SHENZHEN, China, May 21, 2014 /PRNewswire/ -- Viewtran Group, Inc.
(NASDAQ: VIEW) ("Viewtran" or the "Company"), a provider of supply
chain financial services and enterprise solutions for the
technology industry in China,
today announced the appointment of Xianhang Wang as Chief Executive
Officer and a member of the board of directors, and the appointment
of Nathan Zhang as the Company's
Chairman, effective May 21, 2014.
Dr. Wang and Dr. Zhang replace Jeffrey
Kang, who resigned from his position as Chief Executive
Officer and Chairman of the Company.
"We sincerely thank Mr. Kang for his dedication to the company's
developments over the years," said Andy
Liu, CFO, Secretary and Treasurer.
"The board of directors welcomes Dr. Wang to the board. He is no
stranger to Viewtran. Since joining the company in 2006, he has
contributed greatly in new business development and broadened the
company's business scopes over the years. We are confident that Dr.
Wang will continue to lead Viewtran to greater heights in the
development of supply chain financial services and enterprise
solutions services for our customers."
Dr. Wang, a veteran of the technology industry, has 17 years of
business and technology development experience. In his most recent
role as Vice President of Marketing, Business Development &
Research at Viewtran, Dr. Wang oversaw the company's new business
and corporate development, managed merger and acquisition projects,
and built customer-centric models to expand market shares. Prior to
this role, he was Director of Product, Technology and Business
Development at Viewtran, where he drove business for the company in
South China, and oversaw the
design and rollout of new service platforms. His other experiences
include software development at Forward Company in Toronto, Canada, and technology development at
Huawei in Shenzhen, China. Dr.
Wang holds a PhD from Chongqing
University, China, and a Master of
Science degree from Southwest Jiaotong University, China.
Dr. Zhang has been on the Company's board of directors since
December 2011 and remains chairman of
the audit committee.
The Company will continue its ongoing stock repurchase program.
From January 1, 2014 to date, the
Company repurchased 892,201 shares at a weighted average price of
$2.3089 per share. The Company
currently has over 26 million shares outstanding, of which insiders
own approximately 38.8%.
About Viewtran Group, Inc.:
Viewtran Group,
Inc. (Nasdaq: VIEW) is a provider of supply chain financial
services and enterprise solutions for the technology industry in
China. With its comprehensive
understanding of the industry and an extensive range of supply
chain financial services, Viewtran is uniquely positioned to
deliver effective technology and financing solutions to customers.
The Company simplifies the acquisition of the latest technologies
through flexible, tailored and one-stop services, helping
organizations maintain their competitiveness, especially in
uncertain economic times.
For further information:
Investor
Relations
http://www.viewtran.com/investor-relations
IR@viewtran.com
H.K.: +852 2730 1518
U.S.: +1 (646) 291 8998
Fax: +86 755 2674 3522
Safe Harbor Statement:
This press release includes
certain statements that are not descriptions of historical facts,
but are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
and Exchange Act of 1934. These forward-looking statements may
include statements about our proposed discussions related to our
business or growth strategy, as well as our potential acquisitions
which are subject to change. Such information is based upon
expectations of our management that were reasonable when made, but
may prove to be incorrect. All such assumptions are inherently
subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions, which
are subject to change. For further descriptions of other risks and
uncertainties, see our most recent Annual Report filed with the
Securities and Exchange Commission (SEC) on Form 20-F, and our
subsequent SEC filings. Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at www.sec.gov.
SOURCE Viewtran Group, Inc.
