CLTI,ltd Appoints New Independent Director and Establishes the Board Committees
China Linen Textile Industry, Ltd. (OTC Bulletin Board: CTXFD) ("China Linen" or the "Company"), a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, today announced Mr. Xu Jianzhong and Mr. Xu Jixiang have joined China Linen's Board of Directors, effective April 20, 2011 and Mr. Teng Yunhai has resigned as director of the Board of the Company.
"It is our pleasure to have Mr. Xu Jianzhong and Mr. Xu Jixiang join China Linen's Board of Directors. They bring firsthand experience in the textile industry to our board," said Mr. Gao Ren, Chairman and CEO of China Linen. "We look forward to them helping us improve our corporate oversight and governance policies, increasing our transparency to the investment community. The appointment also bringsChina Linen a step closer to meeting the requirements for being listed on a major US stock exchange."
Along with the appointment of the new directors, the Board established the Audit Committee, the Compensation Committee and the Nominating Committee of the Company. Upon establishment of the three committees, the Board appointed Mr. Stephen Monticelli as chairman of the Audit Committee and member of the Nominating Committee and the Compensation Committee. The Board appointed Mr. Xu Jianzhong as chairman of the Compensation Committee and member of the Nominating Committee and the Audit Committee. The Board also appointed Mr. Xu Jixiang as chairman of the Nominating Committee and member of the Audit Committee and the Compensation Committee.
Mr. Xu Jianzhong, 51, is a professor and PhD supervisor at Harbin Engineering University, School of Economics and Management sinceMarch 2005. He also served as vice president of School of Economics and Management from March 2005 to March 2006. He has participated in over 20 national or provincial research projects and his studies and researches focus on development and competitiveness of enterprises. Currently he also serves as an expert on Heilongjiang Province Science and Technology Advisory Committee, executive director and secretary general of Heilongjiang Academy of Management and vice president of Heilongjiang Academy of Business Administration. Mr. Xu Jianzhong received his Bachelor of Science, Master of Economics and PhD in Management from Harbin Engineering University in 1982, 1992 and 2003, respectively.
Mr. Xu Jixiang, 56, has over 30 years' experience in the textile industry. He has served as president of China Linen Textile Industry Association since December 2009. From December 2008 to December 2009, he was the director of the Industry Department of China Textile Industry Association. From January 2006 to December 2008, he was the chairman of China Textile Technology Development Co., Ltd. Mr. Xu Jixiang received his Bachelor of Science in cotton textile from Donghua University (formerly, China Textile University) in 1978.
There is no family relationship between the new directors and any of our other officers and directors.
About China Linen Textile Industry, Ltd.
China Linen Textile Industry, Ltd. (http://www.chinalinentextile.com/) is principally engaged in the production and sale of linen yarn and various types of linen fabric. The Company is also involved in consultation and R&D related to linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd. ("Lanxi Sunrise"), established in June 2002 and located in Lanxi County, the "Homeland of Flax in China," near Harbin City in China. Lanxi Sunrise has one yarn-spinning factory, one bleaching factory and two fabric weaving factories in its 35,120 square meters of building area with a staff of 1,400 and 430 sets of world-class, advanced production machinery. Annual production capacity totals approximately 2,220 tons with 50 different types of yarn and 10 million meters of fabric with 110 types. Approximately 50 percent of its products are exported to more than 10 countries.
For further information, contact:
China Linen Textile Industry, Ltd.
Ms. Jodie Zheng Wehner, CFO
Tel: +1-310-890-8048
Email: jodiewehner@chinalinentextile.com
Mr. Xiao Weixing, IR Manager
Tel: +86-137-9600-2690
Email: xiao@chinalinentextile.com
HC International, Inc.
Scott Powell, Vice-President
Tel: +1-212-301-7130
Email: scott.powell@hcinternational.net
Web: www.hcinternational.net