Network CN Inc. Appoints Five Independent Directors to Board of Directors
NEW YORK, Sept. 7 /Xinhua-PR Newswire-FirstCall/ — Network CN Inc. (the ‘Company’) (OTC Bulletin Board: NWCN), a Chinese media and travel network company headquartered in Hong Kong, today announced the appointment of five new independent directors to its Board of Directors on September 1, 2007.
Joining the Board are new directors Joachim Burger, Gerd Jakob, Edward Lu, Peter Mak, and Ronglie Xu. With the latest appointments, the Board of Directors has been increased to nine members, the majority of whom are independent. The Company also announced Raymond Chan resigned from the Board of Directors, citing personal reasons.
The Board of Directors also established an Audit Committee, chaired by Peter Mak, with members Gerd Jakob and Edward Lu; a Remuneration Committee, chaired by Ronglie Xu, with members Joachim Burger and Gerd Jakob; and a Nominating Committee, chaired by Joachim Burger, with members Edward Lu and Ronglie Xu.
The Board of Directors now consists of Joachim Burger, Stanley Chu, Godfrey Hui, Gerd Jakob, Edward Lu, Peter Mak, Daley Mok, Daniel So and Ronglie Xu.
‘These appointments demonstrate our commitment to enhancing our corporate governance, and our Board is now comprised of a majority of independent directors,’ said Godfrey Hui, Chief Executive Officer of Network CN. ‘We are excited to work with this talented group of directors as we continue to build up our nationwide travel and media network in China. Their solid background and rich senior management experience will help bring significant strategic value to Network CN.’
Peter Mak is the managing director of Venfund Investment, a boutique investment bank he co-founded in late 2001. Prior to that, he was a partner of Arthur Andersen Worldwide and the managing partner of Arthur Andersen Southern China. Mr. Mak serves as an independent non-executive director and audit committee chairman of the following public companies in the U.S., Hong Kong, China and Singapore: Trina Solar Limited, China GrenTech Corp. Ltd., Dragon Pharmaceutical Inc., Shenzhen Victor Onward Textile Industrial Co. Ltd., Gemdale Industries Inc., Huabao International Holdings Ltd. and Bright World Precision Machinery Ltd. Mr. Mak is a graduate of the Hong Kong Polytechnic University and a fellow member of the Association of Chartered Certified Accountants, UK, and the Hong Kong Institute of Certified Public Accountants.
Edward Lu is a Certified Public Accountant with more than 11 years of experience in public accounting. For the last 11 years, he has been involved in numerous auditing, taxation and consulting engagements for real estate development and hotel / hospitality management projects in the U.S. His expertise extends to all areas of taxation and accounting affecting individuals, trusts, partnerships, corporations and off-shore companies. Mr. Lu is a graduate of California State University, Los Angeles, where he received a Bachelor of Science degree in Accounting in 1995.
Dr. Gerd Jakob is currently the Chairman of RG Group in Frankfurt, which specializes in asset management and securities trading. He is also the Chairman of CONET Technologie AG, which is involved in the acquisition, holding, management and advisory of information technology companies, and the Chairman of TNG Energy AG, a holding company for various Russian oil and gas production companies. He is the director and founding member of SWGI Growth Fund (Cyprus) Ltd, Bermuda Stock Exchange-listed investment fund that invests in the oil and gas sector in Russia. Dr. Jakob holds a Ph.D. in Philosophy from Canterbury University and a Master of Science degree in Shipping Trade and Finance from London City Business School.
Dr. Ronglie Xu is the Deputy Chairman of the Scientific and Technical Committee in the Ministry of Construction in China. He is also President of the China Civil Engineering Society and the President of the China Construction Machinery Institute, as well as a part-time professor at Tsinghua and Tongji Universities. For the past 50 years, Dr. Xu has held executive positions in Chinese state-owned construction and engineering companies. Dr. Xu also is a foreign member of the Royal Swedish Academy of Engineering Sciences IVA and a chartered builder in the United Kingdom. In 1987, he was awarded first prize for science and technology advancements by the Chinese Ministry of Construction, and in 1988, he was awarded national honors for outstanding contributions in science and technology advancements in China. Dr. Xu is widely published throughout the world.
Joachim Burger has more than 35 years of experience developing and operating hotels in Europe and Asia. His career in the hospitality industry began in 1964 in Germany when he graduated from Bad Reichenhall Hotel Training School in Austria. Mr. Burger is currently the CEO of Lingnan Huayuan Hospitality Co. Ltd. He has worked for a number of luxury hotels and restaurants across Europe and Asia and for Hilton Hotels in Bangkok, Thailand, Guam and Manila, Philippines. In a career spanning more than three decades and three continents, Mr. Burger has created and developed a number of large hotel, restaurant and commercial projects in Asia. In 2000, he completed the Advanced Management Program at Cornell University to prepare himself for the new challenges of the 21st century.
Please refer to the Company’s website (http://www.ncnmedia.com) for more details.
About Network CN Inc.
Headquartered in Hong Kong, Network CN Inc.’s vision is to build a nationwide network in China that serves the needs of a variety of customers. The Company operates a Media Network, a Hotel Network and an e-Network. On the media side, Network CN is establishing a multi-media, multi-application advertising network in the key cities of China, focusing on outdoor advertising media. As of June 30, 2007, the Company had obtained rights to install and operate 677 roadside digital video panels and 4 mega-size digital video billboards in the PRC. On the hospitality and hotel management side, Network CN is building a travel service platform to link up under one network, all the hotel properties under our management, whether owned by the Company or operated under lease or joint venture agreements. In addition, the Company is actively pursuing the development of an e-Network via the Internet.
This press release includes statements that may constitute ‘forward- looking’ statements, usually containing the word ‘believe’, ‘estimate’, ‘project’, ‘expect’, ‘plan’, ‘anticipate’ or similar expressions. Forward- looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors and changes in regulatory environments. These and other risks relating to Network CN Inc. business are set forth in the Company’s Annual Report on Form 10-QSB filed with the Securities and Exchange Commission on August 14, 2007, and other reports filed from time to time with the Securities and Exchange Commission. By making these forward- looking statements, Network CN Inc. disclaims any obligation to update these statements for revisions or changes after the date of this release.
For more information, please contact:
Stanley Chu, General Manager
Network CN Inc.
Sean Collins, Senior Partner
SOURCE Network CN Inc.