SHANGHAI, Nov. 11, 2010 /PRNewswire-Asia-FirstCall/ --
Chemspec International Limited (NYSE: CPC; "Chemspec" or the
"Company"), a leading China-based
contract manufacturer of highly-engineered specialty chemicals,
today announced that Dr. David Yunhung Tang has retired from his
positions as a director, interim chief financial officer and
executive vice president of marketing and sales of the Company for
family reasons, effective today.
Dr. Jianhua Yang, the chairman
and chief executive officer of Chemspec, commented, "Dr. Tang has
played a key role in establishing many milestones in the Company's
development. We appreciate Dr. Tang for picking up the interim CFO
responsibility over the past few months. In addition to his
engagement as executive vice president, Dr. Tang devoted
significant time and energy to overseeing our financial operations
and investor relations. In addition, he had devoted tremendous time
as a director of the board and made pivotal contributions in the
corporate governance and strategy over the years. I truly
appreciate his long-term commitment and I fully understand his
personal choice to spend more time with family. Our Company is
indebted to Dr. Tang for his dedication and contributions, and I
wish all the best for Dr. Tang and his family."
Dr. Yang further stated, "The Company is actively engaging in
executive search efforts to find a suitable permanent chief
financial officer as well as an additional board member. The
Company is committed to maintaining good management, corporate
governance and financial oversight, and we expect to engage a
suitable candidate for the CFO position as well as an additional
board member as soon as possible."
About Chemspec
Chemspec is a leading China-based contract manufacturer of highly
engineered specialty chemicals as well as fluorinated specialty
chemicals. In manufacturing specialty chemicals, Chemspec also
provides process design and process development services, which
enable efficient and rapid production of specialty chemicals that
are incorporated into the products of Chemspec's end users.
Chemspec's customers and end users include electronics,
pharmaceutical and agrochemical companies. For more information,
please visit http://www.chemspec.com.cn.
Safe Harbor Statements
This announcement contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in 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" and similar statements.
Such statements involve certain risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks is included in Chemspec's filings with the U.S.
Securities and Exchange Commission, including its registration
statement on Form F-1 and annual reports on Form 20-F, as amended
from time to time. Chemspec does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For further information,
please contact:
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Chemspec International
Ltd.
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In Shanghai
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Carol Fang
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Tel:
+86-21-63638108
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Email:
ir@chemspec.com.cn
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Christensen
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In New York
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Kathy Li
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Tel:
+1-212-618-1978
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Email:
kli@christensenir.com
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In Hong Kong
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Tip Fleming
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Tel:
+852-9212-0684
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Email:
tfleming@christensenir.com
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SOURCE Chemspec International Limited