Attached files
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8-K - 8-K - DUOYUAN PRINTING, INC. | h04485e8vk.htm |
EX-99.2 - EX-99.2 - DUOYUAN PRINTING, INC. | h04485exv99w2.htm |
EX-99.4 - EX-99.4 - DUOYUAN PRINTING, INC. | h04485exv99w4.htm |
EX-99.3 - EX-99.3 - DUOYUAN PRINTING, INC. | h04485exv99w3.htm |
EXHIBIT 99.1 Press Release, dated September 13, 2010, issued by Duoyuan Printing, Inc.
Duoyuan Printing Announces Management Reorganization and Change of Auditor
BEIJING, September 13, 2010 Duoyuan Printing, Inc. (NYSE: DYP) (Duoyuan Printing or the
Company), a leading offset printing equipment supplier in China, today announced several
management changes as well as the dismissal of Deloitte Touche Tohmatsu CPA Ltd.(Deloitte) as its
independent registered public accounting firm. The Company is currently in discussion with an
auditing firm to replace Deloitte.
Effective immediately, Mr. Xiqing Diao has been appointed Duoyuan Printings CEO. Previously the
Companys COO, Mr. Diao has been with the Company since 2005 and served as interim CEO in 2009. Ms.
Baiyun Sun has been appointed CFO. Ms. Sun has been with Duoyuan Printing since 1994 previously
serving as the Companys controller. Mr. Wenzhong Liu, previously vice president of sales and
marketing, has been appointed COO and Mr. Lianjun Cai, a Company director, has been appointed
chairman of the audit committee.
Immediately subsequent to the Companys termination of Deloitte, Mr. William Suh resigned as
Duoyuan Printings CFO and Mr. Christopher Holbert resigned as Duoyuan Printings CEO. Mr Holbert
will remain with the Company as vice president of international markets. Mr. James Zhang resigned
as director and chairman of the audit committee and Ms. Naoko Hatakeyama and the Honorable Paula J.
Dobriansky also subsequently resigned as directors. Mr. Xiqing Diao has also resigned as a director
in order to maintain the required proportion of independent directors on Duoyuan Printings board.
Duoyuan Printings Chairman Mr. Wenhua Guo stated, The audit committees decision to change
auditing firms was based on its desire to resolve open issues and file our 10-K on a timely basis.
We will work closely with our new auditors to address the open issues aired by Deloitte. We believe
that our several internal reassignments are the best way to move the company forward and complete
our annual audit. We believe we now have the right people in important roles to execute the
companys business strategy and to meet our current reporting obligations.
Additional information about these developments will be filed with the SEC on Form 8-K.
The Company will hold a conference call to discuss these developments with investors on Wednesday
September 15, 2010 at 8am ET (8pm Beijing/ Hong Kong time). Dial in details will be
circulated prior to the call.
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, the effectiveness of
our new management team, our ability to meet our current public reporting obligations or our
ability to retain another accounting firm as our independent registered public accounting firm to
meet our filing obligations within the stated timeframe or at all. These forward-looking
statements are based on managements current expectations, assumptions, estimates and projections
about the Company, but involve a number of unknown risks and uncertainties, including, without
limitation, the willingness of another accounting firm to accept the engagement, whether we will
complete our audit on a timely basis, whether we can improve our internal controls over financial
reporting, the possibility of becoming the target of civil litigation and regulatory investigation
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 enquiries please email ir@duoyuan.com