Asia Electronics Holding Co. Announces Appointment of Interim Chief Financial Officer.NEW YORK--(BUSINESS WIRE)--July 24, 1998--Asia Electronics Holding Co. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AEHCF) announced today that it had appointed David Erickson its Interim Chief Financial Officer and that it is actively seeking an Interim Chief Executive Officer. Pending such appointment, the Company is being managed by its Board of Directors. Mr. Erickson together with the Company's professional advisors, intend to visit the Company's subsidiaries in China as soon as practicable in order to assess the situation and to determine the extent of disruption to operations in light of recent events affecting senior management. Since early July, the Company's Chairman, Du Qingsong, has been held for questioning by the Disciplinary Commission of the Xianyang Communist Party Communist party, in China Communist party, in China, ruling party of the world's most populous nation since 1949 and most important Communist party in the world since the disintegration of the USSR in 1991. and has been out of communication with the Company. More recently, Li Lei, the Company's Chief Financial Officer, has been held for questioning by the same body and also has been out of communication with the Company. The Company, through its legaland other advisors, is attempting to work with U.S. government and Chinese central government officials to resolve the situation. The Company reported that is has been advised the Mr. Du has been replaced as chairman of Pianzhuan Group, which provides the Company with sales and administrative services. The Company is seeking assurance the Pianzhuan Group will continue to provide such sales and administrative services in accordance with existing agreements until such time as it can bring such functions in-house. The Company reiterated that management of Pianzhuan Group has no authority to act as, and have not been appointed, to any management position as Asia Electronics. In response to reports that local officials in Xianyang had alleged that the Company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in 1997 violated Chinese law Chinese law Law that evolved in China from the earliest times until the 20th century, when Western socialist law (see Soviet law) was introduced. The oldest extant and complete Chinese law code was compiled in AD 653 during the Tang dynasty. , the Company and its Chinese legal counsel emphatically stated that its IPO was fully in compliance with all Chinese laws and that it would vigorously contest any allegations to the contrary if they are made. Asia Electronics Holding Co., Inc., develops and manufactures deflection yokes for sale to manufacturers of color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: Color television sets and computer monitors. Deflection yokes are electronic devices attached to color picture tubes (CPTs) in television sets and color display tubes (CDTs) in computer monitors. Deflection yokes use electromagnetic forces to aim, or deflect, red, green and blue light beams at the screen in front of the CPT CPT See: Carriage Paid To or CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT to create clear and focused pictures. The Company's customers include Daewoo Corporation, Sanyo Electric Company, Sharp Electronics Corporation, Toshiba Corporation (company) Toshiba Corporation - A Japanese technology manufacturer with 364 subsidiaries worldwide. Toshiba makes and sells electronics for home, office, industry and health care including information and communication systems, electronic components, heavy electrical apparatus, , Phillips Electronics and Thompson. This release may contain forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Specifically, these include references to the Company's future results. Any such statements are based on management's expectations or beliefs and are subject to a number of factors and uncertainties including failure to attain expected sales and product mix, which could cause actual results to differ materially from those described in any such forward-looking statements. In particular, careful consideration should be given to cautionary statements made in the Company's reports filed with the Securities and Exchange Commission.
CONTACT: Li Lian Jie
Vice Chairman & COO
ASIA ELECTRONICS HOLDING CO. INC.
86-910-3320-891
e-mail: wyli@ggg.net
or
Stephen D. Axelrod, CFA
Nancy S. L. Block
Susan T. Bolen (Media)
WOLFE AXELROD ASSOCIATES
(212) 370-4500; (212) 370-4505 fax
e-mail: steve@wolfeaxelrod.com
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