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HLS Systems International Elects Two New
Independent Directors and Announces Corporate Changes
July 04, 2008
HLS Systems International, Ltd. (OTCBB: HLSYF) ("HLS" or the
"Company"), a leading provider of industrial automation and control
systems for the industrial, rail and nuclear power sectors in the
People's Republic of China, today announced that it has elected two
new directors, Mr. Qingtai Chen and Dr. Jianyun Chai, bringing the
total number of members on the Company's Board of Directors
("Board") to nine. Both, Mr. Chen and Dr. Chai will serve on the
Board as "independent directors" of the Company, as defined by Rule
4200(a)(15) of the Marketplace Rules of The Nasdaq Stock Market,
Inc.
Several of the Company's Board members are accomplished
professionals both in and outside of China, with doctorates in
engineering and capital management. Their personal achievements have
far reaching influence in the Automation, Distributed Control,
Nuclear Power, Railway Digital and Information Systems industries,
among others. The two new Independent Directors are Mr. Qingtai Chen
and Dr. Jianyun Chai.
Mr. Qingtai Chen worked for the Dong Feng Motor Group for over 22
years and served as its General Manager. While employed by the Dong
Feng Motor Group, Mr. Chen also served in various positions,
including as a member of the First Session of the Monetary Policy
Committee of the People's Bank of China, as a deputy director of the
State Council Economic and Trade Office, as a deputy director of the
State Economic and Trade Commission, and as a deputy director of the
Development Research Center of the State Council. Mr. Chen also
served from 2000 to 2006 as an independent director of Sinopec Corp.
Mr. Chen received his Bachelors of Science degree in power and
dynamics engineering from Tsinghua University and has been
recognized as a National Excellent Entrepreneur and National
Economic Reform Talent in China. Mr. Chen currently serves as a
standing member of National Committee of the Chinese People's
Political Consultative Conference and as the Dean of the School of
Public Policy and Management at Tsinghua University. He also serves
as an independent director for the Bank of Communications, which is
listed on both Shanghai Stock Exchange and Hong Kong Stock Exchange,
and as an independent director of Mindray Medical International
Limited, which is listed on New York Stock Exchange.
Dr. Jianyun Chai is currently a professor and the head of the
Institute of Power Electronic and Electrical Machine System at
Tsinghua University in China. Before he joined Tsinghua University
as an Associate Professor in 1999, Dr. Chai spent eight years
working in the motor and information industries in Japan. Dr. Chai
is also a member of various societies and organizations, including
the China Renewable Energy Society, the Chinese Society for
Electrical Engineering and the Chinese Wind Energy Association. Dr.
Chai received a Bachelors degree and a PhD in Electrical Engineering
from Tsinghua University in 1984 and 1989, respectively.
Formally Establishes Three New Committees; Announces Accounting and
Legal Firm Changes
HLS also announced in recent filings that its Board of Directors
(the "Board") has formally established three committees, namely an
Audit Committee, a Compensation Committee and a Corporate Governance
and Nominating Committee. Each Board committee is now comprised of
three Independent Directors.
HLS has also announced its selection of BDO McCabe Lo Limited ("BDO
McCabe") as the Company's independent registered public accounting
firm, and Thelen Reid Brown Raysman & Steiner LLP ("Thelen") as the
Company's new US legal counsel. BDO McCabe is the BDO member firm in
Hong Kong with over 400 staff and was established since 1981. It is
a part of the BDO International network which combines international
expertise with the best available local business and advisory
services.
Thelen is an international law firm with approximately 550 attorneys
and is widely known for its premier practices in the areas of
Construction, Corporate/Finance, Real Estate and Structured Finance,
Technology, Media, and Communications, Energy and Complex
Litigation. Thelen's China practice group, in particular, has
represented organizations within a wide range of industries,
including high technology, manufacturing, the Internet, e-commerce,
banking, securities, energy, construction and real estate. The group
also handles corporate transactions, including mergers and
acquisitions, private equity and venture capital, international
joint ventures, foreign investment and corporate governance. The
Company believes that Thelen will be a valuable resource as the
Company seeks to implement its business strategies and commercial
objectives in the coming years.
About HLS Systems International
HLS Systems International has become one of the leading automation
systems providers in the PRC, developing a number of core
technologies and completing numerous projects utilizing a wide array
of automation products. The Company specializes in the research,
development, production, sale and distribution of industrial
automation and control systems, competing effectively with both
domestic Chinese companies and large, multinational participants in
the industrial, rail and nuclear power sectors. HLS adopts the
philosophy - "concern the customers with sincerity", with the
capabilities of technology innovation, it is focusing on industrial
automation, covering digital railway signal & information systems,
e-government, motor drive & transmission and safety control of
nuclear power reactors. To know more, start here: www.hollysys.com.
This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact included herein
are "forward-looking statements," including statements regarding:
the ability of the Company to achieve its commercial objectives; the
business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Such forward-looking statements, based upon the
current beliefs and expectations of HLS' management, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward looking statements. Although the Company believes
that the expectations reflected in these forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws, the
Company does not assume a duty to update these forward-looking
statements.
HLS Systems International, Ltd. Dr. Wang Ben, (8610) 5898-1355 Chief
Financial Officer wangben@hollysys.com or Jennifer Zhang, (8610)
5898-1386 Investor Relations and Corporate Communications zhangqiuju@hollysys.com
or Investor Relations Counsel: The Equi
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