ZHEJIANG, China, July 6, 2011 /PRNewswire-Asia/ -- Lizhan Environmental Corporation ("Lizhan" or the "Company") (Nasdaq: LZEN - News), one of China's leading manufacturers of eco-friendly fabrics made from patented technologies, today announced that Cheng Jiaying has been elected as a new director, effective July 3rd. Mr. Jiaying will replace Ma Jianfu, who is resigning from the board, effective July 1st, 2011, due to health reasons. Mr. Ma's resignation is not due to any disagreement with management or the board.
Cheng Jiaying has been the general manager of Lizhan Textile Co., Ltd. since 2011. Mr. Jiaying has extensive experience in textile production and research in China. Prior to joining Lizhan, Mr. Jiaying held various managerial and engineering positions, including production manager of Hangzhou Hiweishi Yongsheng Dyeing Co., Ltd. from 2003 to 2008 and general manager of Hangzhou Yongsheng Haiyi Special Textile & Fiber Co., Ltd from January 2009 to December 2009.
Ma Jianfu, current director, executive vice president, and financial controller of Lizhan, is transitioning to a less rigorous role with the Company due to health reasons. Starting in July 2011, he will become a consultant to the Company's senior management and finance team.
About Lizhan Environmental Corporation
Lizhan Environmental Corporation is one of China's leading manufacturers of eco-friendly fabrics whose products are developed with patented technology that regenerates collagen fiber from leftover cuttings, pieces and trimmings of genuine leather. The Company's products are mainly used in furniture, garments and other consumer applications.
Safe Harbor Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's registration statement on Form F-1, as amended. Some of risks inherent in an investment in our company include, but are not limited to, our limited operation history, our need to maintain sufficient levels of liquidity and working capitals, the potential need to reduce our expansion plans, price inflation in the PRC, difficulties in developing and selling our new Evergreen Products, seasonal patterns in our business, protection of our intellectual property and the risk of infringing the intellectual property of others, customer decisions to discontinue purchasing our products, and restrictions imposed by Chinese regulations, including every policies. All information provided in this press release is as of February 1 2011. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contacts:
Company: | |
Lizhan Environmental Corporation | |
Silvia Liu, Investor Relations Manager | |
Email: ir@lezncorp.com | |
Phone: +011-86-573-8862-268 | |
Investor Relations: | |
HC International, Inc. | |
Ted Haberfield, Executive Vice President | |
Email: thaberfield@hcinternational.net | |
Phone: +1-760-755-2716 | |
