China GrenTech Announces Retirement of CTO Kunjie Zhuang
January 16 2009 - 4:00PM
PR Newswire (US)
SHENZHEN, China, Jan. 16 /PRNewswire-Asia-FirstCall/ -- China
GrenTech Corporation Limited (Nasdaq: GRRF, "the Company", or
"China GrenTech"), a leading China-based radio frequency ("RF")
technology and product developer and a leading wireless coverage
products and services provider, today announced that Mr. Kunjie
Zhuang, China GrenTech's Chief Technology Officer ("CTO"), has
retired from the Company, effective as of January 1, 2009. Mr.
Zhuang will remain a member of the Company's Board of Directors
after his retirement and will continue to serve the Company as a
technology consultant. Mr. Yingjie Gao, Chairman and Chief
Executive Officer of China GrenTech, said, "Kunjie is a
nationally-renowned expert in radio frequency technology, with over
48 years of industry experience. He has been instrumental in
strengthening our R&D capabilities and in establishing our
outstanding R&D team, which is among the best in the industry."
"We are deeply indebted to Kunjie for his dedication and
outstanding contributions to the Company over the last 10 years. He
has been an indispensable partner to me as we have worked to build
the Company into a leading developer of radio frequency technology
and products in China. I look forward to working with him as a
director and a consultant in the future. We have not appointed a
new CTO but may consider doing so, depending on our future business
needs," said Mr. Gao. Mr. Zhuang stated, "I am extremely proud of
this organization and have been fortunate to witness the Company's
tremendous growth over the years. Thank you to all for your support
and contributions to China GrenTech." Additionally, as a part of
China GrenTech's continued effort to streamline its operations and
increase cost efficiencies, the Company has decided to relegate two
Vice President positions, effective January 11, 2009; these actions
reduce the senior management team from eight people to five. After
the relegation, Mr. Tianwen Ding and Mr. Guanyu Huang, formerly the
Company's Vice Presidents, will assume duties at the business unit
level and continue to work for the Company in their respective new
roles. "China GrenTech is presented with tremendous opportunities
brought by the increasing capital expenditures of major
telecommunications operators in China subsequent to the
restructuring and the recent issuance of 3G licenses. In order to
capture the growth opportunities, we will focus on driving
profitability by streamlining our organizational structure and
business procedures, increasing operational efficiency and
optimizing operating processes, while managing production costs and
operating expenses. In fact, we have already started to implement
effective restructuring measures. As always, every one of us at
China GrenTech will do our best to ensure the continued success of
the Company and to maximize returns for our shareholders,"
concluded Mr. Gao. About China GrenTech China GrenTech is a leading
developer of radio frequency technology in China and a leading
provider of wireless coverage products and services in China. The
Company uses RF technology to design and manufacture wireless
coverage products, which enable telecommunication operators to
expand the reach of their wireless communication networks to indoor
and outdoor areas, such as buildings, highways, railways, tunnels
and remote regions. China GrenTech's wireless coverage services
include design, installation and project warranty services. The
Company also tailors the design and configuration of its wireless
coverage products to the specific requirements of its customers.
Based on its in-house RF technology platform, the Company also
develops and produces base station RF parts and components sold to
base station manufacturers. China GrenTech is a qualified supplier
of RF parts and components to six major base station manufacturers
including Huawei Technologies and ZTE Corporation. For more
information, please visit http://www.grentech.com.cn/ . Safe Harbor
Statement under the Private Securities Litigation Reform Act of
1995 Statements contained in this press release that are not
historical facts are forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, including financial projections and
forecasts, involve risks and uncertainties that could cause the
Company's actual results to differ materially from its current
expectations. Factors that could cause the Company's results to
differ materially from those set forth in these forward-looking
statements include: the ability of China GrenTech's management to
effectively lead the Company; the risk that the Company will not be
able to attract qualified people to its management team or retain
its existing management and employees, possible disruptions to its
business and operations caused by the changes in senior management;
the risk that the Company will not be able to produce sufficient
quantities of RF modules for its network coverage equipment
manufacturing or be able to source them from suppliers on
commercially acceptable terms or at all; the Company's ability to
reduce its management expenses and increase operational efficiency
as a result of the recent divestiture of two of its subsidiaries;
the risk that the Company will not be able to maintain its leading
RF technology and production scale to continue to manufacture its
own RF modules for network coverage; the Company's ability to
maintain its financial position and margins during the current
economic slowdown in China and worldwide; fierce competition in the
wireless communication industry; uncertainty as to its ability to
continuously develop and manufacture new RF technologies and keep
up with changes in RF technologies; risks associated with possible
defects and errors in its wireless coverage products or RF
products; and uncertainty as to the Company's ability to protect
and enforce its intellectual property rights. Other factors that
may causes the Company's actual results to differ from those set
forth in the forward-looking statements contained in this press
release and that may affect its prospects in general are described
in the Company's filings with the Securities and Exchange
Commission, including its Registration Statement on Form F-1
related to its initial public offering and its annual reports on
Form 20-F. The Company undertakes no obligation to update or revise
forward-looking statements to reflect subsequent events or changed
assumptions or circumstances. For more information, please contact:
Investor Contact: Kent Lo, Investor Relations Manager China
GrenTech Corp Ltd. Tel: +86-755-2650-3007 Email: Investor Relations
(US): Delia Cannan Taylor Rafferty Tel: +1-212-889-4350 Email:
Investor Relations (HK): Ruby Yim Taylor Rafferty Tel:
+852-3196-3712 Email: Media Contact: Jason Marshall Taylor Rafferty
Tel: +1-212-889-4350 Email: DATASOURCE: China GrenTech Corporation
Limited CONTACT: Investor Contact: China GrenTech Corp Ltd., Kent
Lo, Investor Relations Manager, +86-755-2650-3007, ; Investor
Relations (US): Taylor Rafferty, Delia Cannan, +1-212-889-4350, ;
Investor Relations (HK): Ruby Yim, +852-3196- 3712, ; Media
Contact: Jason Marshall, +1-212-889- 4350, . All for China GrenTech
Corp Ltd. Web site: http://www.grentech.com.cn/
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