BEIJING, May 17 /PRNewswire-Asia-FirstCall/ -- LianDi
Clean Technology Inc. (OTC Bulletin Board: LNDT), ("LianDi" or the
"Company"), a leading provider of clean technology, downstream flow
equipment, engineering services and software to China's leading petroleum and petrochemical
companies, announced today that it has appointed Chen Hongjie,
Joel Paritz and Li Xiaojun to its board of directors effective
as of May 17, 2010. With their
appointment, the Company's board of directors was increased to five
members. The term for each of the three independent directors is
for one year from May 17, 2010.
"We are pleased to welcome Mr. Chen, Mr. Paritz and Mr. Li to
our board of directors and look forward to the valuable insight and
perspective they will bring to the Company as we pursue our growth
strategy as a leading provider of clean technology to China's growing petroleum and petrochemical
industries," stated Mr. Jianzhong
Zuo, chairman, chief executive officer and president of the
Company. "With their in-depth expertise and experience in the areas
of engineering, corporate finance and accounting, and international
trade, their addition to LianDi's board will bring additional depth
and strength to our leadership team."
Mr. Chen is currently a managing director of the investment
banking firm Haitong Securities Co., Ltd. Previously he was a
financial manager with Lison International Ltd., a subsidiary of
Sinopec Shanghai Engineering Co., Ltd. (SSEC) in Hong Kong, and a project financial analyst at
SSEC. Mr. Chen received his Bachelor of Economics at Shanghai University of Engineering Science and
his EMBA from China Europe International Business School.
Mr. Paritz is founder of Paritz & Company, P.A., an
accounting and consulting firm servicing clients in the
New York area as well as
multi-national companies. Prior to forming Paritz & Co., he was
employed by Ernst and Young in both the audit and tax departments.
Mr. Paritz is a member of the New
York and New Jersey Societies of Certified Public
Accountants, the American Institute of Certified Public Accountants
and the Securities and Exchange Commission Practice Section. He
currently serves as a member of the board of directors of the Bank
of New Jersey. Mr. Paritz received
his master's in degree in business administration and his
bachelor's degree in accounting from Rutgers
University.
Mr. Li is currently president of ShengYuan Investment Company
Ltd., an international investment and trading company, and vice
president of Zhonghui Guohua Industrial Group Company Limited, a
major Chinese mining company. He also serves as deputy secretary of
the National Development and Reform Commission of China Industrial
Development Association, and has served as general manager of
China's Overseas Economic
Cooperation Corporation of State Foreign Trade, Central Asia branch. Mr. Li received his
bachelor's degree in economics from the Political Education
Department of Xinjiang University.
In addition to Mr. Zuo, chairman of the board, and the newly
named directors, LianDi's board of directors also includes Mr.
Hirofumi Kotoi. Mr. Kotoi is a
Vice-President and Representative Director at SJI Inc. Mr. Kotoi
previously was a member of the board of directors of ChinaNet
Online Holdings, Inc. (AMEX: CNET). He earned his master's degree
from Kyoto University and completed a
Ph.D. course major in computer science. He also studied at the
University of Science and Technology of China.
About LianDi Clean Technology Inc.
LianDi was established in July
2006 to serve the largest Chinese petroleum and
petrochemical companies. Through its four operating subsidiaries,
Hua Shen Trading (International) Ltd., Petrochemical Engineering
Ltd., Bright Flow Control Ltd. and Beijing JianXin Petrochemical
Engineering Ltd., the Company distributes a wide range of
customized valves and equipment and provides associated value-added
technical and integration service. The Company also develops and
markets proprietary optimization software for the polymerization
process. In addition, LianDi is focused on the large, rapidly
growing, clean technology market for oil refineries, projected to
reach over $1 billion in the next 10
years. This market is expected to benefit from favorable Chinese
government policies, including tax benefits and other
incentives.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking
statements" relating to the business of LianDi and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the impact of the proceeds from the private
placement on the Company's short term business and operations; the
general ability of the Company to achieve its commercial
objectives, including the ability of the Company to sustain growth;
the business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
(http://www.sec.gov )
For more information, please contact:
Company:
Joe Levinson, VP of Corporate Communications
Tel: +1-646-884-0829
Email: joe.levinson@china-liandi.com
Investor Relations:
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
SOURCE LianDi Clean Technology Inc.