CFS International Inc.: Change of Directors and Appointment of Independent Committee.TORONTO -- CFS International Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CFY) announces that Mr. Yan Poe Wong and Ms. Julie Ann Enfield have resigned as directors of CFS. The Board of Directors of CFS acknowledge and thank Mr. Wong and Ms. Enfield for their long standing commitment and service to the Board of Directors and to CFS. CFS is pleased to announce the appointment of Mr. Sunny Ngan and Ms. Tracy Xiu Fang Liu to the Board of Directors and Audit Committee of CFS. Mr. Ngan, who holds a Bachelor of Commerce The Bachelor of Commerce is a bachelor's degree in business management, accounting and economic fields. The degree is also known as the Bachelor of Commerce and Administration (BCA). degree from the University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, , is a Certified Management Accountant  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and a Certified Financial Planner Certified Financial Planner (CFP) A person who has passed examinations accredited by the Certified Financial Planner Board of Standards, showing that the person is able to manage a client's banking, estate, insurance, investment, and tax affairs. with extensive experience in accounting, taxation and investment including serving for eight years as a senior auditor and appeal officer in the taxation department of Canada Revenue Agency The Canada Revenue Agency (CRA) administers:
Mr. Ngan and Ms. Liu are each appointed to serve as directors until the next annual meeting of shareholders of CFS, currently scheduled to be held on August 12, 2005. CFS also announces that its Board of Directors has established a committee of the Board comprised solely of independent members, namely Mr. Ngan and Ms. Liu, to consider the proposed privatization transaction received by CFS from its controlling shareholder, Ports International Enterprises Inc., and to respond to such proposal. CFS International Inc., through its subsidiaries, operates the largest upscale fashion wear retail chain in China under the "Ports International" and "BMW" banners. The Company's other operations also include retailing in Hong Kong and Canada, and trading, manufacturing and wholesaling of private label and fashion garments in Canada, China and Hong Kong. CFS' shares are traded on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol "CFY". The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release. CFS International Inc. (TSX VENTURE:CFY) |
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