BEIJING, Oct. 29 /PRNewswire-Asia-FirstCall/ -- China Infrastructure Construction Corp. (OTC Bulletin Board: CHNC) ("CHNC", "the Company", "We", "Us"), one of the major U.S.-listed providers of ready-mix concrete in Beijing, today announced that Ms. Yiru Shi, Chief Financial Officer ("CFO") of the Company, has resigned for personal reasons effective October 25, 2010. Ms. Shi's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Effective October 25, 2010, CHNC has appointed Mr. John Bai as acting Chief Financial Officer of the Company. Mr. Bai will report directly to Mr. Rong Yang, the Company's Chairman and Chief Executive Officer, and will be responsible for managing all financial operations, including, financial management, reporting, risk management, managing the financial budget as well as investor relations.
Mr. Bai, was an independent financial consultant from November 2009 until joining the Company on October 25, 2010. Prior to this, Mr Bai was Marketing Director of Redwood Capital Inc. from May 2008 to November 2009 and an Investment Advisor at Maxfin Capital Inc. in Toronto, Ontario, Canada from July 2006 to April 2008. From June 2003 to June 2006, Mr. Bai worked as an independent financial consultant. Mr. Bai received an MS in Finance from the University of Tulsa in the US in 2003 and a BS in Aeronautic Engineering from Northwestern Polytechnic University in China in 1989.
"We greatly appreciate the contributions Ms. Shi made during her tenure at CHNC," said Mr. Rong Yang, Chairman and Chief Executive Officer of China Infrastructure Construction Corp. "She strengthened our financial management and internal control systems. She also enhanced our investor relations program by communicating effectively with analysts and investors. We wish her well in her endeavors."
Mr. Yang added: "We are very pleased to welcome John to our management team. His professional experience will ensure a smooth transition and the continuation of our commitment to high standards of transparency in financial management, internal control and communications with the markets. We are confident in our ability to continue to execute our growth strategy and enhance shareholder value."
About China Infrastructure Construction Corporation
CHNC was founded in 2002 in Beijing, China. Since then it has developed into one of the top ready-mix concrete producers in Beijing. Its products are environmentally-friendly as CHNC is one of the providers of "green" concrete in China. Both the Company's revenue and net profit have shown significant growth in the last few years. Currently, the Company has four prime production facilities and eight production lines with a total operation capacity of 3.5 million cubic meters based on historical utilization rate. One production facility is located in Beijing's Nanhaizi area, on the west side of the Yizhuang Economic Development Zone south of Beijing. One is located in the Shidu area, within the boundaries of the Zhangfang and Beijing Fangshan district. One is located in the Tangshan Development Zone, about two hundred kilometers east of Beijing and one is located in Xi'an.
In addition to its production and profit prowess, CHNC is a leader in China's "Green Concrete" movement referring to increased use of the environmentally-friendly content in ready-mix concrete, by reducing the energy and raw material consumption in its production, and by mixing and recycling various industrial wastes to create a more sustainable product.
All of CHNC's products have passed the ISO9001-2005 Certification Quality System and Integrated Certification System including Quality Management System Certification, Environmental Management System Certification and Occupational Health and Safety Management System Certification issued by Beijing Zhong Jian Xie Certification Centre.
Its major projects include the Beijing World Trade Central Business District project, and the Beijing Wangjing International Mansion.
Certain statements made in this news release, may contain forward-looking statements concerning the Company's business and products. These statements include, without limitation, statements regarding our ability to prepare the Company for growth, the Company's planned capacity expansion and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs, but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors may include, but are not limited to, such factors as unanticipated changes in product demand especially in the infrastructure construction industry, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's new facilities, risk associated with large-scale implementation of the Company's business plan, the ability to attract new customers, ability to increase its products' applications, cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
For more information, please contact: China Infrastructure Construction Corporation John Bai Chief Financial Officer China mobile: +86-186-0128-8923 Email: firstname.lastname@example.org IR Contact Thomas A. Myers Christensen Investor Relations China mobile: +86-139-1141-3520 Email: tmyers@Christensenir.com Kathy Li Christensen Investor Relations Tel: +1-480-614-3036 Email: kli@Christensenir.com
SOURCE China Infrastructure Construction Corp.