Chai-Na-Ta Announces New C.E.O.Business Editors LANGLEY, B.C.--(BUSINESS WIRE)--May 25, 2000 Chai-Na-Ta Corp. ("CNT (Carbon NanoTube) See nanotube. ") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CC.) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CCCFF) announced today that its President and Chief Executive Officer, Gerry Gill, has resigned effective May 24, 2000. Mr. William Zen, CNT's new Chairman, will assume the position of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . CNT recently completed a major restructuring program that eliminated $28 million of debt and obtained $5 million of new working capital through an equity investment by Herb King International Limited ("Herb King"). Herb King is a subsidiary of Road King Infrastructure Limited ("Road King"), a Hong Kong-based publicly listed company, with assets over CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1 billion. The investment provides Road King with a majority control in CNT of 62.6%. Gill said, "The Company has just come though a very successful restructuring and is now in the strongest financial position in its history. I have accomplished what I had set out to do, which was to save our employees' jobs and to create value for our shareholders." The new Chairman and CEO, Mr. William Zen, also said, "I am really proud of the good condition that our Company is presently in. I believe the Company is now poised to reap the benefits from an expected industry rebound and is financially structured to maximize its opportunities. But the major growth of the Company should not be only from farming, it should also be from new value-added product developments through enhancing the existing Research & Development and Marketing activities." Chai-Na-Ta Corp., based in Langley, British Columbia Langley, British Columbia can mean the following:
Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainty, including but not limited to general business conditions and other risks as outlined in the Company's periodic filings, annual report, and Form 20-F. Such risks and uncertainties may cause actual results to differ materially from those projected. |
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