To further enhance the management of its rapidly expanding operations, the Board of Directors of CIST approved the following management changes, effective September 1, 2008:
Appointment of Mr. Zhi Xiong (Robin) Huang to Chief Technology Officer:
Mr. Robin Huang, the Company's Chief Operating Officer and director was appointed to the position of Chief Technology Officer, responsible for managing all subsidiaries' intellectual properties of all entities and creating complementary product lines to increase add-on sales opportunities. From his role as COO Mr. Huang understands what resources can be utilized to create comprehensive technical solutions delivery to clients' sites. Due to increased research and development responsibilities of his new position, Mr. Huang will resign from his position as Chief Operating Officer and as a member of our Board of Directors as of the effective date of the changes.
Mr. Huang, 38, was appointed as Chief Operating Officer on May 10, 2007 and has served as a member of the Company's Board of Directors since November 28, 2006, and as the Vice-President of the Company's subsidiary, Information Security Technology (China) Co., Ltd., since its incorporation in January 2006. Since September 2002, Mr. Huang has also served as a Deputy General Manager of iASPEC, where he supervises iASPEC's research and development activities and consults on various types of sophisticated, technical issues. Between July 2001 and March 2002, Mr. Huang served as the General Manager of product development of Shenzhen Runsheng Information Systems Company Ltd. and was responsible for overseeing general operations. He holds a B.S. in computer science from Hehai University in China and has over fifteen years' experience in information systems. Mr. Huang is currently a Director of the Shenzhen Computer Association and is an Expert with the Shenzhen Expert Association, a nonprofit organization.
Promotion of Mr. Yifu Liu to Chief Operating Officer:
Mr. Yifu Liu was promoted to the position of Chief Operating Officer, responsible for ensuring corporate efficiency at all levels and creating synergies and cost savings from all entities. He will be responsible for post- merger operations integration and resource sharing to ensure timely delivery of solutions to clients. Mr. Liu will be instrumental in delivering more complex, cross entity solutions to clients flawlessly.
Mr. Liu, age 35, has over ten years of experience in corporate operations, strategy management and market development. Since August 2002, Mr. Liu has served as Deputy General Manager of iASPEC, and was promoted to the position of General Manager in November 2006. Prior to that, Mr. Liu served from August 1997 to July 2002, as Senior Sales Manager of Shenzhen Jingpinjia Electronics Company Ltd. Mr. Liu holds a Bachelor's degree in Electronics Engineering from Zhejiang University.
Promotion of Mr. Zhiqiang Zao to Chief Administrative Officer and Board Director:
Mr. Zhiqiang Zhao was promoted to the position of Chief Administrative Officer, also responsible for post-merger operations and corporate culture integration. He will also be responsible for ensuring CIST's compliance with all rules and regulations for all permits and licenses that the Company holds and for their renewal. Mr. Zhao was also appointed as a new member of the Company's Board of Directors so that he can directly communicate critical administrative and compliance issues to the Board of Directors and resolve them in a timely manner.
Mr. Zhao has extensive experience in corporate administration and human resources management. Mr. Zhao served as Human Resource Manager of iASPEC since April 2005, and as Deputy General Manager of iASPEC since July 2006. Prior to that, Mr. Zhao served from March 2003 to March 2005, as Supervisor of Human Resources for the Foxconn Technology Group. Mr. Zhao holds a Bachelor's degree in Mechanical & Electrical Engineering from Inner Mongolia University.
"Mr. Huang, Mr. Liu and Mr. Zhao and have served our company for a long time and we have benefited from their expertise in technology, corporate operations, administration and management," said Mr. Jiang Huai Lin, CEO of China Information Security. "As members of our management team, they will assist us with the management of more than 700 employees, a radical increase from approximately 100 employees in 2006. We are confident that their expertise will ensure efficiency in running our organization as well as in the delivery of solutions to clients."
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security is focused on the development and implementation of large scale, high-tech information security and 3S (Geographic Information Systems - GIS, Global Positioning Systems - GPS and Remote Sensing - RS) related projects. The Company provides a broad portfolio of fully integrated solutions and services, including Information Security (First Responder Coordination Platform, Intelligent Border Control System and Residence Card Information Management System), 3S and Product Sales and Services. Through its exclusive contractual arrangement with iASPEC Software Company Limited (iASPEC), China Information Security has the licenses to numerous registered and copyrighted software applications in China. In addition, iASPEC is considered the Company's variable interest entity, and its financial data and information is consolidated into the Company's accounts. To learn more about the Company, please visit the corporate website at http://www.chinacpby.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the significance of the personnel promotions; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Company Contact:
Mr. Michael Lin
Vice President, Investor Relations
China Information Security Technology, Inc.
Tel: +1-949-743-0868
Email: mlin@chinacpby.com
Web: http://www.chinacpby.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
