELM) is a China-based company that engages in the
design, production, marketing and sale of micro-motor products through its
subsidiary Shenzhen YPC. The Company’s products are incorporated into consumer
electronics, automobiles, power tools, toys and household appliances, and are
sold under its “Sunna” brandname. The Company provides micro-motor products that
meet the growing demand for efficient, quiet and compact motors from
manufacturers of consumer electronics, automobiles, power tools, toys and
household appliances. China Electric Motor, Inc. sells its products directly to
original equipment manufacturers and to distributors and resellers both
domestically in the People’s Republic of China and internationally to customers
in Korea and Hong Kong. The Company’s manufacturing facilities are located
in Shenzhen, Guangdong.
Forward-looking
Statements
Safe
Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Certain of the statements made in the press release constitute forward-looking
statements within the meaning 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," "may," "will," "should," "project,"
"plan," "seek," "intend," or "anticipate" or the negative 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. Actual results could differ materially from the
expectations reflected in such forward-looking statements as a result of a
variety of factors, including our ability to maintain and increase revenues and
sales of our products, our ability to develop and market new products, our
strategic investments and acquisitions, compliances and changes in the laws of
the People’s Republic of China (the “PRC”) that affect our operations, and
vulnerability of our business to general economic downturn, especially in the
PRC, and other risk factors detailed in reports filed with the Securities and
Exchange Commission from time to time.
Investor
Contacts:
|
|
Dexter
Fong
China
Electric Motor, Inc.
+86
(755) 8278 6083
dexterfong@gmail.com
|
Simon
Ze
China
Electric Motor, Inc.
+86
(755) 8257 7750
ze_simon@hotmail.com
|
Investor
Relations (HK):
Ruby
Yim
Taylor
Rafferty
+852
3196 3712
ChinaElectricMotor@Taylor-Rafferty.com
|
Investor
Relations (US):
Delia
Cannan
Taylor
Rafferty
+1
(212) 889-4350
ChinaElectricMotor@Taylor-Rafferty.com
|
Media
Contact:
Jason
Marshall
Taylor
Rafferty
+1
(212) 889-4350
ChinaElectricMotor@Taylor-Rafferty.com
|
Investor
Relations (US):
John
Baldissera
BPC
Financial Marketing
+1
(800) 368-1217
|