TORONTO, Aug. 21 /CNW/ - Liuyang Fireworks Limited (TSX-V: FWK) today
announced that Tengwu (Jacky) Long has been formally appointed to the position
of Chief Financial Officer of the Company, effective as of August 17, 2009.
Mr. Long will be responsible for Liuyang's accounting, reporting and financing
activities and will be based out of its Canadian subsidiary's office in
Toronto, Ontario. The Company also announced that Mr. Felix Fan has stepped
down as Chief Financial Officer. Mr. Fan will continue to work with Liuyang on
a part-time consultancy basis.
"Mr. Long's extensive international finance and accounting experience
make him well suited for the role of Chief Financial Officer with our
company," said Miao Hu, President and Chief Executive Officer, Liuyang
Fireworks Limited. "He is fully versed in Canadian and U.S. GAAP and Chinese
accounting standards and has completed substantial training with respect to
IFRS. I would also like to thank Mr. Fan for his important contribution to the
Company, especially during the process of becoming a public issuer on the TSX
Fluent in English, Mandarin and Cantonese, Mr. Long is a chartered
accountant and certified internal auditor with more than a decade of
progressive accounting and finance experience. Most recently, he was a senior
auditor at Ernst & Young for their assurance practice, where he was
responsible for a client base consisting of several large public companies,
mainly in the manufacturing and financial services industries. Prior to
joining Ernst & Young, Mr. Long was a financial service leader with GE Plastic
China and previously was a senior staff accountant with Ciba Specialty
Chemicals China. Mr. Long has a Master's degree in Management and Professional
Accounting from the University of Toronto.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a leading China-based manufacturer of
fireworks that are distributed domestically and in more than 20 countries in
the Americas, Europe, Australia, and Southeast Asia. The Company has more than
15 years experience in the fireworks industry and is a supplier to the world's
top five fireworks wholesalers and retailers. Liuyang's ISO9001-certified
manufacturing facilities are located in the Liuyang area of Hunan, China where
more than half of the world's fireworks are produced.
The forward-looking information contained in this news release represents
the expectations of the Company as of the date of this news release and,
accordingly, is subject to change after such date. Readers should not place
undue importance on forward-looking information and should not rely upon this
information as of any other date. While the Company may elect to, it does not
undertake to update this information at any particular time except as required
in accordance with applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Jacky Long, Chief Financial Officer, Liuyang
Fireworks Limited, Tel: (416) 613-0208 ext 206, firstname.lastname@example.org;
Lawrence Chamberlain, Investor Relations, The Equicom Group, Tel: (416)
815-0700 ext 257, Email: email@example.com