Contact: |
|
Ever-Glory International Group, Inc |
CCG Elite Investor Relations |
Emily Guo, Chief Financial
Executive |
Crocker Coulson, President |
Phone: +86-25-52096222 |
Phone: +1-646-213-1915 (New
York) |
Email: emily@ever-glory.com |
Email: crocker.coulson@ccgir.com |
For
Immediate Release
Ever-Glory
Appoints Independent Director,
Strengthens
Corporate Governance
Nanjing,
China - March 27, 2008
- The
Board of Directors of Ever-Glory International Group, Inc. (OTCBB: EVGY)
(“Ever-Glory,” the “Company”), a leading apparel manufacturer in the People's
Republic of China (“PRC”), today announced that Mr. Zhi-Xue Zhang has been
appointed as an independent director of the Company, effective March 26,
2008.
Mr. Zhang replaces Ms. Emily Yan Guo, who voluntarily stepped down from the
Board of Directors, effective March 26, 2008. She will continue as the Company’s
Chief Financial Officer, a position she has held since 2005.
“We
are
pleased to welcome Mr. Zhang as an independent director to our board of
directors. His role as an expert in management and organizational theory
will be
quite valuable as we continue to evolve as a public company,” said Mr. Edward
Yihua Kang,
Chairman and Chief Executive Officer of Ever-Glory.“With
the addition of Mr. Zhang, our board of directors now has a majority of
independent directors, and this will serve to further support our intended
transition to a senior U.S. exchange.”
“It
is a
great honor to join the Board of Directors of an organization with such strong
growth opportunities and sound fundamentals,” said Mr. Zhang. “I look forward to
working closely with Mr. Kang and the rest of the Board to help Ever-Glory
achieve its ambitious growth strategy.”
Mr.
Zhang
will serve as Chairman of the Company’s newly formed Compensation Committee and
as a member of the newly formed Audit Committee. He has more than 15 years
of
experience in teaching and in the study of psychology and organizational
management and has served as an associate professor at Peking University
since
August 2001. He was
a
Freeman Fellow at the University of Illinois at Urbana-Champaign from August
2006 to June 2007, and he was a visiting scholar at Northwestern University’s
Kellogg School of Management from September 2001 through March 2002.
Mr.
Zhang
received a Ph.D. in Social Psychology from the University of Hong Kong in
1998,
an M.S. in Psychology from Beijing Normal University in 1991 and a B.S. in
School Education from Henan University in 1988.
The
Company previously announced the appointments of independent directors Bennet
P.
Tchaikovsky and Changyu Qi on March 14. The total number of directors is
now
five, of whom three are independent. In conjunction with the appointments,
the
Board of Directors also established the Audit and Compensation
Committees.
About
Ever-Glory International Group, Inc.
Ever-Glory
International Group (OTCBB: EVGY) is a U.S. publicly-traded company engaged
in
international garment manufacturing for well-known middle- to high-grade
casual,
outer, and sportswear brands. The Company's U.S. headquarters is in Los Angeles,
California, although Ever-Glory also has three subsidiaries, Goldenway Nanjing
Garments Co. Ltd., Nanjing New-Tailun Garments Co, Ltd. and Nanjing Catch-Luck
Garments Co., Ltd. Ever-Glory has strategic business partners in countries
including China, Japan, Europe and the U.S. The Company cooperates with branded
retail chains that are widely known in their respective markets. In 2007,
57% of
the company’s total sales revenue came from customers in Europe, 16% from Japan,
21% from the United States and 6% from within China. For more information
about
Ever-Glory International Group, please visit: http://www.everglorygroup.com.
Safe
Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This press release contains certain "forward-looking statements," as defined
in
the United States Private Securities Litigation Reform Act of 1995, that
involve
a number of risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and the actual results and future events
could differ materially from management's current expectations. Such factors
include, but are not limited to the company’s ability to accurately complete
product orders, coordinate product design with its customers, ability to
expand
and grow its distribution channels, political and economic factors in the
People’s Republic of China, the company’s ability to find attractive acquisition
candidates and/or
joint venture partners, the performance of third parties with whom the company
does business, dependence on a limited number of larger
customers
and
other factors detailed from time to time in the Company's filings with the
United States Securities and Exchange Commission and other regulatory
authorities. The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
###