Qun Yi Zheng, Ph.D. Elected President of Kent Financial Services, Inc.
November 25 2005 - 9:01AM
Business Wire
KENT FINANCIAL SERVICES, INC. (the "Company") (NASDAQ - KENT) Paul
Koether, Chairman, today announced the election of Dr. Qun Yi
Zheng, age 48, as President and a Director. Dr. Zheng was also
elected President of Cortech, Inc., Kent's 50.9% owned subsidiary.
Dr. Zheng has signed a three-year employment agreement with
Cortech. Dr. Zheng holds a Ph.D. in organic chemistry and was,
until its sale in July 2005, the President of Pure World, Inc. A
United States citizen, Dr. Zheng was born in Changsha, China and
came to America as a graduate student in 1985. He bridges two
cultures having traveled and worked in both the United States and
China. Under Dr. Zheng's operational leadership, our subsidiary,
Cortech, intends to pursue business opportunities in China and
Eastern Europe. Initial areas to be evaluated will include
outsourcing for U.S. companies, consulting for companies here and
overseas interested in cross/border business relationships, surveys
of small businesses for sale in China and Eastern Europe and
export/import distribution contracts. It is expected that no
revenues will be generated for some months from this new activity
as it will be in a start-up mode. Any meaningful financial forecast
at this early stage is not possible. This new program, to
participate in the globalization of world business, may produce a
significant $500,000 to $600,000 loss in calendar year 2006 for
Cortech. Kent will consolidate in its financial statements its
proportionate share of any Cortech losses. Dr. Zheng has been
granted a 300,000 share incentive stock option at $3.00 a share.
33,000 shares will vest immediately and 33,000 additional shares
will vest each year over the next eight years. In addition, Paul
Koether, Chairman of Kent, has granted Dr. Zheng an option to
purchase up to 300,000 shares of Kent stock owned by Koether at a
price of $4.00 a share thru December 31, 2007. Koether has also
granted Dr. Zheng a right of first refusal to purchase additional
shares of Kent from Koether under certain conditions. Kent has
2,815,374 shares outstanding. This Press Release contains
forward-looking statements which may involve known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results and performance in future periods to be materially
different from any future results or performance suggested by these
statements. Kent Financial Services cautions investors not to place
undue reliance on forward-looking statements, which speak only to
management's expectations on this date.
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