SHISHI, China, Jan. 25, 2018 /PRNewswire/ -- KBS Fashion Group
Limited (NASDAQ: KBSF) ("KBS" or the "Company"), a
vertically-integrated casual menswear company in China, today announced that due to personal
reasons, Mr. Xiaowen Zheng has
tendered his resignations as Chief Executive Officer ("CEO"),
President and director of the Company. As a result of Mr. Zheng's resignation,
the Board of Directors of the Company reduced the size of the Board
to seven. Mr. Keyan Yan, the
Chairman of KBS, was appointed by the Board as the Company's CEO
and President, effective immediately. Mr. Zheng's resignation
was not a result of any disagreement or dispute with the Company or
its management regarding any matters relating to operations,
policies or practices of the Company.
Mr. Yan, Chairman and new CEO of KBS, commented, "I would like
to sincerely thank Xiaowen for his expertise and dedication to the
Company during his tenure and we wish him every success in his
future endeavors."
About KBS Fashion Group Limited
Headquartered in Shishi, China,
KBS Fashion Group Limited, through its subsidiaries, is engaged in
the business of designing, manufacturing, selling and distributing
its own casual menswear brand, KBS, through a network of 50 KBS
branded stores (as of June 30, 2017)
and over a number of multi-brand stores. To learn more about the
Company, please visit its corporate website at
www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of KBS Fashion Group Limited,
and its subsidiary companies. All statements, other than statements
of historical fact included herein, are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
For further information, please contact:
Lisa Tu
Chief Financial Officer
T: +86 158-5972-2469
E: lingsantu@hotmail.com
Tony Tian, CFA
Weitian Group LLC
T: +1 732-910-9692
E: tony.tian@weitian-ir.com
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SOURCE KBS Fashion Group Limited