CFS International Inc.

July 08, 2005 16:30 ET

CFS International Inc.: Change of Directors and Appointment of Independent Committee

TORONTO, ONTARIO--(CCNMatthews - July 8, 2005) - CFS International Inc. (TSX VENTURE:CFY) announces that Mr. Yan Poe Wong and Ms. Julie Ann Enfield have resigned as directors of CFS. The Board of Directors of CFS acknowledge and thank Mr. Wong and Ms. Enfield for their long standing commitment and service to the Board of Directors and to CFS.

CFS is pleased to announce the appointment of Mr. Sunny Ngan and Ms. Tracy Xiu Fang Liu to the Board of Directors and Audit Committee of CFS. Mr. Ngan, who holds a Bachelor of Commerce degree from the University of Toronto, is a Certified Management Accountant and a Certified Financial Planner with extensive experience in accounting, taxation and investment including serving for eight years as a senior auditor and appeal officer in the taxation department of Canada Revenue Agency and for eight years as a senior tax manager of a major accounting firm. Ms. Liu, who holds a Bachelor of Economics degree from the Heng Yane Engineering Institute, China, also has significant accounting experience including serving for twelve years as a staff accountant. Each of Mr. Ngan and Ms. Liu are independent within the meaning of applicable securities laws.

Mr. Ngan and Ms. Liu are each appointed to serve as directors until the next annual meeting of shareholders of CFS, currently scheduled to be held on August 12, 2005.

CFS also announces that its Board of Directors has established a committee of the Board comprised solely of independent members, namely Mr. Ngan and Ms. Liu, to consider the proposed privatization transaction received by CFS from its controlling shareholder, Ports International Enterprises Inc., and to respond to such proposal.

CFS International Inc., through its subsidiaries, operates the largest upscale fashion wear retail chain in China under the "Ports International" and "BMW" banners. The Company's other operations also include retailing in Hong Kong and Canada, and trading, manufacturing and wholesaling of private label and fashion garments in Canada, China and Hong Kong.

CFS' shares are traded on the TSX Venture Exchange under the symbol "CFY".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release.

Contact Information

  • CFS International Inc.
    Alec Lam
    Director of Finance
    (416) 385-2882
    (416) 385-7135 (FAX)