VANCOUVER, July 30 /CNW/ - CY Oriental Holdings Ltd. (TSX-V: CYO) ("CY
Oriental" or the "Company"), a value-added supplier of apparel and fashion
products to leading international brands and retailers, today announced that
Mr. Ping Chen, Chairman, President and Chief Executive Officer, will serve as
Interim Chief Financial Officer with the departure of Mr. Clarence Kwong.
"Our search for a new Chief Financial Officer continues," said Mr. Chen.
"In the meantime, I will oversee and be responsible for all financial
operations of the Company. While the completion of our year end audit and
getting our financial reporting up to date is of paramount importance,
business operations continue at both our Shanghai and Tengzhou manufacturing
facilities and we remain optimistic about our future. Once our regulatory
filings are up to date, we will apply for a revocation of the cease trade
order, which we fully expect to obtain."
About CY Oriental Holdings Ltd.
CY Oriental is a Canadian incorporated, China-based manufacturer and
value-added supplier of apparel and fashion products to leading international
brands and retailers, including department stores. The Company owns and
operates a manufacturing facility in Shanghai, China, and a newly constructed
facility in the city of Tengzhou, China. The Company's ready-made products
include a broad range of high-quality garments, including woven casual wear,
woven formal wear, denim and knit junior sportswear. More information may be
found online by visiting: www.cyoriental.com.
Certain information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important risks,
uncertainties and assumptions. This forward-looking information includes
information with respect to CY Oriental's expectations relating to the
continuation of the search for a new Chief Financial Officer, the continuation
of Ping Chen overseeing and being responsible for all financial operations of
the Company, the completion of the year-end audit, the timing for the
completion of the audit, the filing and dissemination of the Company's
financial statements and other regulatory filings, the application for a
revocation of the cease trade order, the revocation of the cease trade order
and expressions of optimism about the Company's future. The forward-looking
information in this news release describes CY Oriental's expectations as of
the date of this news release. The results or events anticipated or predicted
in such forward-looking information may differ materially from actual results
or events. Material factors which could cause actual results or events to
differ materially from a conclusion in such forward-looking information
include the risk that the search for a new Chief Financial Officer may be
delayed or may be unsuccessful, Ping Chen may not be able to continue to
oversee and be responsible for all of the financial operations of the Company,
the completion of the audit may be delayed or may not be completed, the filing
and dissemination of the Company's financial statements and regulatory filings
may be delayed up to an indefinite period of time, the Company may not be able
to apply for a cease trade order or the cease trade order may not be revoked
on application, as well as the assumptions and risks set out under "Risk
Factors" in the Company's Management Discussion and Analysis for the year
ended December 31, 2006 as filed on SEDAR on April 30, 2007 and is available
on the SEDAR website at www.sedar.com. When relying on CY Oriental's
forward-looking information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties and potential
events. CY Oriental cautions that the foregoing list of material factors is
not exhaustive and is subject to change.
The forward-looking information contained in this news release represents
the expectations of CY Oriental as of the date of this news release and,
accordingly, is subject to change after such date. While CY Oriental may elect
to, it does not undertake to update this information at any particular time.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: John Yuan, Vice President and Corporate
Secretary, CY Oriental Holdings Ltd., Tel: 86 21 6237 1159, Email:
firstname.lastname@example.org; Trevor Heisler, Investor Relations, The Equicom Group
Inc., Tel: (416) 815-0700 ext 270, Email: email@example.com