BEIJING, May 9, 2019 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company") today announced the appointment of
Ms. Lichun Yang and Mr. Qin Bin as
new independent directors of the board, effective on May 6, 2019, and the concurrent resignation of
Mr. Ken Lu and Dr. Jy-Ber Gilbert Lee from the board. The
departures of Mr. Lu who has served since 2006 and Dr. Lee since
2016 are not the result of any dispute or disagreement with the
Company or its board of directors on any matter relating to the
Company's operations, policies or practices. The Company also
announced that its Audit Committee has dismissed Friedman LLP
("Friedman") as the Company's independent auditor and engaged Wei,
Wei & Co., LLP as its new independent auditor, effective as of
today.
The Company's Audit Committee reached its decision to engage
Wei, Wei & Co., LLP as the new independent registered public
accounting firm of the Company after thorough evaluation and with
the concurrence of the Board of Directors. The auditor's reports of
Friedman on the Company's consolidated financial statements as of
and for either of the past three fiscal years from 2015 did not
contain any adverse opinion or a disclaimer of opinion, and none of
those reports was qualified or modified as to uncertainty, audit
scope, or accounting principles. During the two most recent fiscal
years and through the subsequent interim period preceding
Friedman's termination, there have been no disagreements between
Friedman and the Company on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures that would have caused Friedman to make reference to the
subject matter of the disagreement in connection with its report on
the Company's consolidated financial statements.
Wei, Wei & Co., LLP will begin providing services to the
Company and will work with Friedman to ensure a seamless
transition.
Mr. Deyou Dong, Chairman and CEO
of TechFaith, said, "This is an important time for our Company with
many different business, operational and strategic challenges
facing us. We welcome the new perspectives, expertise and energies
of Ms. Lichun Yang and Mr. Qin Bin
to our Board and look forward to their contributions in working
with the management team. We greatly appreciate the many years of
dedicated service and contributions from Mr. Ken Lu and Dr. Lee on our Board. We wish them
continued success and all the best to their families."
Background on New Directors:
Ms. Lichun Yang is the director
of finance department of Tuspark Holdings (UK) Ltd. She previously
served as a director in the financial department of Tuspark Digital
Group Company Ltd., a financial director at Techfaith Interactive
Technology (Beijing) Ltd., the
auditing supervisor of China South Industries Group Finance
Company, and the financial manager of China Sys Technology Company
Ltd. Ms. Yang received her bachelor's degree in technique &
economics from Jilin University in
1994 and her master degree in management from Jilin University in 1997. She is a member of
ACCA (the Association of Chartered Certified Accountant) and a
member of CICPA (the Chinese Institute of Certified Public
Accountants).
Mr. Qin Bin has been the Vice President of Beiming Software Co.
Ltd. since 2016. He previously served as a solutions manager of
HPE-UNISHUASHAN Tech Co. Ltd., a sales manager of Dell China Co.
Ltd., a sales director of Founder International Company, and sales
executive for Lenovo Group Limited (Lenovo-Digital
China). He received bachelor's degree in Electronic
Engineering from Beijing Union
University, China.
About Wei, Wei & Co., LLP
Wei, Wei & Co., LLP is a mid-sized firm and one of the
largest Chinese owned firms in the United
States, headquartered in New York
City with locations in Los
Angeles, Beijing and
Sydney. Wei, Wei & Co., LLP
has been serving the accounting, tax and business consulting needs
of public and private companies since 1969. Wei, Wei & Co., LLP
has affiliated firms in the United
States and China and, as an
independent member firm of BDO Alliance USA, has the footprint and resources of large
international firms. Additional information on Wei, Wei & Co.,
LLP is available at http://www.weiweico.com.
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of
commercial real estate properties across China as well as a China-based mobile solutions provider for the
global mobile handsets market. TechFaith continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. The
Company currently focuses on developing office space that can serve
as anchor bases in areas with developing economies, as it meets the
needs of both established businesses and innovative start-up
companies in China. For more information, please visit
www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," "outlook" and similar
statements. TechFaith may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission on Forms 20-F and 6-K, among others, and in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about TechFaith's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, those
risks outlined in TechFaith's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
TechFaith does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
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SOURCE China TechFaith Wireless Technology Limited