SHANGHAI, March 12 /PRNewswire-Asia-FirstCall/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a leading integrated multi-platform marketing company in China engaged in developing, promoting and selling consumer products and services through its extensive distribution network, today announced that effective April 1, 2010 Gordon Wang will step down as Chief Financial Officer ("CFO") in order to pursue other professional interests.
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Following his departure, Mr. Wang will continue serving as an external consultant to continue contributing his knowledge and expertise to the Company. The Company has initiated a search for a qualified CFO with international management and U.S. capital markets experience. Mr. David He, Vice President of Operations in charge of the Company's financial systems, logistics, and payments systems, will serve as interim CFO until a successor is named.
"Mr. Wang has been a valuable member of our team and I would like to personally thank him for his contribution as CFO for the past five years, during which he successfully led our initial public offering and listing on the New York Stock Exchange," said Mr. James Hu, Chairman and Chief Executive Officer of Acorn. "We will continue to benefit from Gordon's industry knowledge as a consultant to the Company. In the mean time, with his background and history with Acorn, we are confident that David He is
well-prepared to serve as the interim CFO as we continue our search for a permanent replacement."
"It has been a great experience serving as Acorn's CFO for the past five years. I look forward to continue working with the management team in a consulting role, taking the Company to the next level," commented Mr. Wang. "I will work closely with Mr. He and the rest of the management team to ensure a smooth transition to the new CFO."
About Acorn International, Inc.
Acorn is a leading integrated multi-platform marketing company in China, operating one of China's largest TV direct sales businesses in terms of revenues and TV air time and a nationwide off-TV distribution network. Acorn's TV direct sales platform consists of airtime purchased from both national and local channels. In addition to marketing and selling through its TV direct sales programs and its off-TV nationwide distribution network, Acorn also offers consumer products and services through catalogs, third-party bank channels, outbound telemarketing center and an e-commerce website. Leveraging its integrated multiple sales and marketing platforms, Acorn has built a proven track record of developing and selling proprietary-branded consumer products, as well as products and services from established third parties. For more information, please visit http://www.chinadrtv.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements" including, among other things, Acorn's expectation that Mr. Wang will continue to serve as a company consultant after his departure from the company. The expectations reflected in these forward-looking statements involve significant assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors 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. Other than as required under the securities laws, the Company does not assume a duty to update these
forward-looking statements.
For more information, please contact:
Acorn International, Inc.
Ms. Chen Fu, IR Director
Tel: +86-21-51518888 Ext. 2228
Email: fuchen@chinadrtv.com
Web: http://www.chinadrtv.com
CCG Investor Relations
Ms. Linda Salo, Sr. Financial Writer
Tel: +1-646-922-0894
Email: linda.salo@ccgir.com
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
