Energy 1 Corp. announced new company name and proposed appointment of new director

SHANGHAI, Dec. 10, 2021 /PRNewswire/ -- Upon the unanimous resolution of all directorate members of board of Energy 1 Corp., the name of 'Energy 1 Corp.' is agreed to be renamed to 'China Yicheng technology Corp.', while the stock code is changed from EGOC to ECEN. The Financial Industry Regulatory Authority (FINRA) will complete the review of the application documents soon. Looking ahead, Energy 1 Corp is about to usher in a new name. The renaming of the corporate not only marks the new step of listing process, but also a leap to a greater international market, which in fact is more in line with the overall interests of corporate shareholders. This decision would undoubtedly expose more potential investment opportunities to global investors, and assist their companies to build brand trust for brighter prospects by promoting high-quality products to customers.

In addition, the board of directors of EGOC proposed to add a new director, Mr. Zhang Guoqiang, to the existing Board. The proposed appointment will take effect upon the completion of the FINRA application in relation to the company name and symbol change, and is subject to the approval of the Board. Owing to Mr. Zhang Guoqiang's outstanding personal strength, serving as a director of the company's board of directors will bona fide bring positive impacts to the company:

1. The proposed appointment takes the interests of all shareholders of the company as the starting point, which aim to refine the management of the company, and its arrangement for the article of incorporation, to better serve all shareholders and to make a more reasonable strategic plan for the company's future development;
2. The proposed new board member, Mr. Zhang Guoqiang has brought excellent resources in many aspects to the company, such as the introduction of new business models and marketing resources to the company's existing innovative retail business and the newly-added new agricultural business. He is expected to bring continuous marketing resources to the industrial pattern of the company; fully support the development and growth of various business of the company; last but not least, proactively and continuously generate the maximum benefit to all shareholders and customers.

As of the date of this announcement, Mr. Zhang Guoqiang has never had any relationship with the company's controlling shareholders, actual controllers, shareholders holding more than 5% of the company's shares, directors, supervisors, and other senior management personnel; he has also never held any position in public company listed on the security markets in Hong Kong or overseas for the past three years; nor being punished by the US Securities Regulatory Commission, other relevant authorities or the stock exchange. His qualifications are in compliance with the laws and regulations such as 'Company Law' and 'Articles of incorporation'.

To increase corporate profits and broaden revenue base, the group company has been actively exploring and excavating industrial opportunities. In view of the consistency between Modern New Agriculture and the Group's core values of development, the Board of Directors believes that the addition of new directors can generate stronger synergies that could foster momentum for the company's sustainable business growth; plan for future industrial development; and lay a solid foundation for enhancing corporate value growth.

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SOURCE Shanghai Yicheng Culture