China Peregrine Announces Management Changes in Its U.S. and China Operations
N. PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 10, 1999--China Peregrine Food Corp. (OTCBB:CHPF - news) announced today that Mr. Charles J. Beech has resigned as the Chairman and Director of the company as well as from management positions which he held in the company's two Chinese joint venture subsidiaries, Green Food Peregrine Children's Food Company, Ltd. (GFP) and Hangzhou Meilijian Dairy Products Company, Ltd. (MJV).
Mr. Roy G. Warren, President and Chief Executive Officer of the company, made the announcement as part of what he described as ``the installation of a full time, on site, western team of management executives and industry professionals in China.'
Mr. Stephen Langley, an executive from the United States with over six years of managerial experience in China in the food sector, has been named the company's Chief Operating Officer for its Chinese operations and has been appointed to the Board of Directors of GFP. Mr. Langley also has been nominated to be the General Manager of GFP, which will become effective upon approval by GFP's board.
Mr. Art Blanding, president of The Omega Company, international technical consultants to the dairy industry, has been elected to China Peregrine's board, effective immediately. In addition, he has been appointed as a member of the GFP board. Mr. Blanding has over 50 years experience in management of dairy processing, sales and strategic planning consulting. He graduated from Michigan State University in 1956, with a degree in food science, and in 1964 from Oregon State University with a degree in Food Microbiology, and attended Harvard Business School. As President of The Omega Company, Mr. Blanding has completed over 200 projects successfully, both in the U.S. and abroad. Clients of The Omega Company include Abbott International, Cumberland Farms, Dairy Gold, Farm Fresh, Inc., Haagen Dazs, Labatt, Ross Laboratories, and Stop & Shop Company, among others.
In addition, the company has submitted to the GFP board nominations of Ms. Nancy Yuan as Treasurer and Mr. Mark Xie as Sales/Marketing Manager of GFP. Ms. Yuan is a U.S. CPA and has worked as an accountant with Coopers & Lybrand in Hong Kong. Mr. Xie is a seasoned sales and marketing professional, who has worked with companies such as Hormel Foods in China. Ms. Yuan also has been appointed Chief Financial Officer of China Peregrine's Chinese operations and Mr. Xie will hold the position of Sales/Marketing Director for China Peregrine in China.
Mr. Warren, who is currently in China, said that he expects the GFP board approval of Mr. Langley's management team to be imminent. Messrs. Langley, Blanding and Warren now constitute the majority of GFP's Board of Directors. In commenting on the effect of these changes for the company, Roy Warren said, ``This new management team will enable us to take full advantage of the marketing and sales opportunity presented by our arrangement with Warner Bros. for the Looney Tunes(tm) line of flavored milks in China. This will give us the opportunity to maximize the short and long term impact of our broad, official Looney Tunes(tm) launch in Shanghai and Hangzhou, China, which will take place in conjunction with the Chinese New Year.'
China Peregrine owns 70% of an existing fifty-year National Joint Venture with China National Green Food Corporation, a wholly owned subsidiary of the Ministry of Agriculture of the People's Republic of China, one of the first-ever approved in China. China Peregrine currently controls and operates dairy facilities in Shanghai and Hangzhou, China. The Company manufactures and distributes dairy products in these markets, and will be introducing a full line of Looney Tunes” branded products, including pasteurized milks, juices and yogurt drinks.
For more information, visit our Web Site, www.chinaperegrine.com.
LOONEY TUNES, characters, names and all related indicia are trademarks of Warner Bros., c 1999. |
