Tongxin International Announces Corporate Restructuring
April 08 2013 - 8:00AM
Marketwired
Tongxin International Ltd. (PINKSHEETS:
TXIC), a China-based manufacturer of engineered vehicle body
structures ("EVBS") and stamped parts for the commercial automotive
industry, today announced that its Chairman, Zhang Duanxiang, will
be assuming the added roles of Chief Executive Officer and Chief
Administration Officer of Tongxin International. Zhang Duanxiang
will be replacing William Zielke as CEO. Mr. Zielke has also
resigned from the Board of Directors effective April 9, 2013.
Mr. Zhang Duanxiang, founder of Hunan Tongxin Enterprises and
Chairman of the Board of TXIC, stated, "William Zielke has played a
very valuable role over the past two and half years as the
Company's CEO, leading it toward rebuilding its path as both a
viable public Company and as an operating company within China.
Having also held the prior positions of member of our Audit
Committee, Chairman of the Nomination Committee, and member of the
Compensation Committee within our Board, Mr. Zielke leaves the
Company in a more favorable posture than we have had during the
past few years. We thank him for his dedicated service and wish him
well in his future endeavors."
In related matters, Dr. David J. Brophy has resigned from both
his role as current Chairman of the Audit Committee and his
directorship, effective April 9, 2013. Dr. Brophy has served as a
member of the Board of Directors and Chairman of the Audit
Committee since the founding of TXIC. Mr. Ai Xing also announced
his resignation as independent director of TXIC, effective April 9,
2013. He served as Chairman of the Compensation Committee and as a
member of the Board.
Mr. Zhang Duanxiang continued, "We also want to thank Dr. Brophy
and Mr. Ai Xing for their dedicated service and wish them well in
their future endeavors. Their leadership and experience have been
invaluable to assisting the Company through some very difficult
times."
The Board of Director resignations brings the number of Board
members to three.
About Tongxin International Ltd. Tongxin
International Ltd., the largest independent supplier of EVBS in
China, is capable of providing EVBS for both the commercial truck
and light vehicle market segments. The Company also designs,
fabricates and tests dies used in the vehicle body structure
manufacturing process. EVBS consists of exterior body panels
including doors, floor pans, hoods, side panels and fenders.
Tongxin International Ltd. maintains a network of over 130
customers throughout 21 provinces in China. Headquartered in
Changsha, the Company also maintains regional manufacturing in
Ziyang and Zhucheng. For more information, please visit
www.txicint.com or www.hntx.com.
Forward-Looking Statements Statements
contained in this press release, which are not historical fact,
constitute Forward-Looking Statements. Actual results may differ
materially due to numerous important factors that are described in
Tongxin International Ltd.'s reports to the SEC, which may be
revised or supplemented in subsequent reports to the SEC. Such
factors include, among others, the cost and timing of implementing
restructuring actions, the Company's ability to generate cost
savings or manufacturing efficiencies to offset or exceed
contractually or competitively required price reductions or price
reductions to obtain new business, conditions in the automotive
industry, and certain global and regional economic conditions.
Tongxin International Ltd. does not intend or assume any obligation
to update any forward-looking statement to reflect events or
circumstances after the date of this press release.
Investor Relations Contact: Stanley Wunderlich Consulting
For Strategic Growth 1, Ltd. Tel: 1-800-625-2236 ext. 7770 Email:
info@cfsg1.com Website: www.cfsg1.com Tongxin Corporate
Headquarters 199 Pierce Street, Suite 202 Birmingham, MI 48009
www.txicint.com www.hntx.com
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