YanGuFang Provides Update on Its CEO and CFO and Operations
January 10 2024 - 9:35PM
YanGuFang International Group Co., Ltd. (the “Company” or
“YanGuFang”) (Nasdaq: YGF), a health food company primarily engaged
in the production, sourcing, research and development, and sales
and distribution of oat and grain products across China and
internationally, today announced that the Company has been informed
by the family members of Mr. Junguo He, the Chief Executive Officer
(the “CEO”) and Chairman of the Board of Directors (the “Board”) of
the Company, and Mr. Kui Shi, the Chief Financial Officer (the
“CFO”) of the Company that the CEO and the CFO have been detained
by certain Public Safety Bureau of Shanghai, China (“Shanghai
Police”), and are currently under investigation by said Shanghai
Police. As of the date of this announcement, the Company has not
received any official notice of the investigation against Mr. He or
Mr. Shi or the respective reasons for their detainment.
As Mr. He and Mr. Shi are presently unable to
fulfill their respective roles as CEO and CFO of the Company, the
Board appointed Mr. Ya Zhang, currently the Chief Operating Officer
of the Company, as Interim CEO of the Company, and Ms. Yang Sui,
the Financial Director of Inner Mongolia YanGuFang Whole Grain
Industry Development Co., Ltd. Hangzhou Branch (“YanGuFang Whole
Grain Hangzhou Branch”), a branch company of one of the Company’s
variable interest entities (the “VIEs”), as Interim CFO of the
Company, effective as of January 9, 2024.
Mr. Zhang, having served as the Chief Operating
Officer of the Company since December 2021, is familiar with the
business operations of the Company and has over ten years of
experience in business management, and Ms. Sui, having served as
Financial Director of one of the VIEs’ branch company since October
2022, is familiar with the financial activities of said branch and
has over 18 years in finance, particularly in listed companies in
China.
The interim management team will manage the
Company’s operations under the Board’s direction. As of the date of
this announcement, the business and the daily operations of the
Company are being conducted in ordinary course and in an orderly
manner.
About YanGuFang International Group Co.,
Ltd.
YanGuFang is a health food company engaged in
the production, sourcing, research and development, sales and
distribution of natural oat and whole grain products. The Company
is committed to improving human health through its research to
explore the nutritional benefits of its products. The Company has
developed over 80 products in its natural oat and whole grain
series. For more information, please visit the Company’s website at
http://ir.ygfang.com/.
Forward-Looking Statements
This press release contains forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that
are other than statements of historical facts. Investors can
identify these forward-looking statements by words or phrases such
as “approximates,” “assesses,” “believes,” “hopes,” “expects,”
“anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,”
“would,” “should,” “could,” “may” or similar expressions. These
forward-looking statements are not guarantees of future performance
and involve known and unknown risks and uncertainties and are based
on the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, which may cause the actual results to differ materially from
the Company’s expectations discussed in the forward-looking
statements. The Company undertakes no obligation to update or
revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company’s filings
with the SEC, which are available, free of charge, on the SEC’s
website at www.sec.gov.
For investor and media inquiries please contact:
YanGuFang International Group Co., Ltd.
Investor Relations Department
Email: ir@yangufang.com
Christensen Advisory
Jenny Lam
Assistant Vice President
Phone: +852.2232.3928
Email: jenny.lam@christensencomms.com
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