Global-Tech Announces the Passing of Its Founder and Chairman, Kwong Ho Sham
July 12 2011 - 6:00PM
Business Wire
Global-Tech Advanced Innovations Inc. (NASDAQ:GAI) regretfully
announced today that Kwong Ho Sham, Global-Tech’s founder and
Chairman of the Company’s Board of Directors, passed away on
Monday, July 11, 2011, after a courageous battle against a number
of severe illnesses. Mr. Sham, 79, served as Chairman of the Board
of Directors since the Company’s inception.
“The loss of my father has left an emptiness in our hearts,”
stated John C.K. Sham, the Company’s President and Chief Executive
Officer. “My father was a very talented businessman and a strong
community leader, and I, as well as the entire Global-Tech
organization, will miss him immensely.”
Mr. Sham’s Board position will remain vacant pending further
action by the Board of Directors.
Global-Tech Advanced Innovations Inc. is a holding company,
owning subsidiaries that manufacture and market a diversified
portfolio of products and services, such as complementary metal
oxide semiconductor (CMOS) camera modules (CCMs), floor care
products, and electronic manufacturing services (EMS). The primary
focus of its subsidiaries is to develop and market high-quality
products and services for the communications industries within the
China market, as well as markets in North America, Europe, and
other countries throughout the world.
Except for historical information, certain statements contained
herein are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," “should,” "estimates," or variations
of such words and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties, including but not limited to,
the impact of competitive products and pricing, demand for new and
existing products in our core business, the financial condition of
the Company’s customers, product demand and market acceptance
especially of our new products, the success of new product
development especially in the area of cellular phone components and
solutions, compact camera modules and other pending projects,
reliance on material customers, suppliers and key strategic
alliances, the terms and conditions of customer contracts and
purchase orders, availability and cost of raw materials, the timely
and proper execution of certain business plans, including the plan
to diversify and transform a portion of manufacturing capacity to
higher-value, technology-oriented products, currency fluctuations,
including the revaluation of the Chinese Renminbi, the imposition
by China’s trading partners of economic sanctions and/or protective
tariffs on Chinese manufactured goods, uncertainties associated
with investments, the regulatory environment, fluctuations in
operating results, the impact of changing global, political and
economic conditions and other risks detailed from time to time in
the Company's filings with the U.S. Securities and Exchange
Commission including its most recent Report on Form 20-F. The
Company does not undertake to update its forward-looking
information, or any other information contained or referenced in
this press release to reflect future events or circumstances.
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