SOURCE: Songzai International Holding Group, Inc.

March 05, 2009 09:00 ET

Songzai International Strengthens Corporate Governance With Appointments of New Independent Directors, Establishment of Board Committees and Adoption of Code of Ethics

HEILONGJIANG, CHINA--(Marketwire - March 5, 2009) - The Board of Directors of Songzai International Holding Group, Inc. (OTCBB: SGZH) ("Songzai International," the "Company"), a coal producer in the People's Republic of China ("PRC"), today announced a series of measures adopted to strengthen the Company's corporate governance in compliance with the listing requirements of a senior U.S. exchange.

First, the Board appointed 3 independent directors, Mr. Elan Yaish, Mr. Yanlin Qu and Mr. Shengchun Liu, effective February 27, 2009.

Mr. Yaish is the President of ERS Associates, Ltd. since January 2006, providing business and financial advisory services to publicly traded and privately held companies. From August 2002 to November 2005, Mr. Yaish was the Vice President of Finance and Assistant Secretary of Manchester Technologies, Inc. From February 2000 to July 2002, Mr. Yaish was the Assistant Vice President of Finance at Comverse Technology, Inc. From June 1996 to February 2000, Mr. Yaish was the Vice President of Finance and Controller of Trans-Resources, Inc. Mr. Yaish was a senior accountant at Deloitte & Touche LLP from September 1992 to May 1996. Mr. Yaish graduated from The Yeshiva University, Sy Syms School of Business, with a B.S. in accounting in 1992. Mr. Yaish is a licensed CPA in New York and a member of the AICPA and NYSSCPA.

Mr. Yanlin Qu is the Deputy Director General of the Coalfield Geological Bureau of Heilongjiang Province, a position that he has held since November 1999. Mr. Qu is a 1977 graduate of Heilongjiang School of Mining with a master's degree in mining sciences.

Mr. Shengchun Liu is the President of both the Heilongjiang Province Railway Association and the Harbin Railway Commission Science & Technology Association, positions he has held since December 2002. From June 1977 to December 2002, Mr. Liu was the Director of the Heilongjiang Province Economic Commission. Mr. Liu is a graduate of Jilin University with a B.S. degree in automotive sciences.

The Board also established an audit committee, a compensation committee and a nominating committee. Mr. Yaish, Mr. Qu and Mr. Liu were named to the audit committee, with Mr. Yaish as the committee chairman. Mr. Qu and Mr. Liu were also named to the compensation and nominating committees, with Mr. Qu as chairman of the nominating committee and Mr. Liu as chairman of the compensation committee.

"We are pleased to welcome Mr. Yaish, Mr. Qu and Mr. Liu to our board of directors. Their solid backgrounds and depth of knowledge and experience will help make significant contributions to our company and ensure we meet the high standard of corporate governance necessary to be listed on a senior U.S. exchange," said Mr. Hongwen Li, Chairman and Chief Executive Officer of Songzai International.

The Board also adopted a Code of Business Conduct and Ethics applicable to all employees, officers and directors of the Company, in order to promote ethical conduct and compliance with compliance with laws and regulations, to provide guidance with respect to the handling of ethical issues, to implement mechanisms to report unethical conduct, to foster a culture of honesty and accountability, to deter wrongdoing, and to ensure fair and accurate financial reporting.

About Songzai International Holding Group Inc.

Songzai is a coal producer and reseller based in China. The Company distributes coal to both industrial customers, such as power plants and cement factories, and to individual consumers for home heating.

Forward-looking Statements

This press release contains forward-looking statements. These statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as ''will,'' ''expects,'' ''believes,'' ''anticipates,'' ''intends,'' ''estimates'' and similar terms. Such statements reflect the current view of the Songzai with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the coal mine industry and the operations of Songzai. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. This forward-looking information should be considered only in connection with "Risk Factors" detailed in Songzai International's filings with the Securities and Exchange Commission. The Company assumes no obligations to update any forward-looking statements or information set forth in this press release.

Contact Information

  • Contact:
    Songzai International Holding Group, Inc.
    Name: Yvonne Zhang
    Title: Chief Financial Officer
    (626) 581-8878