|
| [January 14, 2005] |
 |
Tengtu Appoints New CEO and CFO
TORONTO & BEIJING --(Business Wire)-- Jan. 14, 2005 -- Tengtu International Corp. (OTCBB: TNTU) today announced the appointment of Dr. Penghui Liu as its new chief executive officer and Mr. Zhenlin (Simon) Xia as its new chief financial officer. Both Dr. Liu and Mr. Xia have served as consultants for the company over the past three months, and have been advising the board of Tengtu International in regard to its review and restructuring of its former joint-venture partner, Tengtu China.
Dr. Liu will oversee the management of Tengtu International's business interests in China and the execution of its business strategies going forward, including the management of its wholly-owned subsidiary Tengtu United Corporation and its interests related to its former joint-venture partner Tengtu China.
Prior to joining Tengtu, Dr. Liu represented several Fortune 500 companies in China as principal agent and advisor to their growth strategies and business plans in China for companies such as Siemens Communication Networks, NEC, and Telstra. He also served as a strategic investment advisor to Everbright Securities and the China Nationality Trust & Investment Company. Dr. Liu was director and founder of the Beijing Pacific Institute of International Strategy, the major think-tank and advisory center on investment strategies in China and international relations, including Sino-U.S. relations. He served as editor-in-chief of the prestigious Strategy and Management Journal, an authoritative and academic resource on international relations and government policy relied on by governments and academia throughout the western world. He also served as deputy director/secretary general to the International Crisis Management Center, Chinese Academy of Social Sciences.
Dr. Liu is widely published and an acclaimed award-winning author of books, monographs and articles. He has written extensively on U.S. and foreign investment in China, international relations, international economics and political affairs. He serves as a member on several prestigious committees in China including the Chinese Society of World Economy, as director of the Economic and Cultural Exchange Committee; the Chinese Society of Eastern Europe and Central Asia; and the Chinese Society of Sino-Russian Historical Relations. Dr. Liu has a doctorate in law from the graduate school of the Chinese Academy of Social Sciences.
Mr. Xia was formerly the chief financial officer of China Southern Securities Co., Ltd (CSSC). Before that, he served as the deputy general manager of the corporate finance department of CSSC in charge of mergers and acquisitions, restructuring, listing and corporate reorganization. Mr. Xia was also the general manager with the Beijing NanFanLian Finance Corp. and Shenzhen NanFang Finance Corp. He has worked in the Research Institute of Fiscal Science in the Ministry of Finance of the People's Republic of China. Mr. Xia is a certified public accountant both in the United States and China.
Mr. William Ballard, chairman of Tengtu International, stated, "Over the past three months, Dr. Liu and Mr. Xia have been tremendous assets to the board, reviewing and restructuring our operations in China. Dr. Liu has extensive credentials, and under his leadership we look forward to leveraging our unique relationship with the Ministry of Education, and aggressively pursuing the market for education software and distance learning solutions in China. Mr. Xia brings significant financial and accounting experience, including the areas of risk management and financial controls."
Dr. Liu stated, "Despite the significant challenges Tengtu has faced, the company has established a leading brand in the education market in China. Having had the opportunity to be involved in the review and restructuring of the company over the past three months, we are now in a better position to focus on driving growth through the opportunities across China, including the Western Rural School Project, the National Educational Portal, and our Education Resource for Microsoft(R) Office."
Established in 1996, Tengtu International Corp. is the leading provider of integrated education software and distance learning solutions in the People's Republic of China. Its wholly owned subsidiary has been chosen by China's Ministry of Education to be the operating partner in the deployment of China's national education portal and distance learning network (CBERC) to make computerized education available to 250 million students in China's primary and secondary schools.
For more information please visit WWW.TENGTU.COM. To be added to Tengtu's email list for company news, please send your email address to INFO@TENGTU.COM.
Portions of this document include "forward-looking statements", which may be understood as any statement other than a statement of historical fact. Forward-looking statements contained in this document are made pursuant to the safe harbor provisions of the private securities litigation reform act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this document. Certain factors that can affect the company's ability to achieve projected results are described in the company's annual report on form 10-K and other reports filed with the Securities and Exchange Commission.
[ Back To Smart Product Home's Homepage ]
|