NF Energy Accepts Action by Written Consent of the Stockholders and Changes to the Board of Directors
SHENYANG, China, Jan. 30, 2019 (GLOBE NEWSWIRE) -- NF Energy Saving Corporation. (NASDAQ:NFEC) ("NF Energy" or the "Company"), a leading energy saving services and solutions provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today reported that Mr. Yongquan Bi, an existing director and a substantial stockholder of the Company, together with a group of additional investors whose holdings together constitute a majority of the Company’s voting rights, delivered a written consent (the “Written Consent”) to the Company’s registered office in a process which is consistent with the Company’s governing documents.
According to the Written Consent, three members of the Company’s Board of Directors (the “Board”) (i.e., Lihua Wang, Jianxin Wang and Zhuting Liu) will end their service, and a new director, Mr. Ju Li, will be appointed to the Board, so that the reconstituted Board will consist of seven directors (instead of nine).
“We are delighted to welcome Mr. Ju Li, a well respected and accomplished individual, to the Board,” said Yongquan Bi. “We will work to enhance shareholder value. We are confident Mr. Li will be a valuable contributor to the Company.”
The composition of the reconstituted Board:
| Name | | | | | Position | |
| Yongquan Bi | | | | | Chairman | |
| Gang Li | | | | | Director | |
| Mia Kuang Ching | | | | | Director | |
| Ju Li | | | | | Director | |
| Tiewei Song | | | | | Director | |
| Fengsheng Tan | | | | | Director | |
| Changqing Yan | | | | | Director |
Yongquan Bi — Current Director to be appointed as the new Chairman
Yongquan Bi has been nominated by the Nominating Committee to serve on the Company’s Board of Directors until the 2019 Annual Meeting of the Company. Mr. Bi is currently the Chairman of the Board of Boqi Group, as position he has held since 2009. In 2015, Mr. Bi participated in the senior class of investment and financing of Chinese enterprises in Tsinghua University. Mr. Bi has more than 15 years of industry experience in the financial sector, has more than one industry investment, management of actual combat experience and strong ability of resource integration, especially good at capital planning and capital operation.
Ju Li — Newly Appointed Director
Mr. Ju Li (40) has rich and extensive financial investment and enterprise management experience. Mr. Li previously worked at Amtex GmbH and at Mercatura Cosmetics Biotech Tech AG. From March 2009 to February 2015, Mr. Li was the general manager of Asia Pacific at Varengold Bank. From April 2015 to February 2017, Mr. Li was the general manager of Asia Pacific at Sensus Asset Management Co., Ltd. Mr. Li holds a B.A. degree from the Bremen University of Applied Sciences,Germany.
About NF Energy Saving Corporation
NF Energy Saving Corporation (NASDAQ: NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control solutions including equipment and energy efficiency project services. For more information, visit .
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Xiaoyu Li
