BEIJING, Nov. 23, 2016 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company") today announced the appointments of
Dr. Jy-Ber Gilbert Lee as an
Independent Director and Mr. Yibo
Fang as a director on the Company's Board of
Directors. Dr. Lee replaces Hung Hsin
(Robert) Chen, as an Independent Director, who resigned for
personal reasons after serving in this capacity since
2005. Mr. Chen's decision is not the result of any dispute or
disagreement with the Company or its Board of Directors on any
matter relating to the Company's operations, policies or practices.
Dr. Lee will also serve as a member of the Board's Compensation and
Auditing Committees.
Dr. Jy-Ber Gilbert Lee has served
as the Company's Director since May
2005 and as the Company's President and Chief Operating
Officer from February 2006 to
August 2008. The Board of Directors
of the Company reviewed the independence of Dr. Lee and determined
that he satisfied the "independence" requirements set forth in
Nasdaq Stock Market Rule 5605(a)(2) and the "independence"
standards under Rule 10A-3 under the Securities Exchange Act of
1934. Prior to joining TechFaith, Dr. Lee was the Deputy General
Manager of the Guangdong branch of
China Netcom Corp., a subsidiary of China Netcom Group, and was
Managing Director of Sales of China Netcom Corp. from June 2001 to February
2004. Dr. Lee
previously held the positions of Vice President at Motorola Inc.,
and Deputy General Manager of Global Telecom Solutions,
Greater China. Dr. Lee received a bachelor's degree in
mechanical engineering from the National Taiwan University in 1977,
and a master's degree in energy engineering and a Ph.D. in
mechanical engineering from the University of
Illinois in 1980 and 1984, respectively.
Mr. Yibo Fang currently serves as
the Company's Chief Technology Officer, after holding the position
of Vice President and Chief Technology Officer of TechFaith China
from August 2002 to March 2005. Prior to joining the Company, Mr.
Fang held hardware engineering positions at Motorola (China), Beijing Sino-Electronics Future
Telecommunication R&D, Ltd. and at ZT Telecom. Mr. Fang
received a bachelor's degree in electrical engineering and applied
electronic technology from Tsinghua University in China in 1991.
Mr. Defu Dong, Chairman of
TechFaith, said, "We appreciate the many valuable contributions
Robert Chen has made to TechFaith
since 2006. We wish him and his family all the best. We are using
this opportunity to further strengthen our Board and expect to
benefit from the counsel of Dr. Lee and Mr. Fang as we work with
the Company's management on the execution of its business
strategy. We are confident
that the business model will deliver greater value to shareholders
as the assets held are more properly valued for their cash flow
potential and the higher appreciated value of the land and
buildings in the Company's portfolio. We also expect the Company will
continue to execute on the revitalization of its mobile phone
business."
Mr. Deyou Dong, Chief Executive
Officer of TechFaith, said, "We are very happy that Dr. Lee has
agreed to take on the important role as an Independent Director
with our Company. He is in the
unique position of having intimate knowledge of our business
strategy and intellectual property portfolio, along with an
impressive professional track record at one of the world's largest
wireless companies. This will
allow him serve as a valued resource to the Company as we work to
accelerate development of our company's mobile phone
business. Mr. Fang boasts a
diverse background having served as our Company's CTO and as an
executive at some of China's most
dominant wireless and telco equipment companies. These appointments serve to further
validate the momentum we are building in our business and our
commitment to achieving long-term growth in revenue and
profitability."
About TechFaith
TechFaith (NASDAQ: CNTF) is a China-based mobile solutions provider for the
global mobile handsets market, with a focus on the original design
and development of specialized mobile handsets for consumers and
enterprises under both our customers' and our own brands, as well
as on the sale of finished products to local and international
customers. Starting in 2008, we
began investing in the construction of buildings and facilities to
expand our real estate portfolio in China as part of our growth and
diversification strategy. For more information, please visit
www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," "outlook" and similar
statements. TechFaith may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission on Forms 20-F and 6-K, among
others, and in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about TechFaith's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, those risks outlined in
TechFaith's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. TechFaith
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
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SOURCE China TechFaith Wireless Technology Limited