DALIAN, China, Nov. 2, 2010 /PRNewswire-Asia-FirstCall/ -- China
Sun Group High-Tech Co. (OTC Bulletin Board: CSGH) ("China Sun
Group" or the "Company"), a vertically integrated supplier of raw
materials for rechargeable Lithium–ion (Li-ion) batteries in China,
today announced that it has appointed Karlton S. M. Wong as a member of its Board of
Directors.
Mr. Wong will fill the role of Financial Expert and Chairman of
the Audit Committee, and will also be a member of the Compensation
Committee and a member of the Nomination and Governance
Committee.
"We welcome Karlton Wong as he
prepares to join in the board. We anticipate that his experience
and wide-ranging knowledge of finance, along with his in-depth
understanding of U.S. and Chinese capital markets, will prove to be
invaluable to China Sun," commented
Mr. Guosheng Fu, China Sun's Chief Executive Officer.
With 16 years of professional experience, Mr. Wong began his
career with KPMG where he spent eight years in positions of
increasing responsibility in the areas of audit, assurance,
internal control and corporate financial services. Following KPMG,
Mr. Wong served as the Chief Financial Officer and a member of the
Board of Directors of the Nixon Group, a total solutions provider
for intelligent building systems from May
2002 to October 2006. From
November 2006 to July 2008, Mr. Wong served as the Chief Financial
Officer of China Wheel Group, an aluminum alloy wheel manufacturer
based in the People's Republic of
China (PRC) with customers located in the United States, Europe and Japan. From August
2008 to March 2009, Mr. Wong
served as the Chief Financial Officer of China Northeast City Group
Ltd., a real estate development company focusing on agricultural,
industrial and residential real estate in the PRC. Mr. Wong
currently serves as the Chief Financial Officer of Regal Holding
Group, a manufacturer and distributor of lighting fixture products
in the United States, Europe and Japan.
Mr. Wong received his Bachelor of Arts in Accountancy from the
Hong Kong Polytechnic University in 1994, his Masters of Business
Administration degree from the Manchester Business School in 2000
and his Masters of Law from the Open University of Hong Kong in 2010. Mr. Wong, a
certified public accountant and chartered financial analyst, has
been a fellow member of the Chartered Association of Certified
Accountants and Hong Kong Society of Accountants since 1997.
On October 29, 2010, China Sun's Board of Directors established the
following standing committees: Compensation, Audit, and Nominations
and Corporate Governance. The members of each of these committees
are comprised of:
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Committee:
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Members:
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Audit
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Karlton S.M. Wong (Financial
Expert)*, Fudong Sui, and Fuqiu Ren
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Compensation
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Fudong
Sui*, Karlton S.M. Wong, and Fuqiu Ren
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Nominations and Corporate
Governance
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Fuqiu
Ren*, Fudong Sui, and Karlton S.M. Wong
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* Denotes committee
chairman
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The committees are newly formed and have not yet met. Prior to
the formation of the committees, the full Board of Directors
performed the functions of the committees.
At the same time, on October 29,
Gang Li and Yefei Liu resigned from
their positions as directors of China
Sun. Their resignations were not the result of any
disagreement with the Company.
"We would like to thank Gang Li and Yefei Liu for their services and contributions
as independent members of our board of directors and we wish them
the best in their future endeavors," said Mr. Fu.
About China Sun Group High-Tech Co.
China Sun Group High-Tech Co. ("China Sun Group") produces anode
materials used in lithium ion batteries. Through its wholly-owned
operating subsidiary, Dalian Xinyang High-Tech Development Co. Ltd
("DLX"), the Company primarily produces cobaltosic oxide and
lithium cobalt oxide. According to the China Battery Industry
Association, DLX has the second largest cobalt series production
capacity in the People's Republic of
China. Through its research and development division, DLX
owns a proprietary series of nanometer technologies that supply
state-of-the-art components for advanced lithium ion batteries.
Leveraging its state-of-the-art technology, high-quality product
line and scalable production capacity, the Company has recently
diversified into the manufacture of LIP and plans to forward
integrate to manufacture of power Li-ion batteries. For more
information, visit http://www.china-sun.cn.
Safe Harbor Statement
The statements contained herein that are not historical facts
are considered "forward-looking
statements." Such forward-looking statements may be
identified by, among other things, the use of forward-looking
terminology such as "believes,"
"expects," "may,"
"will," "should,"
or "anticipates" or the negative
thereof or other variations thereon or comparable terminology, or
by discussions of strategy that involve risks and uncertainties. In
particular, statements regarding the Company's
ability to become a leading anode material supplier for Li-ion
batteries used in the new energy automobile industry are examples
of such forward-looking statements. The forward-looking statements
include risks and uncertainties, including, but not limited to, the
effect of political, economic, and market conditions and
geopolitical events; legislative and regulatory changes that affect
our business; the availability of funds and working capital; the
actions and initiatives of current and potential competitors;
investor sentiment; and our reputation. We do not undertake any
responsibility to publicly release any revisions to these
forward-looking statements to take into account events or
circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
actual results to differ from those expressed or implied by any
forward-looking statements. The factors discussed herein are
expressed from time to time in our filings with the Securities and
Exchange Commission available at
http://www.sec.gov.
Company Contact:
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Investor Relations Contact:
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Mr. Guosheng Fu, Vice President
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Mr. Mark Collinson, Partner
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China Sun Group High-Tech Co.
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CCG Investor Relations
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Tel: 86 411 8288 9800/8289 2736 (China)
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Tel: 310-954-1343
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Email: ir@china-sun.cn
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Email: mark.collinson@ccgir.com
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Website: www.china-sun.cn
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Website: www.ccgirasia.com
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SOURCE China Sun Group High-Tech Co., Ltd.