SOURCE: China Direct Trading Corp.

May 09, 2007 10:00 ET

Larry Sloven Joins China Direct Board of Directors

COOPER CITY, FL -- (MARKET WIRE) -- May 9, 2007 -- China Direct Trading Corp. (OTCBB: CHDT) (China Direct or CHDT) announced today the appointment of Larry Sloven, the Chief Executive Officer of Asian Outsource & Design Group (AODG), as an independent director to the board of directors of China Direct.

Mr. Sloven is a U.S. citizen residing in Hong Kong for over 18 years. He is a member of the American Chamber of Commerce in Hong Kong. He just finished a five-year term as a Director of the American Club in Hong Kong and Chaired the Development Committee which was responsible for re-engineering five major multi-million dollar re-development projects for the premier club in Asia.

Mr. Sloven's group of companies specializes in product development outsourcing for OEM and retail companies and is purchasing agent for CHDT's Capstone subsidiary. One of his groups' other companies is purchasing agent for Dick's sporting goods chain. He also helped develop a private label hardware and accessory line for Circuit City, Inc. and a camcorder and cellular phone battery line for Spectrum Brands, Inc. (formerly "Rayovac Corp."). In 1993, Mr. Sloven helped set up a joint venture factory producing cellular battery packs for AT&T along with the first cellular alkaline battery pack for Duracell. He participated in the outsourcing of the production of the one hour NMH-fast charger for the Duracell Corporation. In the mid 1990s, he helped set up a JV with Rayovac and the largest alkaline consumer battery factory in China. Mr. Sloven also assisted in the outsourcing of video games for Atari, arranging for Chinese manufacture of The Stanley Works' garage door motors and products.

"The addition of an experienced product developer and marketing professional like Larry Sloven will assist China Direct in growing its consumer products business lines of our Capstone subsidiary," said Howard Ullman, Chairman of China Direct. "His experience in China should help us expand our markets and assist us in bringing products to market," added Mr. Ullman.

About China Direct: China Direct (http://www.chdt.us) is a holding company engaged through its operating subsidiaries in the following business lines: Capstone Industries, Inc. (www.capstoneindustries.com) is engaged in product development, manufacturing, distribution, logistics and product placement to importers, theme parks, and mass retail of souvenirs, gifts, and consumer products. Overseas Building Supply (OBS) is engaged in distribution of building materials including but not limited to roof tiles, interior doors, and insulation materials.

FORWARD-LOOKING STATEMENTS: This press release, including the financial information that follows, contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. The fact that CHDT seeks or consummates investments in or acquisitions of other companies does not mean that such transactions will favorably affect China Direct's business or financial conditions -- in general or as forecasted. In fact, investments and acquisitions could have an adverse impact on China Direct. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. China Direct undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release and risks associated with any investment in China Direct, which is a "penny stock" company, should be evaluated together with the many uncertainties that affect China Direct's business, particularly those mentioned in the cautionary statements in current and future SEC Filings, which statements China Direct incorporates by reference herein.

Contact Information

  • Contact:
    China Direct
    Rich Schineller
    (646) 257-3902
    rich@CHDT.us