T-Bay Holdings Appoint New CEO and Independent Directors

2008-06-16 22:53 854

SHANGHAI, China, June 16 /Xinhua-PRNewswire/ -- T-Bay Holdings Inc. (OTC Bulletin Board: TBYH) today announces that the Company has appointed Mr. Jie Shi as its Chief Executive Officer and also appointed Mr. Jiancheng Fang, Mr. Chao Jiang and Mr. Chengning Zhang as independent directors of T-Bay Holdings Inc. The appointments were effective on June 11.

Jie Shi, aged 39, previously worked for Qiao Xing Group as vice-president and Qiao Xing Universal (XING) as general manager and director from 2000 to 2004. He used to act as independent director in Jili Zhongxun Technology Co., Ltd. (SZEX: 000669). Mr. Shi has abundant experience in the operations of a US public company as well as mergers and acquisitions. He will be responsible for the company’s operations, new business development, strategic planning, and mergers & acquisitions.

The company also appointed Mr. Jiancheng Fang, Mr. Chao Jiang and Mr. Chengning Zhang as independent directors.

Mr. Jiancheng Fang is the Chief of College of Optoelectronic Engineering and Vice-Chief of R&D Center of Information and Control in Beijing University of Aeronautics and Astronautics. He is the member of Electric Control & Testing Standards Department in State Administration of Science Technology and Industry for National Defence and is now in charge of nine National Science Projects, three of which are included in the “National 863 Plan Program”. He will provide critical and valuable technical guidance on development of the company’s new projects.

Mr. Chao Jiang is an associate member of the ACCA and a CPA in the PRC. He currently serves as the Executive Director, CFO, and Vice President of China Wireless Technologies Limited (02369.HK). Previously, he worked for the State Audit Bureau. Mr. Jiang also worked for Shenzhen Zhong Xing Xin Telecom Equipment Company Limited (00763.HK).

Chengning Zhang, Doctoral Supervisor for the Beijing Institute of Technology, is an expert in “vehicle electric control” & “Electric Power Systems”. He has dedicated his research to the study of Electric Power Control Systems, Battery Management Systems and Battery Charge Systems. Mr. Zhang is the head of one of the “National 863 Plan Programs” and the holder of 4 national patents. More than 20 of his essays were published in professional journals in China and overseas. He also was the Co-Editor of the first professional book on “Electric Vehicle” in China.

Mr. Xiaofeng Li, the former CEO of T-Bay said, “We are pleased to welcome Mr. Jie Shi and three independent directors to join our company. Mr. Shi’s experience in business operations and M&A will help the company grasp development opportunities in the future.”

Mr. Shi responded, “It’s my honor to join a fast growing company as T-Bay. We see exciting opportunities based upon our expertise and resource in China and worldwide. I will do my best to maintain the rapid growth of T-Bay.”

The board also accepts the resignation of Mr. Xiaofeng Li as CEO of T-Bay and Ms. Meilian Li as director of the company. Mr. Xiaofeng Li will continue to serve the company as the CEO of Shanghai Sunplus Communication Technology Co., Ltd., where he will focus his efforts on new product and market development.

About T-Bay Holdings Inc.

T-BAY conducts its mobile phone design business through its 95% owned subsidiary, Shanghai SunPlus Communication Technology Co., Ltd. ("SunPlus"). Established in October 2002, SunPlus is a Sino-foreign joint venture providing total solution and full-range design services to leading mobile handset brand owners in China. The broad spectrum of services that SunPlus provides include overall product design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has a staff of 160, comprised mostly of engineers and software programmers.

SunPlus develops its mobile phone modules based mainly on the chipset platform provided by VIA, MTK, SKYWORKS, ANYKA, INFINEON. Historically, our customers included multinational brand names such as Motorola, NEC, Siemens, China Telecom, Panasonic and Alcatel. Our major customers in China include Feihu Communication, Shenzhen Henkai, Qiao Xing Famous Technology, Shenzhen LaiDi, Shenzhen Siecom, CECT.

Source: T-Bay Holdings Inc.
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