Zungui Haixi Corporation

Zungui Haixi Corporation

August 19, 2010 08:50 ET

Zungui Haixi Announces the Appointment of Xinglin Li as Chief Operating Officer

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2010) - Zungui Haixi Corporation (TSX VENTURE:ZUN), a China-based manufacturer of sportswear and casual footwear, announced that it has appointed Mr. Xinglin Li as Chief Operating Officer of the Company effective immediately. In his role, Mr. Li will report directly to Mr. Yanda Cai, Chief Executive Officer and to the Board of Zungui Haixi. Mr. Li joins Zungui Haixi with over 20 year of leadership experience gained with high profile apparel and footwear manufacturers in Southern China. He has had a wide variety of roles in manufacturing, marketing, retail development and general management.

"We worked very closely with the independent Directors of the Board to find the most appropriate individual for the role of Chief Operating Officer, and we are excited about Mr. Li's appointment," indicated Mr. Yanda Cai.

Mr. Yanda Cai continued, "We believe that the combination of Mr Li's experience in a broad range of consumer products and retail businesses is a perfect fit for the extraordinary growth planned for Zungui Haixi now and in the future. Mr. Li strengthens our management team and provides further leadership depth to our company. We are on target to meet our goals for calendar 2010 of opening 100 corporate-owned and managed retail outlets and 250 retail outlets from distributors."

Caution Regarding Forward-Looking Statements

Certain statements in this press release contain forward-looking information that involve risk and uncertainties. Statements other than statements of historical fact contained in this press release may be forward-looking statements within the meaning of certain securities laws, including, without limitation, statements involving management's expectations, intentions and beliefs concerning the domestic PRC sportswear industry, the competitive landscape in this industry and the general economy, statements regarding the future financial position or results of the Company, business strategies, proposed acquisitions, growth opportunities, budgets, litigation, projected costs and plans and objectives of or involving the Company. Such statements should be considered forward-looking statements, Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "project", "continue" and similar expressions have been used to identify forward-looking statements. These forward-looking statements reflect management's current beliefs and business judgement with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. Although management believes its current beliefs and assumptions are reasonable, many factors could cause Zungui's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's other filings with Canadian securities regulatory authorities at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as of and speak as of the date of this press release and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements to reflect new information, events, results or circumstances or otherwise after the date on which such statement is made as to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

About Zungui Haixi

Zungui Haixi Corporation, through its wholly owned subsidiaries, is engaged in the manufacture and sale of athletic footwear, apparel and accessories, and also casual footwear, in the People's Republic of China. Both product lines are marketed under the ZUNGUI brand. Zungui Haixi distributes its products to consumers throughout China through an extensive network of retail outlets which exclusively carry ZUNGUI branded products. There are 62,259,500 common shares issued and outstanding.

Contact Information

  • Zungui Haixi Corporation
    Mr. Michael Manley
    (416) 862-1555