WEIFANG, China, Dec. 9, 2010 /PRNewswire-Asia-FirstCall/ -- Yuhe International, Inc. (Nasdaq: YUII) ("Yuhe" or "the Company"), a leading supplier of day-old chicken raised for meat production, or broilers, in the People's Republic of China ("PRC"), today announced that the Company has taken its Investor Relations functions in-house to accommodate its growing business expansion and investor communications needs.
In connection with the initiative, the Company has ceased to outsource its IR functions to CCG Elite Investor Relations ("CCG"), who had been serving as the Company's external IR consultant since May 2008. In addition, the Company has terminated the service contract with Mr. Jason Wang, who had been serving as the Company's Investor Relations Director since July 2009, based on the parties' mutual understandings.
Miss Serena Wu has been appointed as the Company's internal Investor Relations Manager, who will report directly to the Company's Chief Financial Officer for the overall investor relations matters. Miss Wu joined Yuhe in August 2010 as the CFO assistant, and is highly recognized by the management and the corporate investors. Prior to joining Yuhe, Miss Wu served as the internal IR Manager for Hollysys Automation Technologies, Ltd. (Nasdaq: HOLI), where she played a critical role in supporting Hollysys to internalize and streamline its IR functions and to increase its market capitalization from $150 million to $600 million. During her post at Hollysys, Miss Wu had extensive IR exposures including drafting press releases, organizing investor presentations and conference calls, coordinating road shows, etc. Miss Wu also worked as a commercial financing analyst at a consulting firm in Toronto for two years before returning back to China and joining Hollysys. Miss Wu graduated from University of Toronto with a Double-degree in Finance and Economics, and is fluent in English and Mandarin.
Mr. Zhentao Gao, CEO of Yuhe, commented, "It is a strategic decision for Yuhe to take its investor relations functions in-house, as part of the Company's strategic goal in becoming a first-tier public company. In the wake the Company's future growth requirements, Yuhe is committed to adopt the best practices in not only the management of its business, but also in the enhancement of its public company functions. We have already internalized our public reporting functions since the third quarter of this year, and we are doing the same for our IR functions. We expect to share more of our progress in this aspect with investors in the near future."
"Having an internalized investor relations team will allow the Company to provide investors with more in-depth understandings of the business, as our internal IR will get hands-on involvements with our overall business aspects of sales, operations, and management. We are very pleased to have Miss Wu joining our IR team. Her related experience, passion for result, team spirit and language skills will be of important assets to this function."
"Here I would also like to give special thanks to our previously engaged external IR firm, CCG, and IR director, Mr. Jason Wang, for their outstanding services to the Company during their respective tenures," Mr. Gao continued, "We genuinely appreciate CCG and Jason for their contributions to the Company. Their involvements have laid important foundations in our early-stage development in the capital market. We wish them every success in their future endeavors. "
About Yuhe International, Inc.
Yuhe International Inc. is one of the largest day-old broiler producers in China. Founded in 1996, the Company operates in the middle of the commercial broiler chicken supply chain, where it purchases parent breeding stock from breeder farms, raises them to produce hatching eggs, and hatches the eggs to live day-old broilers, which are then sold through 38 distributors to its end-users, such as integrated chicken companies and broiler raisers. Headquartered in Weifang, Shandong province, the Company has two operational subsidiaries, Weifang Yuhe Poultry Co. Ltd. and Weifang Taihong Feed Co. Ltd., the latter of which largely supplies the Company's internal demand for chicken feed. Currently, the Company has approximately 1400 employees with 33 breeding farms and 3 hatchery facilities. Approximately 90% of the Company's current sales are in the Shandong province with a customer base across 10 Provinces in China. The Company has passed ISO9001 certification and operates imported state-of-the-art equipment, adhering to the international standards of operation. For more information on the Company and its products, please visit http://www.yuhepoultry.com.
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
SOURCE Yuhe International, Inc.