Cathay Forest Announces New Board Member
2011年9月13日 - 6:35AM
Marketwired
Cathay Forest Products Corp. ("Cathay Forest") (TSX VENTURE: CFZ)
today announces that Mr. Honda Cheng was appointed as director of
Cathay Forest. With the addition of Mr. Cheng, the board of
directors of Cathay Forest is now comprised of six directors
including Robert Beutel, Thomas Chan, John Duncanson, John Housser
and Stephen Miller.
A Hong Kong resident, Mr. Cheng is Executive Director of Top
Cheers Ltd, Export Finance Solutions. Top Cheers Ltd. provides
asset base lending and project financing in Mainland China. Prior
to forming Top Cheers Ltd. in 2008, Mr. Cheng was Chief Executive
Officer of East Asia Heller a joint venture between GE Capital and
the Bank of East Asia.
Update
In addition to the above announcement, the Company wishes to
provide the following update.
On February 4th, 2011, the TSX Ventures compliance group began
an investigation under the Continuous Disclosure Regulations. Since
that time, the Company has been cooperating fully with the TSX in
regards to this investigation.
On April 27th, 2011 the Company announced that the release of
the financial statements for the year ended December 31, 2010 was
being delayed as the Company completes investigations with regards
to a number of transactions that were identified by management
during the course of the year-end audit work. The internal
investigation into these transactions is proceeding and the Company
is working closely with its auditors and legal counsel to arrive at
a definite conclusion with regards to the transactions being
investigated. The investigations have yet to be completed and the
Company cannot comment further as to the outcome of these
matters.
On June 30th, 2011, the Ontario Securities Commission ("OSC")
announced the beginning of investigations of several listed
companies with China connections, including Cathay Forest. The
investigations are being carried out under the Continuous
Disclosure regulations. The Company is cooperating fully with the
OSC staff in the investigation process. Responses to OSC requests
are prepared and submitted on a timely basis. The investigation
involving the Company is still at an early stage but the Company
fully intends to continue its cooperation with the OSC on this
matter.
A class action lawsuit has been commenced against the Company,
certain of its current directors and officers as well as certain
former directors. This matter is in its preliminary stages but the
Company fully intends to defend its action in this matter.
The Company's stock continues to be under cease trade order. It
is unknown at this time when trading might be permitted to resume.
The Company is committed to diligently work closely with the OSC,
the TSX and its professional advisors in order to restore
trading.
About Cathay Forest Products
Cathay Forest is a forest products company that manages
approximately 1,000,000 hectares of standing timber properties and
fast-growth, high-yield poplar plantations in China and Russia.
Cathay Forest is building a world-class forest products company
through a customer base that includes the domestic Chinese pulp and
paper industry and other wood products customers in the Japanese
market.
Forward-Looking Statements
All statements, other than statements of historical fact, in
this news release are forward-looking statements that involve
various risks and uncertainties, including, without limitation,
statements regarding the future plans and objectives of Cathay
Forest. Actual results and future events could differ materially
from those anticipated in such statements. Except as required under
applicable securities laws, Cathay Forest assumes no obligation to
update forward-looking statements should circumstances or
management's estimates or opinions change.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Cathay Forest Products Corp. Luc Perron, CA Chief
Financial Officer (416) 226-7269 luc.perron@cathayforest.com
Cathay Forest Products Corp (TSXV:CFZ)
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