LANXI COUNTY, China, Feb. 5 /PRNewswire-Asia/ -- China Linen Textile Industry, Ltd. (OTC Bulletin Board: CTXIF), a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced today that it has appointed Mr. James Shaofeng Qi as the Company's Chief Financial Officer, effective February 1, 2010. Mr. Qi replaces Ms. Huang Xiaofang who resigned as Chief Financial Officer.
Mr. Gao Ren, chairman and chief executive officer of China Linen Textile Industry, commented: "James has an extensive background in finance and financial management at leading, international and China-based public companies, including manufacturing and retail businesses. We are very pleased that James has agreed to serve as Chief Financial Officer of the Company and know his talents and abilities will prove invaluable to our organization as we progress in our corporate objectives."
Prior to joining the Company, from 2008 to 2009, Mr. Qi worked as independent consultant on several pre-IPO projects with a focus on restructuring and private placement for information technology infrastructure, human resource outsourcing and real estate development. In 2007, he was nominated as the chief financial officer of China Sunergy Co., Ltd., a solar cell manufacturing company listed on the NASDAQ. From 2005 to 2006, Mr. Qi worked with Tiens Group Company, a bio-pharmaceutical and health care company, serving as the global finance director of the global financial center and executive director of the global restructuring committee and the financial director of its subsidiary, Tiens Biotech Group (USA), Inc., a company listed on NYSE Amex.
From 2004 to 2005, Mr. Qi was the chief financial officer, vice president and board director of ShengXing Group, a conglomerate engaged in the retail chain store and real estate business. From 1997 to 2003, he served as chief financial officer and senior financial consultant of the China operations department of Delta and Pine Land Company, a biochemical company listed on NYSE. Mr. Qi received his honorary doctorate degree from Lincoln University in 2003. He also received an MBA from Wayne State University in 1997, a master's degree in management science from Maine Maritime Academy in 1994, and bachelor's degree in accounting from Shanghai Maritime University in 1984.
Mr. Qi has been a member of the Australian National Institute of Accountants since 2005, a member of the U.S. Institute of Management Accountants since 2000, and member of the Association of Professional Business Management with the title of Certified Business Manager since 2001. He received a diploma in accounting and finance accredited by the Association of Chartered Certified Accountants in 2001.
About China Linen Textile Industry, Ltd.
China Linen Textile Industry Co., Ltd., is principally engaged in the production and sale of linen yarn and various types of linen fabric. It is also involved in consultation, research and development related to of linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd., which was established as a privately owned business enterprise in June 2002. Its manufacturing facility is located in Lanxi County, Heilongjiang Province, in the northeast section of the People's Republic of China near the city of Harbin.
For more information on China Linen Textile Industry, Ltd., visit http://www.china-linen.net/English/index.asp .
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.