CHNA may be a great bargain now. NEWS OUT!
Monday July 27, 6:38 pm Eastern Time
Company Press Release
China Pacific Announces Director Changes
LONG BEACH, Calif.--(BUSINESS WIRE)--July 27, 1998--China Pacific Inc. (Nasdaq SmallCap:CHNA - news)
Monday reported changes in its board of directors.
China Pacific confirmed that, effective July 24, 1998, Flora Cheng, Liang-Guo Zhang and Samuel Olenick have resigned from
their positions as directors of the company. In addition, Cheng has resigned from her positions of interim chief executive officer,
vice president and secretary.
The company further announced that Chun-Hing Lo, vice general manager and director of the company's 60 percent-owned
joint venture, Chengdu Chengkang Iron and Steel Co. (Chengdu Steel), and Xin-Chuan Huang have been appointed as new
directors of the company, effective immediately. The changes are expected to provide the company with strong leadership and
technical expertise.
Lo has been promoted to chief operating officer of the company. Lo joined the company in 1997 and has held positions of
increasing responsibility at Chengdu Steel. He has more than 16 years of management experience in Hong Kong and China.
Before joining the company, he was a management consultant of a Sino-Hong Kong joint venture company in Shanghai, the
People's Republic of China. Lo holds a bachelor's degree in physical science and a master's degree in business administration.
Huang has more than 25 years' experience in infrastructure- related industries, including water supply and hydroelectric projects
in the People's Republic of China. He also has expertise in iron and steel and cement manufacturing. Prior to his appointment as
a director of the company, Huang was the executive director and legal representative of both China Treasure Property
Development Co. and China Treasure Industrial Enterprises, which are each sub-subsidiaries of Open View Properties Ltd.
With these changes, the company's board is composed of four directors: Lo, Huang and the two remaining directors, Thomas
Tong, who is also the company's chief financial officer, and Jian-Sheng Tan. China Pacific has not yet named a permanent chief
executive officer.
China Pacific is a leading producer of steel and iron products in Sichuan Province, the People's Republic of China, through its
majority interest in Chengdu Steel. Additional corporate information and news releases are available at the company's Web
site, www.chinapacific.com, or from the contacts below.
Contact:
China Pacific Inc., Long Beach
562/433-1882
562/433-2029 (fax)
or
Corporate Office, China
86-28-330-6590
86-28-330-1550 (fax) |
