CARLSTADT, N.J., July 10, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, regretfully announces the passing of one of its directors, Stephan R. Clark. Mr. Clark died on June 23, 2014. He had served on the Company's board of directors ("Board") as an independent director since October 2006. He also served as the Chairman of the Board's Audit Committee. After his passing, the Board appointed independent director and Audit Committee member Mr. Donald S. Burris to the position of Acting Chairman of the Audit Committee.
Zhiyuan Li, Chairman of the Board, Chief Executive Officer and President of the Company stated "We extend our deepest sympathies to Steve's beloved wife, Marlene Clark, and to his children and grandchildren. Steve's death is a tragic loss for all of us who considered him a friend. We are fortunate to have known Steve and he will be truly missed."
As a result of Mr. Clark's death on June 23, 2014, the Company received a written notification from the staff of The Nasdaq OMX Group ("NASDAQ") indicating that since Mr. Clark was an independent director and a member of the Board's Audit Committee, the Company no longer complies with NASDAQ's audit committee requirement of maintaining committee membership by at least three independent directors, as set forth in Listing Rule 5605(c)(4) (the "Rule"). NASDAQ has granted the Company the following cure period to regain compliance with the audit committee membership requirement: (i) until the earlier of the Company's next annual meeting of shareholders or June 23, 2015, or (ii) if the Company's next annual meeting of shareholders is held before December 22, 2014, until December 22, 2014. The Company is in the process of identifying an independent director to be elected to the Board and who will also be appointed to the Audit Committee in order to regain compliance with the Rule prior to the expiration of the cure period granted by NASDAQ.
About Jinpan International Ltd
Jinpan International Limited (NASDAQ: JST) designs, manufactures, and markets electrical control and distribution equipment used in demanding industrial applications, utility projects, renewable energy installations, and infrastructure projects. Major products include cast resin transformers, VPI transformers and reactors, switchgears, and unit substations. Jinpan serves a wide range of customers in China and reaches international markets as a qualified supplier to leading global industrial electrical equipment manufacturers. Jinpan is one of the largest manufacturers of cast resin transformers in China by production capacity. Jinpan's four manufacturing facilities in China are located in the cities of Haikou, Wuhan, Shanghai and Guilin. The Company was founded in 1993. Its principal executive offices are located in Haikou, Hainan, China and its United States office is based in Carlstadt, New Jersey. For more information, visit www.jinpaninternational.com.
SOURCE Jinpan International Limited