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8-K - FORM 8-K - DUOYUAN PRINTING, INC. | h04271e8vk.htm |
Exhibit 99.1
Duoyuan Printing Enhances Corporate Governance with
Appointment of Two New Independent Board Members
Appointment of Two New Independent Board Members
BEIJING, June 1, 2010 Duoyuan Printing, Inc. (NYSE: DYP) (Duoyuan Printing or the Company),
a leading offset printing equipment supplier in China, today announced the appointment of two new
independent board members: Ms. Naoko Hatakeyama, and The Honorable Paula J. Dobriansky, effective
May 26, 2010.
We are delighted that Ms. Hatakeyama and Ambassador Dobriansky have agreed to join Duoyuan
Printings board of directors, said Mr. Wenhua Guo, Chairman and founder of Duoyuan Printing. I
am confident that their expertise will be invaluable to management as we pursue our goal of
becoming the top provider of equipment to printing and packaging companies in emerging markets
worldwide.
With her wealth of strategic consulting and acquisition experience, I am confident that Naoko will
play an important role as we leverage our solid balance sheet and strong cash position to expand
capacity and gain market share, commented Christopher Holbert, Duoyuan Printings chief executive
officer. At the same time, Paulas experience in high level government roles will further
strengthen our management and provide us with valuable guidance in public affairs and strategic
communications, he continued. Our decision earlier in the year to engage Deloitte and Touche as
our auditors, combined with the addition to our board of these two incisive minds and proven
leaders demonstrates our ongoing commitment to first rate governance.
Ms. Hatakeyama engaged in corporate recovery and strategy consulting as a founding partner of the
Corporate Strategy Group of Deloitte Touche Group in Japan. Before that she was a partner at
Deloitte Touche Consulting Group (DTCG) when Braxton Consulting, a Boston-based strategy consulting
firm where she started her consultant career, merged with DTCG in the U.S. Ms. Hatakeyama holds a
Masters degree in counseling and consulting psychology from the Harvard University Education
School.
I am delighted to be joining Duoyuan Printings board of directors, commented Ms. Hatakeyama.
With a sound financial strategy and exciting expansion plans in place, I look forward to working
with management to position Duoyuan Printing for future success.
Ambassador Dobriansky has had key roles in the administrations of five U.S. Presidents. Highlights
include serving as Under Secretary of State for Democracy and Global Affairs, the Presidents Envoy
to Northern Ireland, a Board Member of the U.S. Advisory Commission on Public Diplomacy and
Director for European and Soviet Affairs at the National Security Council. She was also the Senior
Vice President and Director of the Washington office of the Council on Foreign Relations, a leading
foreign policy think tank. During her 20-year career in government, she led many high-level
bilateral and multilateral dialogues on a broad range of issues, and created innovative public
relations strategies to convey U.S. foreign policy views.
Ambassador Dobriansky added, Duoyuan Printing is a leader in Chinas fast growing printing
industry and I am excited to join the company during this time of significant growth. I look
forward to working to enhance Duoyuan Printings management strategy and advising on international
expansion plans.
About Duoyuan Printing
Duoyuan Printing (NYSE: DYP) is a leading manufacturer of commercial offset printing presses in
China. The Company combines technical innovation and precision engineering to offer a broad range
of printing equipment and solutions. Duoyuan Printing has manufacturing and research and
development facilities in Langfang, Hebei Province and Shaoyang, Hunan Province in addition to a
distribution and service network with over 85 distributors that operate in over 65 cities and 28
provinces in China. Headquartered in Beijing, the Company is one of the largest non-government
owned major offset printing equipment and solutions providers in China. For further information,
please visit Duoyuan Printings website http://www.duoyuan.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks,
uncertainties and assumptions. All statements other than statements of historical fact in this
press release are forward-looking statements, including but not limited to, our future financial
condition, our expected corporate governance improvements and international expansion plans. These
forward-looking statements are based on managements current expectations, assumptions, estimates
and projections about the Company and the industry in which the Company operates, but involve a
number of unknown risks and uncertainties, including, without limitation, our ability to sustain
our recent profitability and growth rates, the possibility that we may not meet our strategic goals
or may develop other priorities, and other risk factors detailed in our Annual Report on Form 10-K
for the fiscal year ended June 30, 2009 and in our subsequent reports on Form 10-Q filed with the
Securities and Exchange Commission and available at
http://www.sec.gov. The Company undertakes no
obligation to update forward-looking statements to reflect subsequent occurring events or
circumstances, or changes in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are urged to consider these factors
carefully in evaluating the forward-looking statements contained herein and are cautioned not to
place undue reliance on such forward-looking statements, which are qualified in their entirety by
these cautionary statements.
For investor and media enquiries please contact:
Duoyuan Printing, Inc.
William Suh, CFO
Tel: +86-10-6021-2222 (Beijing)
Email: ir@duoyuan.com
William Suh, CFO
Tel: +86-10-6021-2222 (Beijing)
Email: ir@duoyuan.com
Brunswick Group
Henry Fraser
Tel: +86-10-6566-2256
Email: duoyuanprinting@brunswickgroup.com
Henry Fraser
Tel: +86-10-6566-2256
Email: duoyuanprinting@brunswickgroup.com