Attached files
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| 8-K - CURRENT REPORT - CHINA ELECTRIC MOTOR, INC. | v189251_8-k.htm |
| EX-10.1 - DIRECTOR AGREEMENT - TONY SHEN - CHINA ELECTRIC MOTOR, INC. | v189251_ex10-1.htm |
| EX-10.2 - DIRECTOR AGREEMENT - JAMES M. LEE - CHINA ELECTRIC MOTOR, INC. | v189251_ex10-2.htm |
EXHIBIT 99.1
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FOR IMMEDIATE
RELEASE
CHINA
ELECTRIC MOTOR, INC. ANNOUNCES APPOINTMENT OF DIRECTORS
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Tony Shen Appointed
Independent Non-Executive Director and Chairman of the Audit
Committee
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James M. Lee Appointed
Independent Non-Executive Director and Chairman of the Nominating
Committee
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Yue Wang, Chief Executive
Officer, Appointed as a
Director
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SHENZHEN,
China, June 28, 2010 /PRNewswire-Asia-FirstCall/ -- 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 announces that, effective July 1, 2010, the
following changes will be made to its senior management team.
Mr. Tony
Shen has been appointed Independent Non-Executive Director and Chairman of the
Audit Committee. Prior to joining the Company, Mr. Shen served as Chief
Financial Officer, Treasurer and Corporate Secretary of China BAK Battery, Inc.
from August 2007 to April 2010 and as Chief Financial Officer of eLong Inc. from
2006 to April 2007. Prior to joining eLong, he was at China Netcom and its
affiliated companies from 2003 to 2004, where he served as Chief Financial
Officer and Vice President of Finance for Joyzone Networks, an affiliate of
China Netcom, and as General Manager of Overseas Investment Management in China
Netcom International. Mr. Shen received a BE in Electrical Engineering from
Tsinghua University and an MBA from Columbia Business School.
Mr. James
M. Lee has been appointed Independent Non-Executive Director and Chairman of the
Nominating Committee. Mr. Lee began his long-standing career at Intel
Corporation in June 1976 and retired in June 2003, including serving as Director
of Intel’s California Technology Lab and General Manager of Intel’s
manufacturing subsidiary in Shanghai. He obtained a Bachelor of Science degree
in Electrical Engineering from the University of Illinois and a Master of
Science degree in Electrical Engineering from Syracuse University. He has served
as a member of the Board of Directors of Apollo Solar Energy, Inc. since March
2009.
Mr. Yue
Wang will continue as the Company’s Chief Executive Officer and will also serve
as a Director.
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Mr. Yue
Wang, Chief Executive Officer, said, “I want to welcome Mr. Shen and Mr. Lee as
Independent Non-Executive Directors and as Chairman of the Audit Committee and
Nominating Committee, respectively. I look forward to the objective advice and
significant industry expertise that Mr. Lee will contribute in his position. Mr.
Shen brings to our Company a strong financial acumen and distinguished
management track record. I am confident that both of our newly appointed
Independent Directors will help to enhance our corporate governance principles
and practices.”
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.
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Investor
Contacts:
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Dexter
Fong
China
Electric Motor, Inc.
+86
(755) 8278 6083
dexterfong@gmail.com
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Simon
Ze
China
Electric Motor, Inc.
+86
(755) 8257 7750
ze_simon@hotmail.com
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Investor
Relations (HK):
Ruby
Yim
Taylor
Rafferty
+852
3196 3712
ChinaElectricMotor@Taylor-Rafferty.com
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Investor
Relations (US):
Delia
Cannan
Taylor
Rafferty
+1
(212) 889-4350
ChinaElectricMotor@Taylor-Rafferty.com
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Media
Contact:
Jason
Marshall
Taylor
Rafferty
+1
(212) 889-4350
ChinaElectricMotor@Taylor-Rafferty.com
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Investor
Relations (US):
John
Baldissera
BPC
Financial Marketing
+1
(800) 368-1217
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