TORONTO, ONTARIO--(Marketwired - Feb. 24, 2014) - Hanfeng Evergreen Inc. (TSX:HF) ("Hanfeng" or the "Corporation") provided an update today on the shareholder meeting and the litigation described in its February 20, 2014 press release.
The litigation between Xinduo Yu and the Corporation, and the dispute regarding the shareholder meeting, has been resolved. Loudon Owen, Edwin Nordholm and David Thomson have resigned as directors of the Corporation and Anthony W. Chang, Joanne Yan, Jonathan Pollack and Yuanhui Tang, the nominees of Mr. Yu set out in his dissident proxy circular, dated February 1, 2014, have been appointed as directors. Mr. Xinduo Yu has kept his position as a director. In addition, Niral Merchant, the Corporation's chief financial officer, has terminated his services effective immediately upon this change in control.
Upon their appointment, the newly elected board of Hanfeng held a meeting to determine certain transitional matters. In particular, the board made the following appointments:
- Mr. Pollack was appointed as Lead Director,
- Mr. Yu was appointed Chairman and reappointed as the President and Chief Executive Officer and legal representative of the Corporation's wholly-owned subsidiaries, and
- Wendy Xue, the current controller, CA, was appointed interim Chief Financial Officer.
The Corporation also confirms that there is no shareholder meeting on February 28, 2014.
This news release contains forward-looking statements based on current expectations, including but not limited to the Corporation's plans, objectives and expectations and the exploration by the Corporation of strategic alternatives. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about the Corporation's business are more fully discussed in the Corporation's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. Additional important factors that could cause actual results to differ materially include, but are not limited to: the ability of the Corporation to preserve or monetize its working capital; the effective ability of the Corporation to appoint directors and representatives of its subsidiaries in China and elsewhere; delays in financial reporting; and the implementation of any alternative or financing transaction on acceptable terms. Forward-looking statements are not guarantees of future performance. In light of the significant uncertainties inherent in the forward-looking statements included herein, any such forward-looking statements should not be regarded as representations by the Corporation that its respective objectives or plans will be achieved. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein. Forward-looking statements are provided for the purpose of providing information about the Corporation's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. In addition, these forward-looking statements relate to the date on which they are made. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements or the foregoing list of factors, whether as a result of new information, future events or otherwise, except to the extent required by law.
About Hanfeng Evergreen Inc.
Hanfeng is a leading producer and supplier of value-added fertilizer solutions in emerging markets. It is the largest producer of slow and controlled release fertilizer in two of world's most significant agricultural markets: the People's Republic of China and the Republic of Indonesia. Hanfeng is headquartered in Toronto, Ontario and its shares are listed on the Toronto Stock Exchange under the symbol HF.