Asia Electronics Holding Co. Announces Changing of Board of Directors.NEW YORK--(BUSINESS WIRE)--Oct. 12, 1999-- Asia Electronics Holding Co., Inc. (the "Company")(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 the majority of the members/shareholders of the Company passed a resolution by written consent on October 4, 1999 in order to remove the existing directors and elect a new slate of directors. As the result, the old board members have been removed, and the following new nominees have been elected to the Board of Directors of the Company: D. Sandy Boyd Robert L. Foster Lee M. Jacob Wenya Li John Shen Shen, in the Bible, place, perhaps close to Bethel, near which Samuel set up the stone Ebenezer. Shing Hoi To Linda Wolf Linda Wolf, (born March 17, 1950) is an American-born photographer and writer. She is the author of Speaking and Listening From the Heart (dsistas Press, 2004); co-author of The new board intends to improve the Company's performance by focusing on investor relations Investor relations The process by which the corporation communicates with its investors. , financial reporting and product marketing. In order to achieve its objectives, the new board intends to appoint Mr. Hee Yung Jung as Interim Chief Executive Officer & President. Mr. Jung was employed with Daewoo Corporation, one of the Company's major customers, from April 1974 to September 1999. He was in charge of Daewoo's China Business since January 1998, as the Chief Executive Officer of Daewoo's China Business Group and the Chairman of Shandong Daewoo Electronic Components Co., Ltd. His positions in Daewoo also included Director of Daewoo Electronics Components Co., Ltd. (1991-99), General Manager of Daewoo Electronic Co., Ltd. (1986-90), General Manager of Procurement Department of Daewoo Electronic Co., Ltd. (1984-86), Manager of Daewoo International (Japan) Corp. (1978-84), and Manager of Import Section of Daewoo Electronic Co., Ltd. (1974-78) Mr. Jung has also served as Director of Yantai Daewoo Electronic Components, Ltd. and Weihai Gaoxin Daewoo Electronic Components, Ltd., two of the Company's subsidiaries in China, since January 1998. Mr. Jung is currently living in China. The new board intends to work with Mr. Jung in selecting a new management team that will effectively manage the Company. 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 force 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. 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. Specially, 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. |
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