International Business and Manufacturing Experience Adds Depth to Independent Board
NEW YORK and CHANGSHA, China, Dec. 2 /PRNewswire-Asia-FirstCall/ -- Tongxin International, Ltd. ("Tongxin")("Company")(Nasdaq: TXIC), a manufacturer of engineered commercial vehicle body structures ("EVBS"), SUV passenger vehicle bodies and stamped body parts for the Chinese commercial vehicle market, today announced the appointment of Mr. Marcus Chao to Tongxin International's board of directors. Mr. Chao's appointment will total Tongxin's board of directors to nine members.
Mr. Chao has over 30 years of management experience in global corporations. His background covers materials, engineering, manufacturing, supply management, and business development for manufacturing companies in the automotive industry. Prior to his retirement from Delphi Global Supply Management as a Director in 2005, Mr. Chao was the Chairman and President of Delphi (China) Holding Company from 1995 to 2001. From 2001 through 2007, Chao developed and served as CEO & President for the Shanghai-based Lean Enterprise China Inc (LEC), an affiliate organization to the Lean Enterprise Institute (LEI) for greater China. Both LEC and LEI are non-profit organizations promoting and educating lean manufacturing practices in China.
Mr. Chao holds a bachelor degree in Taiwan and a Ph.D. in Chemistry from the University of Kansas. He also received a MBA from Wayne State University. Mr. Chao has been an active leader in the Asian-American communities in Michigan and served as the president of the Association of Chinese Americans and the Detroit Chinese Professional and Academic Association. He currently serves on the board of directors for the Asian Pacific American Chamber of Commerce and Wu Manufacturing for Excellence Foundation.
Mr. Rudy Wilson, CEO of Tongxin International, welcomed Marcus Chao to the board. "We believe that Mr. Chao's extensive experience in corporate and international business will add great value to our Board", Wilson stated. "Marcus' experience with lean manufacturing and his work in China for the field will also provide us valuable insight into our own practices and areas we can improve productivity, manage costs and maximize profits." Wilson commented.
About Tongxin International, Ltd.
Tongxin International Ltd. is the largest independent OEM supplier of EVBS in China. The Company is capable of providing EVBS for both the commercial vehicle and light vehicle market segments, in addition to designing, fabricating and testing dies used in the manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin services more than 130 commercial vehicle manufacturers in China and select export markets.
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.
