NEW YORK, Feb. 2, 2017 /PRNewswire/ -- Wecast Network, Inc.
(NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"), announced
today that its Board of Directors (the "Board"), on January 30, 2017, unanimously appointed Mr.
Yi Xu as the Chief Operating
Officer, as well as the interim Chief Financial Officer ("CFO") and
principal accounting officer of the Company, effective February 4, 2017. On January 30, 2017, Ms. Mei
Chen, the current CFO of the Company notified the Board of
her resignation from her position as CFO, effective February 4, 2017. Ms. Chen's resignation was not
due to any disagreement with the Company on any matter relating to
the Company's operations, policies or practices. The Company thanks
Ms. Chen for her service to the Company.
Mr. Xu, age 42, comes to the Company with twenty years of
management and operating experience, and a keen understanding and
extensive background in corporate finance, financial planning and
analysis, treasury, strategic planning, risk management, controls
and compliance. Most recently and prior to joining the Company, Mr.
Xu was the Vice President of Zhimaotong (Shanghai) International Trade Co., Ltd., a
state-controlled company specializing in cross-border
e-commerce. He also served as the Senior Vice President of
Shanghai Kuajingtong Group, also a state-controlled company
specializing in cross-border e-commerce. Prior to that Mr. Xu
was CFO and Vice President of Operations of Shanghai Shangbaotong
Technologies Co., Ltd., an e-commerce company in the health care
industry.
Mr. Xu holds a Bachelor's Degree in telecommunication
engineering from Shanghai Jiao Tong University.
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network, Inc. (NASDAQ: WCST), is a next generation
global brand licensing, IP sales and video commerce company driven
by AI and Big Data. With a firm focus on 4 strategy pillars
which include: Brand, Content, Commerce and Licensing, the Company
is leveraging and optimizing its legacy operations as a premium
content Video On Demand service provider in China to evolve into a global, vertical,
ubiquitous and transactional B2B2C, mobile-driven, consumer and
supply chain management platform. By aiming to establish the
world's premier multimedia, social networking and smart
e-commerce-enabled network with the largest global effective
connected user base, Wecast, through this expanded, cloud-based,
ecosystem of connected screens combined with strong partnerships
with leading global providers, will be capable of delivering a vast
array of WCST/YOD–branded products and services to enterprise
customers and end-use consumers - anytime and
anywhere, across multiple platforms and devices.
Wecast has content distribution agreements in place with many
of Hollywood's top studios including Disney Media
Distribution, Paramount Pictures, NBC Universal and Twentieth
Century Fox Television Distribution, Miramax, as well as a broad
selection of the best content from Chinese filmmakers. In
addition, the Company has governmental partnerships and licenses as
well as numerous JV partnerships and strategic cooperation
agreements with an array of distribution and content partners in
the global new media space. Wecast is headquartered in both
New York, NY and Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are 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 such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You 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.
CONTACT:
Jason Finkelstein
Wecast Network, Inc.
212-206-1216
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SOURCE Wecast Network, Inc.