Cathay Forest Products Corp.

Cathay Forest Products Corp.

May 06, 2011 15:03 ET

Cathay Forest Announces Appointment to the Board of Directors and Appointment of Consultants

TORONTO, ONTARIO--(Marketwire - May 6, 2011) - Cathay Forest Products Corp. ("Cathay Forest") (TSX VENTURE:CFZ)today announces the following changes:

  • Appointment of Dr. Thomas Chan to the Board of Directors
  • Consulting Agreements with Brian Shaw and Dr. Thomas Chan

Appointment of Dr. Thomas Chan to the Board of Directors

The Board of Directors of Cathay Forest is pleased to announce that Dr. Thomas Chan has agreed to join the Board of Directors effective immediately. Dr. Chan is the Head of the China Business Centre, an independent unit within the Hong Kong Polytechnic University in Hong Kong. Dr. Chan serves as advisor to several government organization within mainland China and abroad. Dr. Chan's appointment to the Board fills one of the vacant positions on the Board of Directors.

Consulting Agreements

In addition to the above, the Company announces that it has entered in consulting agreements with Mr. Brian Shaw and Dr. Thomas Chan.

Mr. Shaw is an experienced financial industry executive with particular expertise in capital markets and investing activities. He was the Chairman and Chief Executive Officer of CIBC World Markets from 2005- 2008 and prior to that managed the Global Equities Division for a number of years. Mr. Shaw has been retained to review the corporate structure and organization of the Company and to advise the Directors and senior management on corporate governance matters.

In addition to his appointment to the Board of Directors, Dr. Thomas Chan has also entered into a consultation agreement with the Company to act as an advisor to the Company in matters relating to its operations.

About Cathay Forest Products

Cathay Forest is a forest products company that manages approximately 1,000,000 hectares of forest properties in Russia and China. Cathay Forest's customer base includes the domestic Chinese pulp and paper industry and other wood products customers in the Chinese and Japanese markets.

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.

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