International Business and Finance Experience Adds Depth to Independent Board
DALIAN, China, Feb. 26 /Xinhua-PRNewswire-FirstCall/ -- Energroup Holdings Corporation (OTC Bulletin Board: ENHD), through its direct and indirect subsidiaries known as “Chuming,” a Dalian-based processor and supplier of fresh and prepared meat products in China, today the appointment of Mr. James Boyle to the Company’s Board of directors. Mr. Boyle becomes the seventh member of Chuming’s board, resulting in a majority independent board, which is one of the prerequisites for listing on a major exchange. The appointment of Mr. Boyle and successful installation of a majority independent board will entitle Chuming to the release of $2 million in escrowed funds that were set aside in its recent $17 million private placement financing which was completed in December of 2007.
James Boyle has been principal and managing partner of Expat-CFO Services Ltd. in Shanghai since 2001. Expat-CFO serves U.S. and European multinational companies and private equity firms including Callaway Golf, Daymon Worldwide, Louisville Bedding and Kemin Industries, providing interim controller and CFO services, accounting and treasury outsourcing, and M&A transaction advisory including due diligence, deal structuring and valuation. From 1996-2001 Mr. Boyle worked for Dura-Line Shanghai Plastics Co., Ltd., as Business Development and China Start-Up Manager, Deputy General Manager, CFO, and Acting Managing Director. Mr. Boyle is fluent in Mandarin, earning a Bachelor of Science degree from the State University of New York Maritime College in Economics and Marine Transportation, and an MBA from the Thunderbird School of Global Management in International Management and Finance. He is a member of the Institute of Management Accountants and the American Chamber of Commerce in Shanghai, and serves as President of the Shanghai Chapter of the Thunderbird Alumni Association.
Mr. Shi Haushan, Chairman and CEO of Chuming, welcomed James Boyle to the board, which appointed him via unanimous vote. “Mr. Boyle adds experience and expertise in both finance and international business to our Board,” Mr. Shi stated. “His intercultural skills are equally important to Chuming’s board as we continue our ongoing relationship with the US capital markets and our investors,” Mr. Shi commented.
Several members of the Chuming board recently returned to China after presentations and meetings with current shareholders and institutional investors at the Roth OC Conference held in Laguna Niguel, California last week. Supported by a strong management team and board, the Company is planning additional visits to the US during 2008.
About Chuming
We are a Nevada corporation quoted on the OTC Bulletin Board, with our operations based in the Liaoning Province in Northeastern China. Chuming is a leading regional producer and distributor of fresh and prepared meat products in Northeastern China which has a population of approximately 108 million. We operate through our subsidiaries, including Dalian Chuming Slaughter and Packaging Pork Company, Ltd., Dalian Chuming Processed Foods Company, Ltd., and Dalian Chuming Sales Company, Ltd., whose primary focus is on the processing and preparation of pork, the most consumed meat in China. We are a contract supplier of premium pork products to more than 3,600 retail locations in China, including Wal-Mart, Metro, Carrefour, New-Mart, Hymall and its own network of 500+ Chuming-branded franchise stores. Our processing and distribution facilities maintain ISO 9001 Quality Management System standards and carry a Hazard Analysis and Critical Control Point (HACCP) certification. Chuming is the first processing company in China’s meat industry to receive “Green Food” Certification from the Ministry of Agriculture, meeting strict environmental, food safety and quality standards from slaughter to shelf.
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking information and statements. Forward-looking statements are statements that are not historical facts, including targeted net income. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of the entities referred to above. Our actual results may differ materially depending on a number of risk factors including, but not limited to, our ability to timely and accurately complete orders for our products, our dependence on a limited number of major customers, political and economic conditions within the PRC, our ability to expand and grow our distribution channels, general economic conditions which affect consumer demand for our products, the effect of terrorist acts, or the threat thereof, on consumer confidence and spending, acceptance in the marketplace of our new products and changes in consumer preferences, foreign currency exchange rate fluctuations, our ability to identify and successfully execute cost control initiatives, and other risks outlined above and in the “risk factors” described in our other public filings. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in our reports filed with the Securities and Exchange Commission. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
