Fuda Faucet Announces Appointment of Independent Directors

2008-05-08 16:56 598

YIYANG, Jiangxi, China, May 8 /Xinhua-PRNewswire-FirstCall/ -- Fuda Faucet Works, Inc. (OTC Bulletin Board: FUFW) (“Fuda Faucet” or “the Company”), a Chinese company engaged in the business of developing, manufacturing, marketing and distributing mid-tier European style brass faucets, spouts and fittings to the international markets, today announced that it has elected five new board directors, four of whom are independent directors, effective April 28th, 2008. The Company announced the election of Hao Yu, Ning Zhang, David Yaudoon Chiang, David Oldridge and Jibrin Al Jibrin as directors. Ms. Yu, Mr. Zhang, Mr. Chiang, and Mr. Oldridge are independent directors. The board also created audit and compensation committees. The audit committee will consist of Hao Yu, as chairperson, Ning Zhang and David Yaudoon Chiang. The compensation committee will consist of Ning Zhang, as chairperson, David Yaudoon Chiang and David Oldridge.

Effective April 28th, 2008, Shu Shaohua resigned as a director from Fuda Faucet’s Board of Directors. The resignation of Mr. Shaohua did not stem from any disagreement with the Company.

Hao Yu is a chartered certified accountant and has more than 15 years of work experience in finance and accounting. Ms. Yu is the chief financial officer of Shen Zhen Min Run Agriculture Products Distribution Chain Store Co., Ltd. since March 2008. Prior to that Ms. Yu worked as a financial controller at DeCoro Limited from July 2004 to March 2008, as chief financial officer at Hubei Tianhua Shareholding Co., Ltd from May 2000 to July 2004, as an internal audit and business control manager at Shenzhen IBM Technology Product Co., Ltd. from July 1998 to May 2000, and as senior audit manager at Deloitte & Touche from September 1993 to July 1998. Ms. Yu Hao graduated with a MS in accounting from The Chinese University of Hong Kong Business School and a BS in technical economics from Huazhong Science & Technology University.

Mr. Ning Zhang has more than 20 years of experience in accounting and corporate finance. Mr. Zhang has been a senior financial consultant at Friedland Capital Corporation, since July 2005. Prior to that Mr. Zhang worked in the finance consulting division at Benchmark Capital from July 2002 to June 2005, as an audit manager at Beijing Xiwen Accounting firm from July 1997 to July 2002, and as an audit manager at Beijing Dexin Accounting firm from March 1993 to June 1997. Mr. Zhang received a BS in Finance and Accounting from Renmin University of China.

Mr. David Yaudoon Chiang has over 15 years of experience in finance. Mr. Chiang has been a managing director in the investment banking division of Northeast Securities, Inc., since July 2004. Prior to that Mr. Chiang was a principal of Bayview Consulting from June 2003 to July 2004. Prior to that Mr. Chiang was a vice president at C.E. Unterberg, Towbin Asset Management from February 2002 to March 2003. Prior to that Mr. Chiang worked as an analyst at C.E. Unterberg Towbin from December 1999 to December 2001. Prior to that Mr. Chiang was a senior equity analyst at Nikko Securities International from June 1997 to February 1999. Mr. Chiang worked as an analyst at Oppenheimer & Co. from July 1992 to February 1997. Mr. David Yaudoon Chiang graduated with honors from New York University -- Stern School of Business and holds a BS degree in Finance and International Business.

Mr. David Oldridge has more than 30 years of work experience in operations management and entrepreneurship. Mr. Oldridge has been the head of Contract Logistics North Asian for CEVA, since October 2007. Prior to that Mr. Oldridge was the managing director of Asian Insight from January 2007 to October 2007. Prior to that Mr. Oldridge was the chief executive officer of SCFulfil Logistics Limited from March 2006 to January 2007, chief executive officer of Tradeport Hong Kong Limited from January 2002 to March 2006. Prior to that Mr. Oldridge was vice president of BAX Global, December 1998 to January 2002. From December 1997 to December 1998, Mr. Oldridge was an executive director at PT Global Indonesia.

Mr. Jibrin Issa Jibrin AlJibrin joined Fuda’s affiliated company in 2006 and has served as sales director since January 2008. Mr. AlJibrin is the director of Al Jibrin Trading Company, LLC, a Dubai based Distribution Company. Mr. AlJibrin held director positions in Dammam Dome Group in Saudi Arabia, 2002 to 2006; Issa Al Jiblin, 1999 to 2002; and Gabieal International Corporation, 1983 to 1999. Mr. AlJibrin graduated from Kent State University with a Bachelors degree in Computer Science and Business Management.

“We are very excited to have all these talented people work for Fuda Faucet and increase our level of oversight. Our new directors will provide us valuable guidance in navigating our first few years as a U.S. listed public company. We look forward to a productive working relationship with all our directors,” said Ms. Yiting Wu, CEO of Fuda Faucet.

About Fuda Faucet Works, Inc.

Jiangxi Yiyang Fuda Copper Co., Ltd. was founded by Ms. Wu Yiting, in Yiyang County, Jiangxi Province of the People’s Republic of China, in November 1995. When Fuda started its operations in 1995, its business comprised of copper re-processing. In 2002, the Company started production of European style brass faucets and related spouts and fittings for the Chinese market. By 2004, Fuda started selling its products to international markets. Presently, Fuda Faucet engages in the business of developing, manufacturing, marketing and distributing a wide range of brass faucets and related spouts and fittings. The products are manufactured by Fuda for Fuda Faucet. The Company manufactures all its products in China and exports most of them to international markets.

Safe Harbor Statement

This announcement contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company’s ability to obtain the necessary financing to continue and expand operations, to market its products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; compliance with laws and regulations of the PRC, the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please contact:

Fuda Faucet Works, Inc.

Ms. Yiting Wu, CEO

Tel: +86-793-588-7178


CCG Elite Investor Relations

Mr. Crocker Coulson, President

Tel: +1-646-213-1915



Source: Fuda Faucet Works, Inc.
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Keywords: Food/Beverages