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8-K - FUQI INTERNATIONAL, INC. | v200374_8-k.htm |
Fuqi
International Announces Appointment of New Director and
Formation
of Special Internal Investigation Committee
SHENZHEN,
China, October 29, 2010 -- FUQI International, Inc. (Nasdaq: FUQI, “Fuqi” or the
“Company”) today announced the appointment of Kim K.T. Pan as an independent
member to the Board of Directors of the Company and the formation of a Special
Internal Investigation Committee of the Board of Directors. Mr. Pan
was also appointed to serve on the Governance and Nominating
Committee.
Mr. Pan
has served as the President and as a member of the Board of Directors of
Continental Carbon Company, a developer, manufacturer and marketer of
carbon-related products, since 1999. Prior to that, he
served as its Executive Vice President and Chief Financial Officer beginning in
1998 and as its Vice President, Chief Financial Officer of Continental Carbon
from 1995 to 1997. Mr. Pan has also served as a member of the Board
of Directors of Continental Carbon India Ltd. since 2000, serving as its
Chairman of the Board since 2005. Mr. Pan holds a B.S. in Electrical
Engineering from the University of Texas, Austin, an M.S. in Electrical
Engineering from the University of Wisconsin, Madison and an MBA in Finance from
the Wharton School at the University of Pennsylvania. He has
extensive experience as an officer and director of U.S. companies and is fluent
in English and Mandarin Chinese.
Mr.
Yu Kwai Chong, Chairman of FUQI commented, “Kim is a successful executive with a
wealth of business experience and knowledge. We welcome him as an
additional independent member to our Board and look forward to his contributions
in the coming years.”
The Board
of Directors of the Company has formed a Special Internal Investigation
Committee as a result of a stockholder demand letter and appointed Lily Chen and
Kim Pan as the committee members. The Special Committee will investigate
allegations contained in the demand letter regarding potential breaches of
fiduciary duties by the Company’s directors and certain officers related to the
Company’s restatement of its 2009 financial statements. The
Special Committee will evaluate whether any of the claims in the demand letter
are meritorious and whether it is in the best interest of the Company to pursue
them. The Committee is authorized to retain experts and advisers in
connection with its investigation.
About
FUQI International
Based in
Shenzhen, China, FUQI International, Inc. is a leading designer, producer and
seller of high quality precious metal jewelry in China. Fuqi develops, promotes,
manufactures and sells a broad range of products consisting of unique styles and
designs made from gold and other precious metals such as platinum and Karat
gold. For more information, please visit http://www.fuqi.com.cn.
For more
information, please contact:
Ms.
Charlene Hua
EVP of
Finance, Capital Market & Corporate Development
Phone:
+852-9468-2497 (Hong Kong)
IR Email:
IR@FuqiIntl.com
Bill
Zima
ICR Inc.
(US)
Phone:
+1-203-682-8233