China GrenTech Announces Changes to its Board of Directors
September 11 2009 - 4:00PM
PR Newswire (US)
SHENZHEN, China, Sept. 11 /PRNewswire-Asia-FirstCall/ -- China
GrenTech Corporation Limited (Nasdaq: GRRF, "the Company", or
"GrenTech"), a leading China-based radio frequency ("RF")
technology and product developer and a leading wireless coverage
product and service provider, today announced the resignation from
the Board of Directors (the "Board"), effective September 21, 2009,
of Mr. Liping Mao for personal reasons, following his earlier
resignation from his position as a Vice President (responsible for
overseeing sales and marketing) of the Company on June 30, 2009.
Concurrently, the Company is pleased to announce the appointment of
Mr. Qi Wang to the Board, effective September 21, 2009. Mr. Wang
currently serves as a Vice President of the Company, responsible
for base station RF business operations. Mr. Yingjie Gao, Chairman
and Chief Executive Officer, said, "We welcome Mr. Wang to the
Board. Mr. Wang has been an integral part of our senior management
team since the inception of GrenTech. With over 20 years'
experience in management, Mr. Wang is well-regarded in the industry
and by his colleagues at GrenTech. In his new capacity as a
Director, we expect Mr. Wang to further fuel GrenTech's growth
going forward. In addition, we would like to express our
appreciation to Mr. Mao for his contributions as the member of the
Board." Mr. Wang said, "I am very pleased to serve as a member of
the Board of GrenTech. The base station RF business is a key growth
driver of the Company, along with the wireless coverage business.
As 3G network construction continues, demand for base station RF
products has shown encouraging signs for our future prospects. In
my new position, I will commit to capturing the tremendous
opportunities that are available in order to drive growth and
create sustainable value for our shareholders." About China
GrenTech GrenTech is a leading developer of radio frequency ("RF")
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.
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. GrenTech
is a qualified supplier of RF parts and components to the global
and domestic major base station manufacturers including Huawei
Technologies and ZTE Corporation. For more information, please
visit http://www.grentech.com.cn/ . Forward-Looking Statements
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 Company's reliance on business
relationships with the Chinese telecommunication operators and base
station manufacturers; the ability of the Company to avoid
disruption to its business caused by changes in the Board; the
ability of the Company to recruit and retain suitable Board
members; the risk that the Company will continue to experience
downward pressure on the pricing of its products and services due
to the telecommunication operators' bidding policies or other
factors; the risk that the telecommunication operators in China
will not expand or maintain their spending on 2G, 3G, WLAN or other
network projects; uncertainty as to the future demand for base
station RF products by domestic or international base station
manufacturers, including the risk that demand in China or elsewhere
for base stations may not grow as the Company's management
anticipates; and uncertainty as to the Company's ability to attract
and retain qualified executives and personnel, particularly in its
research and development department. 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 - Kent Lo, Investor Relations Manager of China
GrenTech Corp Ltd., +86-755-2650-3007, or ; Investor Relations (HK)
- Ruby Yim of Taylor Rafferty, +852-3196-3712, or ; Investor
Relations (US) - Delia Cannan of Taylor Rafferty, +1-212-889-4350,
or ; Media Contact - Jason Marshall of Taylor Rafferty,
+1-212-889-4350, or Web Site: http://www.grentech.com.cn/
Copyright