China Direct, Inc. Creates Board of Advisors, Names Lilia Clemente as Advisory Board Chairman
June 26 2008 - 9:21AM
PR Newswire (US)
DEERFIELD BEACH, Fla., June 26 /PRNewswire-FirstCall/ -- China
Direct, Inc. (NASDAQ:CDS), a U.S. company that owns controlling
stakes in a diversified portfolio of Chinese entities and assists
Chinese businesses in accessing the U.S. capital markets, has
formed an advisory board to assist management and the board of
directors in the planning of the company's future growth. The
advisory board will meet periodically with both management and the
board to lend its business expertise in a wide range of areas
including but not limited to future business acquisitions,
strategic partnerships, dealings with the investment community and
future financings. As an initial step to the formation of the
advisory board, the company has named Lilia Clemente to serve as
its chairman. In addition to assisting the company with identifying
candidates for this board of advisors, Ms. Clemente will oversee
all of the functions of this board on a going forward basis. Since
1976 Mrs. Clemente has served as the founder, chairman and chief
executive officer of Clemente Capital, Inc., based in New York and
Beijing, China. Ms. Clemente began her career in 1967 as an
investment analyst and portfolio manager with CNA Financial
Corporation in Chicago, responsible for the metals, mining and
steel industries. From 1969 to 1976, she served as director of
investment research and assistant treasurer at the Ford Foundation.
In 1976, Ms. Clemente left the Ford Foundation to create Clemente
Capital Inc. which initially focused on economic and business
consulting with emphasis on Pacific Basin. From 1983 to 1986, Ms.
Clemente provided global investment management services as first
vice president and chief investment officer at Mitchell Hutchins
Asset Management, a wholly-owned subsidiary of Paine Webber Inc.
Ms. Clemente led the firm's successful launch into global investing
in fund management. In 1992, Ms. Clemente, through Clemente
Capital, launched Cathay Clemente Holdings Ltd., a private equity
fund listed on the Hong Kong Stock Exchange which initially had
over $75 million under management and had the Stock Exchange
Executive Council (SEEC) of China as its Investment Advisor. This
fund invested in Chinese companies and was responsible for the New
York Stock Exchange listing of China Yuchai Holdings, a leading
diesel engine manufacturer in China in 1994. Ms. Clemente also
worked with China Investment Consulting Corporation, a subsidiary
of China Construction Bank, on project advisory services from 1993
to 2001. Ms. Clemente currently serves as non executive chairman of
China Energy Partners, and as chairman of the advisory board of
China Vision SME, under the China Council for the Promotion of
International Trade. Ms. Clemente earned a Bachelor of Science
degree from the University of the Philippines as well as a Master
of Arts in Economics and an A.B.D. from the University of Chicago.
Commenting on her appointment as advisory Chairman, Lilia Clemente
stated, "I am honored to take on this important role in assisting
China Direct with its very bright future. I believe that China
Direct's business model offers small to medium sized entities in
China with a unique opportunity to grow and thrive as one within a
larger organization. I look forward to lending my experience to
management and the board during this exciting time in the company's
history." Dr. James Wang, Chairman and CEO of China Direct, stated,
"As our company continues its growth, we recognize the important
role that experience and proven ability in the China market will
play in driving success. We believe the ability to tap into the
wealth of experience and relationships both in the U.S. and in
China that Lilia possesses will help to accelerate the expansion of
China Direct in the coming years. We anticipate adding additional
members to our advisory board in the near future as we surround
ourselves with added knowledge and experience to build our company
for the future." About China Direct, Inc. China Direct, Inc.
(NASDAQ:CDS) is a diversified management and advisory services
organization headquartered in the U.S. Our management services
division acquires a controlling interest in entities operating in
China. Our ownership control enables China Direct to provide
management advice, as well as financing to Chinese entities. This
infrastructure creates a platform to expand business opportunities
globally while effectively and efficiently accessing the U.S.
capital markets. Our advisory services division provides
comprehensive advisory and consulting services to Chinese entities
seeking to access the U.S. capital markets. As a direct link to
China, China Direct serves as a vehicle allowing investors to
directly participate in the rapid growth of the Chinese economy in
a diversified and balanced manner. For more information about China
Direct, please visit http://www.chinadirectinc.com/ . DISCLOSURE
NOTICE: In connection with the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, China Direct,
Inc., is hereby providing cautionary statements identifying
important factors that could cause our actual results to differ
materially from those projected in forward-looking statements (as
defined in such act). Any statements that are not historical facts
and that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, indicated through the use of
words or phrases such as "will likely result," "are expected to,"
"will continue," "is anticipated," "estimated," "intends," "plans,"
"believes" and "projects") may be forward-looking and may involve
estimates and uncertainties which could cause actual results to
differ materially from those expressed in the forward-looking
statements. These statements include, but are not limited to, our
expectations about our future success, the success of our advisory
board, and our ability to identify and close acquisitions of
operating companies in China in a cost effective manner that
enhance our financial condition. We caution that the factors
described herein could cause actual results to differ materially
from those expressed in any forward-looking statements we make and
that investors should not place undue reliance on any such
forward-looking statements. Further, any forward-looking statement
speaks only as of the date on which such statement is made, and we
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances. New factors emerge from time
to time, and it is not possible for us to predict all of such
factors. Further, we cannot assess the impact of each such factor
on our results of operations or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
This press release is qualified in its entirety by the cautionary
statements and risk factor disclosure contained in our Securities
and Exchange Commission filings, including our Annual Report on
Form 10-K for the year ended December 31, 2007 and our reports on
Form 10-Q. DATASOURCE: China Direct, Inc. CONTACT: Investors: James
Kautz, , or Todd Atenhan, both of EPOCH Financial Group, Inc.,
+1-404-806-1393; or Richard Galterio, Executive Vice President,
China Direct, Inc., +1-877-China-57, Web site:
http://www.chinadirectinc.com/
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