CARLSTADT, N.J., July 10, 2014 /PRNewswire/ -- Jinpan
International Limited (Nasdaq: JST), a leading designer,
manufacturer, and distributor of cast resin transformers,
regretfully announces the passing of one of its directors,
Stephan R. Clark. Mr. Clark
died on June 23, 2014. He had served
on the Company's board of directors ("Board") as an independent
director since October 2006. He also served as the Chairman
of the Board's Audit Committee. After his passing, the
Board appointed independent director and Audit Committee member Mr.
Donald S. Burris to the position of
Acting Chairman of the Audit Committee.
Zhiyuan Li, Chairman of the
Board, Chief Executive Officer and President of the Company stated
"We extend our deepest sympathies to Steve's beloved wife,
Marlene Clark, and to his children
and grandchildren. Steve's death is a tragic loss for all of us who
considered him a friend. We are fortunate to have known Steve
and he will be truly missed."
As a result of Mr. Clark's death on June
23, 2014, the Company received a written notification from
the staff of The Nasdaq OMX Group ("NASDAQ") indicating that since
Mr. Clark was an independent director and a member of the Board's
Audit Committee, the Company no longer complies with NASDAQ's audit
committee requirement of maintaining committee membership by at
least three independent directors, as set forth in Listing Rule
5605(c)(4) (the "Rule"). NASDAQ has granted the Company the
following cure period to regain compliance with the audit committee
membership requirement: (i) until the earlier of the Company's next
annual meeting of shareholders or June 23, 2015, or (ii) if the
Company's next annual meeting of shareholders is held before
December 22, 2014, until December 22, 2014. The Company is in
the process of identifying an independent director to be elected to
the Board and who will also be appointed to the Audit Committee in
order to regain compliance with the Rule prior to the expiration of
the cure period granted by NASDAQ.
About Jinpan International Ltd
Jinpan International Limited (NASDAQ: JST) designs,
manufactures, and markets electrical control and distribution
equipment used in demanding industrial applications, utility
projects, renewable energy installations, and infrastructure
projects. Major products include cast resin transformers, VPI
transformers and reactors, switchgears, and unit substations.
Jinpan serves a wide range of customers in China and reaches international markets as a
qualified supplier to leading global industrial electrical
equipment manufacturers. Jinpan is one of the largest manufacturers
of cast resin transformers in China by production capacity. Jinpan's four
manufacturing facilities in China
are located in the cities of Haikou, Wuhan, Shanghai and Guilin. The Company was founded
in 1993. Its principal executive offices are located in
Haikou, Hainan, China and its United States office is based in Carlstadt, New Jersey. For more information,
visit www.jinpaninternational.com.
SOURCE Jinpan International Limited