CNinsure Appoints New Independent Director to The Board
September 26 2008 - 6:58AM
PR Newswire (US)
GUANGZHOU, China, Sept. 26 /Xinhua-PRNewswire-FirstCall/ --
CNinsure Inc. (NASDAQ:CISG), a leading independent insurance
intermediary company operating in China, today announced the
appointment of Mengbo Yin, a university professor of finance, to
its Board of Directors ("Board") and its Audit Committee, as a new
independent director, replacing Mr. Peng Ge, who has been an
executive director of CNinsure and a member of Audit Committee
since August 2007. The appointment and resignation are effective
immediately. After resigning from the Board, Mr. Ge will continue
to serve as Chief Financial Officer of CNinsure. With this change,
CNinsure has gained compliance with Nasdaq Marketplace Rules 4350
(c) (1) and 4350 (d) (2), which require that a majority of the
company's Board of Directors be independent and that the Audit
Committee be composed of at least three members, each of whom must
be independent directors. CNinsure's Board of Directors now
comprises of seven members including four independent and three
non-independent directors, and its Audit Committee is composed of
three independent directors. The new independent director,
Professor Yin is a Ph.D advisor at Southwestern University of
Finance and Economics (SUFE), where he also serves as head of the
university's Postgraduate Department since 2007. Previously, he was
the dean of the School of Finance at SUFE from 1996 until 2007.
Professor Yin received his master degree and P.H.D degree in
Finance from Southwestern University of Finance and Economics. Mr.
Yin's academic career as a financial scholar spans 25 years, with
over 80 articles published in major publications and involvement in
over six key research projects. "We are very delighted to welcome
Professor Yin to our Board. His deep insights in the development of
China's financial market will be a valuable asset for CNinsure as
we continue to explore new market opportunities", Mr. Yinan Hu,
CNinsure's Chairman and Chief Executive Officer, stated, "This
appointment is an importance step towards CNinsure's full
compliance with Nasdaq listing requirements, which we believe will
further improve our corporate governance for the long term benefits
of both CNinsure and our shareholders." About CNinsure Inc.
CNinsure is a leading independent insurance agency and brokerage
company operating in China. CNinsure's distribution network reaches
many of China's most economically developed regions and affluent
cities. The Company distributes a wide variety of property and
casualty and life insurance products underwritten by domestic and
foreign insurance companies operating in China, and provides
insurance claims adjusting as well as other insurance- related
services. Forward-looking Statements This press release contains
statements of a forward-looking nature. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects,"
"believes," "anticipates," "intends," "estimates" and similar
statements. Among other things, the management's quotations contain
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations, assumptions, estimates and projections about
CNinsure and the industry. Potential risks and uncertainties
include, but are not limited to, those relating to CNinsure's
limited operating history, especially its limited experience in
selling life insurance products, its ability to attract and retain
productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with
insurance companies, its ability to execute its growth strategy,
its ability to adapt to the evolving regulatory environment in
Chinese insurance industry, and its ability to compete effectively
against its competitors. All information provided in this press
release is as of September 26, 2008, and CNinsure undertakes no
obligation to update any forward-looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although CNinsure
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. DATASOURCE: CNinsure Inc. CONTACT:
Phoebe Meng, Investor Relations Officer, +86-20-6122-2777, or , or
Oasis Qiu, Investor Relations, +86-20-6122-2777 x850, or , both of
CNinsure Inc.
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