HANWEI ENERGY SERVICES ANNOUNCES RESULTS OF ANNUAL GENERAL MEETING
-- ADDITIONS TO BOARD OF DIRECTORS AND MANAGEMENT TEAM --
-- CONTINUED FOCUS ON IMPROVING PERFORMANCE AND PROFITABILITY --
TSX: HE
VANCOUVER, Sept. 1 /CNW/ - Hanwei Energy Services Corp. (TSX: HE) ("Hanwei" or the "Company"), held its Annual General Meeting of Shareholders (the "Meeting") in Vancouver, British Columbia on August 30, 2010. During the course of the Meeting, all proposed resolutions were approved including: the appointment of auditors for the Company; the continuation of the incentive share option plan of the Company; and the election of directors.
The shareholders elected Malcolm Clay, Fulai Lang, Graham Kwan, William Paine, Randall Smallbone and Joanne Yan to serve as directors of the Company. As of the close of the Meeting, the Company's board is constituted of a majority of independent directors, namely Malcolm Clay, William Paine, Randall Smallbone and Joanne Yan.
Mr. Malcolm Clay and Mr. Graham Kwan were appointed as new Directors to the Board. Mr. William Cooke did not stand for re-election. The Company would like to recognize and thank Mr. Cooke for his outstanding contribution and engagement over the last several years.
Mr. Clay was a partner of KPMG LLP in Canada for 27 years, during which he was in charge of the Vancouver audit practice of KPMG for ten years. As a public accountant, he served as lead audit or concurring partner for public companies listed on AMEX, NYSE, and Canadian stock exchanges. In 1997, he was elected non-executive Chairman of KPMG LLP Canada. Mr. Clay retired from his career at KPMG in 2002 and since then he has served as a consultant and advisor to numerous private and public companies including Versatile Systems Inc., Minco Gold Corporation, Zongshen PEM Power Systems Inc., and Powertech Uranium Corp.
Mr. Kwan was the Chief Executive Officer and a Director of Melco China Resorts (Holding) Limited where he successfully oversaw the strategic direction and management of the business working directly with Chinese private entrepreneurs, state owned enterprises, government authorities, and international finance and management partners. From 1997 to 2006 Mr. Kwan held various senior executive positions in the corporate, real estate and operations groups of Intrawest Corporation and lead business development and all of Intrawest's activities in China. Following the AGM, Mr. Kwan was also appointed as Executive Vice President, Strategic Development and Corporate Affairs, reporting to Mr Lang, and will be based in Vancouver.
At the first meeting of the newly constituted Board of Directors held immediately after the Meeting, the following individuals were appointed or re-appointed as officers of the Company: (a) Fulai Lang as Chairman of the Board, President and Chief Executive Officer, (b) Yucai (Rick) Huang as Chief Financial Officer, (c) Graham Kwan as Executive Vice President, Strategic Development and Corporate Affairs, and Corporate Secretary (d) Huiping Hu, Chief Operating Officer.
The Board of Directors also appointed Joanne Yan as Lead Director and reconstituted its standing board committees, all of which are comprised of independent directors. The Audit Committee is comprised of Randall Smallbone(Chair), Malcolm Clay and Joanne Yan, the Compensation/Corporate Governance Committee is comprised of Malcolm Clay (Chair), Joanne Yan, William Paine and Randall Smallbone and the Disclosure Committee is comprised of, Fulai Lang (Chair), Yucai (Rick) Huang, Huiping Hu and Graham Kwan.
"As we have stated previously our commitment to Hanwei's shareholders is to rebuild the Company's performance and profitability, effectively manage our future growth, focusing on our core FRP competencies," stated Mr Lang. "To enhance our effectiveness in fulfilling on that commitment we are pleased to announce key additions to our Board and leadership team. I am delighted that Mr Malcolm Clay has joined our Board bringing his acute business and financial experience to the benefit of Hanwei. The inclusion of Mr Graham Kwan as both a Director and senior management executive will strengthen our strategic corporate development, investor relations and international capital market activities. We are all firmly committed to restoring the value of Hanwei in a disciplined manner and driving our growth to the benefit of all our shareholders."
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. provides high value products and services for the energy sector in China and the Asia region. Hanwei serves its major energy customers through manufacturing facilities in China, producing products for the oil, coal power and wind power industries. Hanwei is focusing on providing products and services that address the growing need for improved energy efficiency and environmental protection in China and the Asia region.
For further information: Graham Kwan, Executive Vice President, Strategic Development and Corporate Affairs, 778-668-4212, [email protected]; Yucai (Rick) Huang, Chief Financial Officer, 604-685-2239, [email protected]; Kevin O'Connor, Investor Relations, 416-962-3300, [email protected]
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