China Advanced Construction Materials Group Appoints Three Independent Board Members
August 17 2009 - 7:30AM
PR Newswire (US)
Company Announces Plans to List on a Senior National Stock Exchange
NEW YORK and BEIJING, Aug. 17 /PRNewswire-FirstCall/ -- China
Advanced Construction Materials Group, Inc. ("China ACM")
(OTC:CADC) (BULLETIN BOARD: CADC) , a leading provider of ready-mix
concrete and related services in China, today announced that it has
appointed Denis Slavich, Sean Wang and Larry Goldman to the Board
of Directors, bringing the number of independent directors to four,
with the total board now comprised of 7 members. As a result, the
company believes it now substantially qualifies for listing on a
U.S. national exchange and plans to commence the application
process. Mr. Slavich brings expertise in the areas of engineering,
management and finance to his role as an independent director. His
career spans four decades and includes the role of CFO in both
large and small entities, including Bechtel Group and KMR Power
Corporation. During his 20-year tenure at Bechtel, Mr. Slavich held
key positions, including corporate director and manager of
international power, project manager for all Bechtel's operations
at the Lawrence Livermore National Lab, and CFO. He also has
extensive experience in marketing and sales and has been managing
director with companies doing business in China, including Far East
Energy Corporation and Global Capital Group where he was
responsible for operations and sales. Mr. Slavich holds a Ph.D. in
Economics and Finance from the Massachusetts Institute of
Technology, an MBA from the University of Pittsburgh and a BSEE in
Electrical Engineering from the University of California, Berkeley.
Mr. Wang's career in the field of finance spans over 20 years and
comprises CFO and managing director positions in both U.S. and
China-based companies. Mr. Wang is currently executive director and
CFO of SOHO China Ltd. (HKG:0410), a highly-regarded developer of
notable branded commercial buildings in central Beijing. In this
role, Mr. Wang is responsible for financial and fiscal management
aspects of the company's operations, including budgeting, tax
planning, real estate and compliance with its listing on the Hong
Kong stock exchange, local and state reporting requirements.
Previously, Mr. Wang has held the position of President and COO at
Hurray Holdings. He was also the chief operating officer and acting
CFO at Opta Corporation in San Francisco, a publicly listed
consumer electronics company in the US controlled by TCL, where he
was responsible for overall operations of the company and its
subsidiaries. Mr. Wang holds an MBA from the Carlson School of
Management at the University of Minnesota, a Bachelor of Science
degree from the Chinese Exchange Student Program, Economics from
Hamline University in Minnesota and a B.S. degree in National
Economic Management from Beijing University in China. Mr. Wang is
fluent in both Mandarin Chinese and English. Mr. Goldman, who will
head the Audit Committee, is a CPA and has extensive experience in
the specialties of auditing, SEC reporting, US GAAP and SOX 404.
His background in finance spans almost 30 years and includes
serving as a partner at Livingston, Wachtell & Co., LLP, a
Manhattan-based CPA firm. He has worked for both public and private
companies, and has extensive experience providing Chinese public
companies with both auditing and consulting services. He also
worked as a CFO for two US listed public companies and currently
serves as Audit Committee Chairman for two Chinese companies listed
on the Nasdaq. Mr. Goldman holds a Bachelor of Science degree in
Accounting from the State University of New York at Oswego and a
Masters of Science degree in Taxation from Pace University. Mr.
Xianfu Han, Chairman and Chief Executive Officer, stated, "We are
pleased to have such a talented group of professionals join our
board. Their respective capabilities and experience will prove
valuable to China ACM and we look forward to their guidance and
contribution to our efforts as we continue to successfully execute
on our business plan. Specifically, we look forward to capitalizing
on the highly fragment concrete market in China, as we become a
dominant provider of ready-mix concrete. They are welcome additions
to the team." Mr. Han continued, "With four independent directors
now on our board, we substantially qualify for listing on a senior
stock exchange in the U.S. and seek to secure a listing in the
coming months. We view this as an important milestone, as it will
help increase our visibility and open the door to potential
investors who are prohibited from investing in companies that are
not listed on a national exchange." About China ACM China ACM,
founded in 2002 and based in Beijing, China, is a leading producer
of advanced construction materials for large scale commercial,
residential, and infrastructure developments. The company is
primarily focused on producing and supplying a wide range of
advanced ready-mix concrete materials for highly technical, large
scale, and environmental construction projects. The company also
aims to develop and produce new and innovative environmentally
conscious construction materials. China ACM provides materials and
services through its seven ready-mix concrete plant network
covering Beijing metropolitan area. China ACM owns one plant,
leases two plants and has technical services and preferred
procurement agreements with four other independently-owned plants.
China ACM is ISO 9001 (product quality), ISO 14001 (environmental
safety), and ISO 18001 (employment environment safety) certified.
Additional information about the company is available at
http://www.china-acm.com/. This press release contains
"forward-looking statements" within the meaning of the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties and other factors that could cause the actual
results of the Company to differ materially from the results
expressed or implied by such statements, including changes from
anticipated levels of sales, future national or regional economic
and competitive and regulatory conditions, changes in relationships
with customers, access to capital, difficulties in developing and
marketing new products, marketing existing products, customer
acceptance of existing and new products, and other factors.
Additional Information regarding risks can be found in the
Company's Annual Report on Form 10K and in the Company's recent
report on Form 8K filed with the SEC. Accordingly, although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release. Contact: Crescendo Communications,
LLC David Waldman or Klea Theoharis Tel: (212) 671-1020 Email: Web:
http://www.china-acm.com/ DATASOURCE: China Advanced Construction
Materials Group CONTACT: David Waldman or Klea Theoharis,
+1-212-671-1020, , both of Crescendo Communications, LLC for China
Advanced Construction Materials Group Web Site:
http://www.china-acm.com/
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