Cathay Forest Products Corp.

Cathay Forest Products Corp.

August 05, 2011 11:49 ET

Cathay Forest Announces Appointment of Chairman of the Board and Management Changes

TORONTO, ONTARIO--(Marketwire - Aug. 5, 2011) - Cathay Forest Products Corp. ("Cathay Forest" or the "Company") (TSX VENTURE:CFZ) announces, effective immediately, the appointment of a Chairman of the Board of Directors and the following changes to its management team.

Cathay Forest is pleased to announce that Dr. Thomas Chan has been appointed as the Chairman of the Board of Directors. Dr. Chan has been a Director of the Company since April, 2011. Dr. Chan is Director, Public Policy Research Institute and Head of the China Business Centre of the Hong Kong Polytechnic University. Dr. Chan also serves as advisor to several government organizations within mainland China and abroad.

Cathay Forest is also pleased to announce that Mr. Charles Kwan has been named Chief Operating Officer. Mr. Kwan has been the Company's General Manager since October 2010 and is based in Shanghai, PRC. In addition to its duties as Chief Operating Officer, Mr. Kwan will continue to be responsible for the day-to-day management of the Shanghai office and the Company's partners in China, including overseeing all contractual arrangements in the PRC provinces where the Company has operations.

The Company also reports that Mr. John Duncanson is stepping down from the management team. Mr. Duncanson has served as Interim Chief Executive Officer of Cathay Forest since August 15, 2010 and as its Chief Operating Officer since June 15, 2010. Mr. Duncanson will remain as a Director of the Company and will act as a consultant to the Company.

Cathay Forest will consider appointing a permanent Chief Executive Officer at a later date.

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.

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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