SOURCE: Tongxin International Ltd.
CHANGSHA, CHINA--(Marketwire - Oct 18, 2012) - Tongxin International Ltd. (PINKSHEETS: TXIC), a China-based manufacturer of engineered vehicle body structures ("EVBS") and stamped parts for the commercial automotive industry, today announced the resignation of Marcus Chao from the Company's Board of Directors, effective October 10, 2012. Mr. Chao joined the Board in 2008 and has resigned for personal reasons.
Mr. Zhang Duanxiang, Chairman of the Board of the Company, stated, "Marcus has played a valuable role within our Board for the past five years, helping to pave the way for Tongxin's continued growth through China's turbulent automobile market. We thank him for his dedicated service and wish him well in his future endeavors."
Mr. Chao's resignation brings the number of Board members to six.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin International Ltd. maintains a network of over 130 customers throughout 21 provinces in China. Headquartered in Changsha, the Company also maintains regional manufacturing in Ziyang and Zhucheng. For more information, please visit www.txicint.com or www.hntx.com.
Statements contained in this press release, which are not historical fact, constitute Forward-Looking Statements. Actual results may differ materially due to numerous important factors that are described in Tongxin International Ltd.'s reports to the SEC, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International Ltd. does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.