Attached files
Exhibit
99.4
Home
System Appoints Three Independent Directors and Establishes Corporate Advisory
Committees
Recent
Developments Strengthen Home System Group’s
Corporate
Governance Initiatives
NEW YORK
& GUANGDONG, China -- Home System Group (OTCBB: HSYT; "Home System" or the
"Company"), an international manufacturer and distributor of a variety of
household appliances sold to large retailers, today announced the appointment of
three experienced professionals to its board of directors: i) Huafeng Chen, ii)
Yidong Xiao, and iii) Yiming Zhu. The board also established an Audit Committee,
a Compensation Committee, and a Nominating and Corporate Governance
Committee.
The three
new independent directors represent various disciplines in the fields of
management and accounting. Together the recently appointed board
members possess approximately 50 years of combined business
experience.
“With
these appointments, we have added focused and experienced members to our Board,
who are professionals and have a deep understanding of finance and the
intricacies of Chinese operating companies,” said Mr. Lei Yu, Home System
Group’s Chief Executive Officer. “Our continued efforts to add
qualified independent directors will assist us in improving our internal
controls and disclosures while helping Home System meet the requirements for
uplisting to a major US exchange.”
Mr.
Huafeng Chen is currently the director of the Internal Control department at
China Nepstar Chain Drugstore Ltd., which is a US listed public company (NYSE:
NPD). Mr. Chen is a Chinese Certified Accountant-Medium Level,
graduating from Hunan University with a degree in Accounting in July
1997. Previously, Mr. Chen was the director of Internal Control
department and also the financial manager in the accounting department of China
Resources Vanguard Co., Ltd, where he directed its internal control system and
financial system management.
Mr.
Yidong Xiao, currently a director of the audit department in Shenzhen Yuanfeng
Co., Ltd., a public accounting firm, is a Chinese Certified Public Accountant
and Certified Tax Agent. He graduated from Hunan University with a
degree in Accounting in July 1996. Mr. Xiao also worked at the
accounting departments of various industrial and manufacturing companies in
China, including: Guangzhou Xinda Industrial Co., Ltd., and Hunan Hengyang
Secondary Construction Engineering Company Limited.
Mr.
Yiming Zhu is a Chinese Certified Accountant-Senior Level. He
graduated from Hangzhou Dianzi University with a degree in Economics in July,
1986 and in 1996, he received a Master degree in Construction
Management. Since 1988, he has been working in China Electronic
Corporation (“CEC”), the largest state-owned information technology company in
China, with over 60 subsidiaries all over the world. In September
2008, he was appointed to be the President of Amoi Electronics Co., Ltd., one of
the CEC’s subsidiaries, where he provides executive leadership for the company’s
strategy and operations with full income responsibility. Previously,
Mr. Zhu was Vice President of Panda Electronics Group Co., Ltd, another
subsidiary of CEC, where he oversaw the company accounting department and
streamlined the accounting and billing activities, improving efficiency and
profitability.
About
Home System Group
Home
System Group is primarily engaged in the production of a variety of household
appliances, including stainless steel gas grills and ovens, gas and electric
heaters, ceiling and table fans, decorative lamps, LEDs and energy-saving lamps.
Its products are sold through distributors and direct to retailers located in
America, Europe, Australia, Africa, Southeast Asia and China. For more
information, please visit: http://www.homesystemgroup.com.
FORWARD-LOOKING
STATEMENTS: This release contains "forward-looking statements" for purposes of
the Securities and Exchange Commission's "safe harbor" provisions under the
Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the
Securities Exchange Act of 1934. These forward-looking statements are subject to
various risks and uncertainties that could cause Home System Group’s actual
results to differ materially from those currently anticipated, including the
risk factors identified in Home System Group’s filings with the Securities and
Exchange Commission.
Contact:
Home
System Group
Eva Wang,
347-624-5699
vp@homesystemgroup.com