TAIPEI, Taiwan, June 30 /PRNewswire-Asia/ --
-- The Company's Board of Directors was restructured to improve efficiency and strengthened with the addition of a new Director and a new Board Supervisor. Continuing the trend established late last year, China sales have increased more than threefold through May, and total sales have doubled during the first five months of 2010.
On Friday, June 18, 2010, SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, held its annual meeting of shareholders at the Company's offices in Taipei.
At the annual shareholders' meeting, Claire Kuo, Chairman and Chief Executive Officer, reported on the financial results for 2009; SEYI shareholders approved certain changes to the Company's Articles of Incorporation, elected the members of the Company's Board of Directors for the next three years, and passed certain corporate governance measures.
In order to improve the efficiency and effectiveness of its Board of Directors, the number of Directors was reduced from seven to five members. Other changes to SEYI's Articles of Incorporation reclassified certain income items from SEYI's China operations, and amended the notification procedures for meetings of the Board of Directors.
At the annual meeting, SEYI shareholders re-elected Ms. Claire Kuo as the Chairman and a member of the Company's Board of Directors for an additional three-year term. Mr. Shun-Wen Lee, Mr. Chuan-Chih Kao and Mr. Huei-Hsiung Yu, who have served as Directors during the previous three years, were also re-elected as Directors for an additional three-year term; Mr. John Ken-Yi Cheng, Chief Operating Officer of Grand Fortune Securities Co., Ltd., was elected as a new Director. In addition, Mr. King-Jen Fu was re-elected for another three-year term as a Board Supervisor, and Thomas Tzu-Wu Lo, an attorney at Lo & Partners, was elected to the second Board Supervisor position.
Commenting on the restructuring of the Company's Board of Directors, Ms. Claire Kuo, Chairman and Chief Executive Officer, said, "In the coming three years, SEYI will have many strategic alternatives to expand its business, building upon the strong momentum that is being established in 2010. I am very pleased with the way in which the Board has been re-configured, particularly with the addition of John Cheng as a Director and Thomas Lo as a Board Supervisor. Both are well-recognized professionals in their respective fields and will bring valuable insights and a broader perspective to the deliberations of the Board. I look forward to working with them and the other Board members."
At the annual meeting, SEYI shareholders also instituted certain corporate governance measures, which placed limits on Company loans to subsidiaries and individuals and waived conflicts of interest that arise when officers of the Taiwanese parent company serve in executive positions in the Company's mainland China and North American subsidiaries.
For the first five months of 2010, SEYI's total sales reached TWD 1,236,659,000 (US $38.9 million), a 104% increase over the prior year. Sales in mainland China during the period were RMB 127.3 million (US $18.7 million), a 243% increase over the same period in 2009. Reflecting the beginnings of a recovery in markets outside mainland China, SEYI's sales from its Taiwan facility increased by 49% through May.
Founded in 1962, SEYI has established a position of global leadership in the press building industry over the past 48 years. SEYI manufactures mechanical presses, ranging in size from 25 to 2400 tons, at facilities located in Taiwan and mainland China. At its original location in Taoyuan, Taiwan, SEYI operates a 12,500 square meter facility, and in 2003 the Company began production in mainland China at an 11,000 square meter facility located in Kunshan, Jiangsu Province. Combined production capacity at the Taoyuan and Kunshan plants approaches 4,000 presses annually. Construction of a second 11,000 square meter facility in Kunshan was completed in 2009 and will begin production in 2010. The new facility in Kunshan will manufacture up to 600 presses annually, ranging in size from 300 to 4,000 tons. SEYI products have been sold to customers in over 40 countries around the world, and the Company is the dominant foreign supplier to China, India, South East Asia and the Americas in terms of volume. SEYI is the recipient of numerous quality awards from around the world.
The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.
Note: TWD 31.794 to USD1.0 For further information contact: Fathi El-Farghali Director of Business Development 203 Lemon Creek Dr. Unit A Walnut, California 91789 USA Phone: +1-909-839-1151 x207 Cell: +1-626-675-9591 Email: Fathi@seyiamerica.com Web: http://www.seyi.com Kenneth Wei Spokesman 446, Nan Shang Road, Kueisan, Taoyuan Phone: +886-3-352-5466 Email: firstname.lastname@example.org Web: http://www.seyi.com.tw
SOURCE SEYI (Shieh Yih Machinery Industrial Co., Ltd)