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Puda Coal, Inc. Appoints New Chief Financial
Officer
July 25, 2008
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Puda Coal, Inc. (OTC Bulletin Board: PUDC) (¡°Puda
Coal¡± or the ¡°Company¡±), a supplier of China¡¯s high grade
metallurgical coking coal used to make coke for the purposes of
steel manufacturing, today announced that the Company had appointed
Ms. Qiong (Laby) Wu as its Chief Financial Officer, effective July
23, 2008. She replaced Ms. Xia Jin, who resigned on the same day.
Prior to joining the Company, Ms. Wu was CFO and Vice President of
Financing and Investor Relations at Sinoenergy Corporation (OTC
Bulletin Board: SINE) since 2006, which is a manufacturer of
compressed natural gas (CNG) vehicle and gas station equipment and a
designer, developer and operator of retail CNG filling stations in
China. While employed by Sinoenergy Corporation, Ms. Wu was
responsible for preparing and reporting financial statements as well
as managing investment affairs. From 2004 to 2006, Ms. Wu was
employed by Ernst & Young Hua Ming Accounting Firm as a Senior
Auditor, responsible for financial audits and designed internal
control processes. From 2000 to 2004, Ms. Wu was an Accountant and
Tax Consultant at HLB-Beijing Yongtuo CPAs, responsible for
financial audits and internal control design. Ms. Wu obtained her
master¡¯s degree from Australia Deakin University. In addition to her
native Chinese, she speaks fluent English.
¡°We are delighted to engage Ms. Wu as our CFO,¡± said Mr. Liping Zhu,
Puda Coal¡¯s President and CEO. ¡°We welcome her in-depth experience
in accounting, particularly in designing internal controls and
auditing and preparing financial reports for U.S. listed companies
based in China. We believe Ms. Wu will play a significant role in
enhancing our finance and accounting functions and facilitating our
communication with investors.¡±
Commenting on her appointment, Ms. Wu stated, ¡°I am honored to be a
part of Puda Coal¡¯s strong management team as we seek to enhance our
position in China¡¯s rapidly growing coal industry. I look forward to
adding my expertise and knowledge to an already experienced and
impressive management team.¡±
About Puda Coal, Inc.
Puda Coal, through its subsidiaries, supplies premium grade coking
coal to the steel making industry for use in making coke in China.
The Company currently possesses 3.5 million metric tons of annual
coking coal cleaning capacity. Shanxi Province provides 20 - 25% of
China¡¯s coal output and supplies nearly 50% of China¡¯s coke.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking
statements. These statements relate to future events or to our
future anticipated financial performance, and involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance, or achievements to
be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. You should not place undue reliance on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond our control and which could, and likely will, materially
affect actual results, levels of activity, performance or
achievements. Any forward-looking statement reflects our current
views with respect to future events and is subject to these and
other risks, uncertainties and assumptions relating to our
operations, results of operations, growth strategy and liquidity.
For example, our plan to enhance our finance and accounting
functions depends on, among other things, how well and how quickly
our new CFO will adapt to her new position at the new company and
work with the board and the existing management team. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
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