eFuture Announces New Chairman and Composition of Board Committees
30 Mars 2016 - 11:00PM
eFuture Holding Inc. (Nasdaq:EFUT) (the “Company” or “eFuture”), a
leading software and solution provider and a mobile business
enabler to China's rapidly growing retail and consumer goods
industries, today announced the Board of Directors of the Company
has appointed director Kevin Patrick King as the Company's new
chairman, replacing Adam Yan, who retired as chairman on March 25,
2016. Mr. Yan will remain as a director.
Kevin Patrick King has served as the Chief
Operating Officer of Beijing Shiji Information Technology Co. Ltd
(“Shiji”, Shenzhen Stock Exchange:002153) since June 2015. Shiji,
which owns in excess of 50% of the Company’s ordinary shares, is a
leading cross vertical technology solutions provider that develops
solutions for the Hospitality, Food Service and Retail
industries. Shiji is also a partner of companies such as
INFOR and Oracle Partner in these industries. Prior to
joining Shiji Mr. King worked with the leading Hospitality
technology solution provider, MICROS Systems Inc. for more than 17
years in various operational and business management roles,
including positions relating to the business and technical
development of global payment solutions. Since Mr. King is involved
in all aspects of Shiji's operations, his leadership and direction
will enable eFuture to access Shiji's broad resources, thereby
enhancing the operations of eFuture and further benefiting the
Company's shareholders.
Commenting on his appointment, Mr. King said, “I
look forward to working with the eFuture Board and our talented
teams to pursue the well-defined strategic plan that we believe is
the best way to drive profitable growth for our shareholders by
leveraging Shiji's many resources.”
“Given his extensive experience, Mr. King will
be a significant resource and able to provide valuable perspectives
to the Company,” Mr. David Ren, Chief Executive Officer, said. “We
also sincerely thank Mr. Adam Yan for his many significant
contributions to eFuture over the years in which he served as
Chairman and Chief Executive Officer. As Co-Founder of the Company,
he was the visionary and impassioned leader who built a solid
foundation for eFuture’s business.”
As committed long-term investors, Shiji (Hong
Kong) Limited, a subsidiary of Shiji, holds in excess of 50% of the
ordinary shares of eFuture. At the Company's Extraordinary General
Meeting of Shareholders held on February 29, 2016, the following
nominees proposed by Shiji were elected as directors of the
Company: Kevin King (Class I), Hui Fang Xi (Class III),
Dongyu Guan (Class II), Weihua Zhou (Class I), Yuanzhu Lu (Class I)
and Tak Yuen Lai (Class III). The continuing legacy eFuture
directors are as follows: Adam Yan, David Ren, Ping Yu, John Dai
and Roger Zhang.
The Board also appointed the Chairmen and
members of the Compensation, Audit and Corporate Governance
Committees. The Compensation Committee consists of Weihua Zhou
(Chairman), Roger Zhang and Yuanzhu Lu; the Audit Committee
consists of Roger Zhang (Chairman), Yuanzhu Lu and Weihua Zhou; the
Corporate Governance Committee consists of Yuanzhu Lu
(Chairman), Weihua Zhou and John Dai.
Each Committee member is independent and the
Company is in compliance with NASDAQ Committee requirements.
ABOUT EFUTURE HOLDING INC.
eFuture Holding Inc. (EFUT) is a leading
software and solution provider and a mobile business enabler to
China's rapidly growing retail and consumer goods industries.
eFuture's clients include over 1,000 active retailers with more
than 50,000 physical stores across China, of which approximately
45% were ranked among the top 100 chain retailers during 2014. For
more information about eFuture, please visit
http://www.e-future.com.cn.
SAFE HARBOR
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, 2015 financial outlook and quotations from
management in this announcement, as well as strategic and
operational plans, contain forward-looking statements. eFuture may
also make written or oral forward-looking statements in periodic
reports to the Securities and Exchange Commission (the “SEC”), in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: eFuture’s anticipated growth strategies;
eFuture’s future business development, results of operations and
financial condition; expected changes in the Company's revenue and
certain cost or expense items; eFuture’s ability to attract clients
and leverage its brand; trends and competition in the software
industry; the Company's ability to control expenses and maintain
profit margins; the Company's ability to hire, train and retain
qualified managerial and other employees; the Company's ability to
develop new software and pilot new business models at desirable
locations in a timely and cost-effective manner; the performance of
third parties under contracts with the Company; the expected growth
of the Chinese economy software market in retail and consumer goods
industries; and Chinese governmental policies relating to private
managers and operators of software and applicable tax rates.
Further information regarding these and other
risks will be included in eFuture’s annual report on Form 20-F and
other documents filed with the SEC. All information provided in
this press release and in the attachments is as of March 30th,
2016, and the Company undertakes no duty to update such information
or any other forward-looking information, except as required under
applicable law.
INVESTOR CONTACT:
Troe Wen, Company Secretary
eFuture Holding Inc.
+86 10 50916128
ir@e-future.com.cn
eFuture Holding Inc. (NASDAQ:EFUT)
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