TAIYUAN, Shanxi, China, July 2 /Xinhua-PRNewswire-FirstCall/ -- Puda Coal, Inc. (OTC Bulletin Board: PUDC) ("Puda Coal" or the "Company"), a supplier of China's high grade metallurgical coking coal used to make coke for the purposes of steel manufacturing, today announced that it appointed Mr. Liping Zhu as director, President and CEO of the Company, effective June 25, 2008. Mr. Zhu replaced Mr. Ming Zhao, who will continue to serve as Chairman of the board of directors. Mr. Zhao currently owns about 50.45% of the Company's total outstanding common stock.
Mr. Zhu has over 20 years of experience in executive management, including 11 years of experience in the coal industry. From 1997 until he joined the Company, Mr. Zhu served as Deputy General Manager of Shanxi Loudong-Junan Coal & Gas Company, which is engaged in the coke, coal mining and washing business in Shanxi Province. At Shanxi Loudong-Junan, Mr. Zhu was responsible for public and government relationships and financing. Prior to that, Mr. Zhu served as Vice President of Junan Company, HK from 1991 to 1997 and from 1986 to 1991 he served as Vice President of Shenzhen-Hong Kong Industry & Trade Group and as Deputy General Manager of Shenzhen Luohu International Trade Company. Mr. Zhu holds a B.A. degree in English from Xinjiang University and a Master of Economics degree from Beijing Institute of International Economy Management.
On June 30, 2008, the Company entered into an employment agreement with Mr. Zhu, which became effective on the same date. Pursuant to the agreement, in consideration of Mr. Zhu's services to the Company as President and CEO, he will receive a monthly salary of $6,428.60, which is equivalent to $77,143 on an annualized basis. In addition, Mr. Zhu will be entitled to an annual bonus of $22,857, payable as soon as practicable after the completion of the Company's fiscal year; provided that during the first year of Mr. Zhu's employment, he will receive the amount of bonus that is proportionate to the time he has served at the Company. The base salary and annual bonus will be reviewed annually by the board and the compensation committee of the board as part of the Company's executive compensation review process.
"We are pleased to engage Mr. Zhu as our director, President and CEO," commented Mr. Ming Zhao, Chairman of Puda Coal. "His appointment is part of our efforts to bring more professional management to Puda Coal and improve our corporate governance and internal controls."
"I am excited to lead the executive team at Puda Coal. I plan to utilize my management experience and expertise in the coal industry to improve our operational efficiency, broaden our business opportunities and help us create sustainable economic value for our shareholders," said Mr. Zhu.
About Puda Coal, Inc.
Puda Coal, through its subsidiaries, supplies premium grade coking coal to the steel making industry for use in making coke in China. The Company currently possesses 3.5 million metric tons of annual coking coal cleaning capacity in Shanxi Province, China. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future anticipated financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. For example, our plan to improve our corporate governance and internal control and our new CEO's plan to use his business experience and expertise in the coal industry to improve our operational efficiency, broaden our business opportunities and help us create sustainable economic value for our shareholders is subject to the risks relating to, among other things, how well and how quickly our new CEO will adapt to his new position at the new company and work with the board and the existing management team. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information, please contact:
Investor Relations Contact:
Crocker Coulson, President
CCG Elite
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgelite.com
Company Contact:
Wenwei Tian, Chief Operating Officer;
Director of Investor Relations
Puda Coal, Inc.
Tel: +86-351-228-1302
Email: awtian@yahoo.com