China Technology Announces Appointment of New Independent Director and Respective Committees of the Board of Directors, and Rece
March 07 2007 - 6:00AM
PR Newswire (US)
HONG KONG, March 7 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (Nasdaq: CTDC; "CTDC" or
the "Company") today announced the followings: Mr. Yu Keung Poon
was appointed as an Independent Director to replace Mr. Meng Wan
The Company announced today that Mr. Meng Wan tendered his
resignation and resigned as an independent director on March 2,
2007 with immediate effect. The Nomination Committee vetted and
nominated, on March 2, 2007, Mr. Yu Keung Poon as an independent
director to fill the casual vacancy resulted from Mr. Meng Wan's
resignation. The Board of Directors passed and approved by way of
written resolution on March 2, 2007, the nomination of Mr. Yu Keung
Poon and appointed Mr. Yu Keung Poon to serve as an independent
director of the Company, and such appointment shall end at the next
annual meeting of members. Mr. Poon, aged 42, currently serves as
the Financial Controller and Company Secretary to Jiuzhou
Development Company Limted ("Jiuzhou") (HKSE Code: 00908). He is a
Certified Public Accountant of the Hong Kong Institute of Certified
Public Accountants and a fellow member of the Association of
Chartered Certified Accountants in England. Prior to joining
Jiuzhou, Mr. Poon had worked in Ernst & Young Hong Kong and had
assumed the accounting and financial management positions in a
number of China affiliated and multinational companies. His
extensive experience in auditing and financial management will help
the Company in further strengthening its financial management and
internal control systems. Mr. Poon commented, "I am delighted to
join the board. As an independent director of the Company, I would
like to help strengthening the Company's corporate governance and
internal control systems." "We are pleased to welcome Mr. Yu Keung
Poon as our new independent director", Mr. Changshan Zhao, Chairman
of the Board, said, "The board of directors are impressed with Mr.
Poon's professional experience in financial management. We hope
that Mr. Poon can help the Company gradually enhancing its internal
control and contribute his expertise in the Company's business
growth and expansion." Composition of the Board Committees The
Company announced today, that the Audit, Compensation and
Nominating Committees of the Board are formed with following
appointments: -- Audit Committee: Mr. Loong Cheong Chang (Chairman
of the Committee), Mr. Yu Keung Poon and Mr. Yezhong Ni --
Compensation Committee: Mr. Xinping Shi (Chairman of the
Committee), Mr. Yu Keung Poon and Mr. Weidong Wang -- Nominating
Committee: Mr. Xinping Shi (Chairman of the Committee), Mr. Loong
Cheong Chang and Mr. Weidong Wang Following the latest appointment
of independent director, the Board of Directors of the Company as
of the date of this announcement are as follows: -- Executive
Directors: Mr. Changshan Zhao, Mr. Alan Li, Mr. Zhenwei Lu, Mr. Xu
Qian, Mr. Zhang Ju. -- Independent Directors: Mr. Loong Cheong
Chang, Mr. Yu Keung Poon, Mr. Xiaoping Wang, Mr. Xinping Shi, Mr.
Yezhong Ni and Mr. Weidong Wang. Receipt of Nasdaq
Deficiency/Compliance Letter The Company received a Nasdaq Staff
Deficiency Letter on March 5, 2007 ("Nasdaq Letter") indicating
that the Company fails to comply with the audit committee
requirement for continued listing on The Nasdaq Stock Market as set
forth in MarketPlace Rule 4350(d) (2) (the "Rule"), which requires
an issuer to have an audit committee consisting of at least three
independent directors. With the resignations of Mr. Peter Fu and
Mr. L.C. Wan as independent directors and audit committee members
on January 5, 2007, Mr. Yezhong Ni was the only member of the Audit
Committee. The Board of Directors passed and approved by way of
written resolution on March 2, 2007, the appointments of Mr. Loong
Cheong Chang and Mr. Yu Keung Poon to the Audit Committee
respectively. As a result of the new appointments, the Audit
Committee is comprised of three independent directors. The Nasdaq
Letter concluded that the Company has regained compliance with the
Rule and with this public announcement and 6-K filing, this matter
is closed. About CTDC: CTDC is engaged in information network
security and nutraceutical business in the People's Republic of
China. CTDC's ultimate principal shareholder is China Merchants
Group ( http://www.cmhk.com/ ), one of the most important Chinese
state-owned enterprises in China. For more information, please
visit our website at http://www.chinactdc.com/ . Forward-Looking
Statement Disclosure: This press release of the Company, which is a
foreign private issuer, on Form 6-K contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Act of 1934. These
statements relate to future events or the Company's future
financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"expects", "intends", "may", "plans", "potential", "predict",
"should", or "will" or the negative of these terms or other
comparable terminology. These statements are only predictions,
uncertainties and other factors may cause the Company's actual
results, level of activity, performance or achievements to be
materially different from any future results, level of activity,
performance or achievements expressed or implied by these
forward-looking statements. The information in this Report on Form
6-K is not intended to project future performance of the Company.
Although the Company believes that the expectations reflected in
the forward- looking statements are reasonable, the Company does
not guarantee future results, level of activity, performance or
achievements. The Company's expectations are as of the date this
Form 6-K is filed, and the Company does not intend to update any of
the forward-looking statements after the date this Report on Form
6-K is filed to conform these statements to actual results, unless
required by law. Contact: China Technology Development Group
Corporation Yibing Zhang Chief Financial Officer and Company
Secretary Tel: +852-3112-8461 Email: DATASOURCE: China Technology
Development Group Corporation CONTACT: Yibing Zhang, CFO of CTDC,
+852-3112-8461, or Web site: http://www.chinactdc.com/
http://www.cmhk.com/
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