WEIFANG, China, June 13 /Xinhua-PRNewswire-FirstCall/ -- Yuhe International Inc. (BULLETIN BOARD: YUII) ("Yuhe" or "the Company"), a leading supplier of day-old chickens raised for meat production, or broilers, in the People's Republic of China ("PRC"), today announced the appointment of three independent directors and a new chief financial officer, Mr. Hu Gang.
As of June 13, 2008, Mr. Hu Gang will replace Mr. Jiang Yinjun, joining Yuhe as the Company's chief financial officer. Prior to joining Yuhe, Mr. Hu served as the chief financial officer of Sino-Gas International Holding Inc. from October 2007 to March 2008. Prior to that, he was the finance director of FedEx Kinko's Greater China operations from August 2004 to October 2007.
"I am very pleased to join Yuhe's management to participate in the Company's rapid growth," commented Mr. Hu. "I look forward to contributing my financial experience and expertise to an already impressive management team, and facilitate a transparent and consistent flow of information to the investor community."
In addition, on June 13 Yuhe has also appointed three independent directors: Mr. Peter Li, Mr. Yaojun Liu and Mr. Greg Huett. Mr. Li has been appointed chair of the newly formed audit committee and will be a member of the compensation and nominating committees. Mr. Li is currently a senior advisor with Yucheng Technologies Limited, a NASDAQ-listed leading IT services provider to the Chinese banking industry based in Beijing. Prior to this, Li was the chief financial officer of Yucheng Technologies Limited between 2004 and 2008.
Mr. Yaojun Liu was appointed chair of the newly formed compensation committee and will serve as a member of the nominating and audit committees for Yuhe. Presently, Mr. Liu is a partner at Global Law Office, a law firm based in Beijing. Prior to this position, he served as an attorney at the Beijing-based Jingtian Gongcheng Law Firm from 2003 to 2006.
Mr. Greg Huett will serve as chair of the newly formed nominating committee and will also be a member of the audit and compensation committees at Yuhe. Mr. Huett is currently the chief executive officer of Great Creations LLC, a consumer packaged goods company. Before this, Greg worked for Tyson Foods for over 25 years, where he last served as vice president of the Tyson International division. As a result, Mr. Huett brings with him significant experience in the poultry industry.
"We are very excited to welcome Mr. Hu as our new chief financial officer as well as our new independent directors to our board," said Mr. Zhentao Gao, CEO of Yuhe International, Inc. "With Mr. Hu's in-depth financial knowledge, Yuhe will be able to improve its financial oversight which will allow us to more effectively communicate with our investors. Furthermore, the addition of our three new independent board members will give Yuhe a majority independent board, strengthening our corporate governance and increasing transparency in the actions of our board."
About Yuhe International, Inc.
Founded in 1996, Yuhe is the second largest day-old broiler breeder in China. The Company's main operations involve breeding, as all broilers are sold within a day of hatching. With headquarters in Weifang, Shandong province, the Company has modern facilities and is led by an experienced team which includes experts in chicken breeding, disease prevention and animal husbandry science. Yuhe has two operational subsidiaries, Weifang Yuhe Poultry Co. Ltd. and Weifang Taihong Feed Co. Ltd. which largely supplies the Company's internal demand for chicken feed. Currently, 85% of the Company's sales are in Shandong province with a customer base of 27 local agents. The Company has imported state-of-the-art equipment from the United States, Germany and Japan and has passed ISO9001 certification, allowing it to adhere to international standards of operation. For more information on the Company and its products, please visit http://www.yuhepoultry.com/.
Safe Harbor Statement
This press release contains certain statements that may include 'forward- looking statements' within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are 'forward-looking statements'. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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 the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward- looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contact:
Yuhe International, Inc. CCG Elite Investor Relations Inc.
Mr. Zhentao Gao, CEO Mr. Crocker Coulson, President
Phone: +86-536-7363-688 Phone: +1-646-213-1915 (New York)
Email:
