JUNAN COUNTY, Shandong, China, Aug. 7 /Xinhua-PRNewswire-FirstCall/ -- American Lorain Corporation (OTC Bulletin Board: ALRC) (‘‘American Lorain’’ or the ‘‘Company’’), an international packaged foods company based in Shandong Province, People’s Republic of China (“PRC”), today announced the appointment of Mr. Welkin Chen, Mr. David Yaudoon Chiang and Mr. Maoquan Wei as independent members of the Company’s Board of Directors (“the Board”) and Mr. Yundong Lu as a non-independent member of the Board effective August 1. The appointments increased the total headcount of directors to five, of which three are independent. Prior to the recent appointments, Mr. Si Chen, founder and Chief Executive Officer of American Lorain, was the sole director of the Board.
Mr. Welkin Chen is currently a managing director at Shanghai Premier Consulting Co., Ltd. providing financial advisory services for pre-IPO, IPO, SOX 404 and other projects. Prior to that, he was the Expense Controller for the China division of Coca-Cola China Beverage Limited. Mr. Chen also has over five years of experience in accounting at the Assurance and Business Advisory department at Andersen Huaqiang, a member firm of Andersen Worldwide. Mr. Chen graduated from Rotterdam School of Business with a master’s degree in financial management. Mr. Chen is a CFA Charterholder and has been awarded the Financial Risk Manager designation. He obtained his BA in economics from Fudan University in Shanghai in China.
Mr. David Yaudoon Chiang is currently a managing director overseeing Alternative Energy, Technology and China banking efforts at Northeast Securities, Inc. in New York City. He has been involved in the securities industry for over 15 years. Prior to that, David participated in setting up the S&P long/short fund at Unterberg Asset Management. Mr. Chiang has over 10 years of experience as a sell-side analyst at Oppenheimer & Co., Nikko Securities International and C.E. Unterberg, Towbin. During his years as an analyst, Mr. Chiang was frequently quoted by industry publications and interviewed by CNBC and Bloomberg Television. Mr. Chiang is an honors graduate from New York University’s Stern School of Business.
Mr. Maoquan Wei has served as the Chairman of Political Consultative Conference, the Deputy Secretary of County Committee, and the Deputy Chairman of Junan County in Shandong Province. During his tenure, he was responsible for the agricultural development of Junan County. Mr. Wei has led the county to win numerous honors such as Top 100 National Fruit Products County and National Chestnut Base County. Although retired, his expertise and experience with the agricultural economy and resources in the countryside is invaluable.
Mr. Yundong Lu was appointed as the Chief Operating Officer of American Lorain effective August 1, 2008. Over the 14 years since he joined the Company in 1994, he has served as a Production Line Manager, Manager of Product Department, Manager of Quality Department, Deputy General Manager, General Manager and finally as COO. Mr. Lu was recognized as an Outstanding Entrepreneur in Shandong Province in 2007. Mr. Lu earned his MBA from Shandong University and majored in agriculture in college.
“We are pleased to welcome Mr. Chen, Mr. Chiang, Mr. Wei and Mr. Lu as our new directors,” said Mr. Si Chen, Chairman and CEO of American Lorain. “We believe their expertise in corporate finance and accounting at public companies in China, and experience in the food and agricultural industry will greatly benefit our Company. We look forward to working with all of them as American Lorain grows and expands its business into more product categories and countries. The appointment of new Board directors will improve our corporate governance and help us meet the requirements of a senior exchange.”
About American Lorain Corp.
Shandong Lorain, an indirectly owned subsidiary of American Lorain Corp., was founded by Mr. Si Chen, CEO of American Lorain, in Shandong Province, People’s Republic of China, in 1995. When American Lorain started its operations in 1995, the Company sold chestnut products. In 2002, the Company entered the canned, frozen and bulk foods packaged market and in 2004, the Company entered the convenience and packaged foods market. The Company’s chestnut products are mostly exported, while the convenience food, and frozen, canned and bulk food products are sold domestically in China.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: 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 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.
For more information, please contact:
American Lorain Corp.
Mr. Gang Liu, Director of IR
Tel: +86-539-731-7667
Email: liugangqd@yahoo.com
Web: http://www.loraingroup.com
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com