VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2012) - Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company") held its Annual General Meeting of Shareholders (the "Meeting") in Vancouver, British Columbia on November 16, 2012. During the course of the Meeting, all proposed resolutions were approved including the election of directors and the appointment of auditors for the Company.
The shareholders elected Fulai Lang, Joanne Yan, Graham Kwan, Malcolm Clay, William Paine, and Randall Smallbone to serve as directors of the Company. As of the close of the Meeting, the Company's board is constituted of a majority of independent directors, namely Joanne Yan, Malcolm Clay, William Paine, and Randall Smallbone.
At the first meeting of the newly constituted Board of Directors held immediately after the Meeting, the following individuals were re-appointed as officers of the Company: (a) Fulai Lang as Chairman of the Board, President and Chief Executive Officer, (b) Yucai (Rick) Huang as Chief Financial Officer, (c) Graham Kwan as Executive Vice President, Strategic Development and Corporate Affairs, and Corporate Secretary.
The Board of Directors also re-appointed Joanne Yan as Lead Director and reconstituted its standing board committees. The Audit Committee is comprised of Randall Smallbone (Chair), Malcolm Clay and Joanne Yan who are each independent directors. The Compensation/Corporate Governance Committee is comprised of Malcolm Clay (Chair), Fulai Lang, Joanne Yan, William Paine and Randall Smallbone, a majority of whom are independent directors. The Disclosure Committee is comprised of Graham Kwan (Chair), Fulai Lang, and Yucai (Rick) Huang.
The Company also confirmed that 8,051,746 escrow shares were cancelled and returned to the treasury of the Company. These shares were previous held in escrow as part of the earn-out provisions for the acquisition of Daqing Deta Electric Co., Ltd. in 2008 pursuant to certain performance targets to be achieved. None of the performance targets were met and none of the escrow shares were released. The termination of the earn-out provisions was by mutual agreement between the parties.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a world leader in the manufacturing of high pressure, fiberglass reinforced plastic ("FRP") pipe products, and associated technologies and services, for the international oil and gas and infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets.