Maxray Optical Technology (Fujian) Co., Ltd. Announces Dismissal of Lawsuit Against Legal Representative, ChihMing (Steven) Chen

FUQING CITY, China, Nov. 18, 2013 /PRNewswire/ -- Maxray Optical Technology (Fujian) Co., Ltd., incorporated in People's Republic of China (the "Company"), mainly engaged in the original equipment manufacture ("OEM") and original design manufacture ("ODM") business of injection molding of plastic products, metal stamping products, backlight module products, liquid-crystal module (LCM) products, the new type of flat panel display, liquid-crystal display TVs, light guide plates and LED lights, announced today that a lawsuit brought in New Taipei City District Court of Taiwan (the "Court") by Full Base Technology International Limited ("Full Base"), alleging that ChihMing (Steven) Chen ("Mr. Chen"), Legal Representative and Chief Operating Officer of the Company, had breached his trust with Full Base by not providing audited financial statements to Maxray Optical Technology Company, Ltd. ("Maxray USA") has been dismissed.

As part of the lawsuit, Full Base, Maxray USA and their affiliates had alleged that the Company was a wholly owned subsidiary of Maxray USA as a result of a share exchange agreement signed by Hsiu-Ying (Jennifer) Huang (sometimes also called "Jingwen Huang"), allegedly on behalf of Max Great Technology ("Max Great"), the Company's sole shareholder.

In its decision dismissing the case against Mr. Chen, the Court found that Jennifer Huang had no shareholding in Max Great through Full Base, an entity controlled by her, did not have the requisite legal authority to enter into the share exchange agreement on behalf of Max Great or the Company and that it appeared that the share exchange was never completed. As a further result of the Court's decision, Max Great determined to dismiss its arbitration proceeding against Maxray USA for fraud, which was instituted before the American Arbitration Association in New York, United States, as the Court's decision settled once and for all any claims that Maxray USA, Full Base and their affiliates may have had against the Company or Max Great.

Mr. Chen, as the Legal Representative and Chief Operating Officer of the Company and sole Director of Max Great, speaking about the decision, stated "I am very happy that the Court's decision has verified what we knew all along, that there never was a valid share exchange agreement and the Company was never sold to Maxray USA. As a result, we have dismissed our arbitration against Maxray USA and now look forward to implementing our strategy of becoming publicly listed either in the U.S. or other regions within the next two years."

About the Company

Established in July 2006, the Company is mainly engaged in the original equipment manufacture ("OEM") and original design manufacture ("ODM") business of injection molding of plastic products, metal stamping products, backlight module products, liquid-crystal module (LCM) products, the new type of flat panel display, liquid-crystal display TVs, light guide plates and LED lights. The Company, whose production base is located in Fuqing City, Fujian Province, P.R. China, has many years of experience in research, independent development, manufacture and assembly of LCD LCM/BLU projects and possesses first-class automated production equipment and a professional technology management team. In the aspect of production lines, in addition to LCD LCM/BLU manufacturing, assembly and production, the Company has established a comprehensive molding and forming factory as well as a LED lighting plant. Mastering a number of key technologies, the Company has achieved enhanced profitability. Its products are marketed in different regions including Suzhou, Wuhan, Fuzhou in China, Taiwan, the US and Europe. The Company is a modern enterprise dedicated to the LCD display and LED lighting industries. With a comprehensive, strong and powerful supply chain covering mold development, mass production of components and supporting materials, and integration of production, assembly, delivery and servicing, the Company does its best to establish a world-class base for LCD display material manufacturing and LED lighting production. The Company is also dedicated to the research and development of electronic products with higher level of technology content, leading the Company to a more advanced level in the market.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Maxray Optical Technology (Fujian) Co., Ltd., except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

For additional information about the Company and its products visit: www.maxraytech.com or contact the Company via Email: [email protected]; Tel: +86-0591-8553-7798; Address: Xihuan Road, Photoelectric Park, Rongqiao Economic and Technological Development Zone, Fuqing, Fujian Province, P.R. China.

SOURCE Maxray Optical Technology (Fujian) Co., Ltd.