DAQING CITY, China, June 15 /PRNewswire-Asia-FirstCall/ --
China Nutrifruit Group Limited, (OTC Bulletin Board: CNGL), ("China Nutrifruit" or "the Company"), a leading producer of premium specialty fruit based products in the People's Republic of China ("PRC"), announced today that the Company appointed Mr. Tony Chun Wai Chan, Mr. William Haus, and Mr. Jingfu Li as independent board members at its board meeting held on June 11, 2009, effective immediately. With these additions, China Nutrifruit's board of directors is now comprised of five directors, three of whom are independent. The Company also adopted a code of ethics and established audit, compensation and corporate governance and nominating committees.
Mr. Tony Chun Wai Chan has extensive experience in general assurance and business advisory services in both Hong Kong and China. Moreover, Mr. Chan has over 10 years of experience working with public companies listed in Hong Kong and Singapore, mergers and acquisitions and corporate finance. Mr. Chan is a Certified Public Accountant in Hong Kong and Australia. Since 2004, Mr. Chan has served as a director in Yeung, Chan and Associates CPA Limited. He has a Bachelor's degree in accounting and information systems from the University of New South Wales and holds a Master's degree in business administration from the University of
Manchester. Mr. Chan is the independent non-executive director of three public companies listed on the Hong Kong Stock Exchange: Hans Energy Company Limited; Honbridge Holdings Limited and Wai Chun Mining Industry Group Company Limited. He will serve as the chairman of China Nutrifruit's newly formed audit committee and governance and nominating committee.
Mr. William Haus, age 45, has extensive experience working with public companies in the areas of business and finance, including China-based companies. Since August 2008, Mr. Haus has been the CEO and director of CS China Acquisition Corporation, a special purpose acquisition corporation focused on effecting a business combination with a China-based private company. Over the past 8 years, Mr. Haus has worked in a variety of roles in analyzing and evaluating companies as potential investments. From September 2005 to May 2008, Mr. Haus was an analyst for The Pinnacle Fund and The Pinnacle China Fund, hedge funds focused on investment opportunities in the United States and China. Prior to that, he served in senior equity analyst positions in the area of healthcare information technology and pharmaceutical outsourcing at securities brokerage firms Stanford Group Company and Advest. Mr. Haus graduated from the State University of New York College at Fredonia with a B.S. in business administration and a B.A. in economics and received a Master of Business Administration from Boston University. He is a Chartered Financial Analyst (CFA) and member of the CFA Institute. Mr. Haus is also independent director of China Valves Technology, Inc. listed on Over-the-Counter Bulletin Board. Mr. Haus will serve as the chairman of China Nutrifruit's newly formed compensation committee.
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