Synutra Announces Appointment of New Chief Financial Officer
QINGDAO, China and ROCKVILLE, Md., Dec. 20, 2012
QINGDAO, China and ROCKVILLE, Md., Dec. 20, 2012 /PRNewswire/-- Synutra
International, Inc. (NASDAQ: SYUT), ("Synutra" or the "Company"), which owns
subsidiaries in China that produce, market and sell nutritional products for
infants, children and adults, today announced the appointment of Ms. Ning
"Clare" Cai as Chief Financial Officer, effective today. Mr. Weiguo Zhang, who
served as Interim Chief Financial Officer and President of the Company, will
remain as the President of the Company.
Ms. Cai has thirteen years of experience in corporate finance and investment
banking. Ms. Cai joins Synutra from Trina Solar Limited, where she served as a
director of investment analysis from April 2010 to April 2012 and as the
controller of System Group &China region from May 2012 to December
2012.Before that, Ms. Cai worked for nine years at Scotia Capital, the
investment banking arm of Bank of Nova Scotia.Ms. Cai workedon the execution
team in Scotia Capital's San Francisco officewhere sheheld progressive
positions as an Associate from 2001 to2003, anAssociate Director from2003
to2006 and as a Directorfrom 2006 to 2009, primarily covering the portfolio
management and deal execution for the real estate, gaming & leisure,and
technologyindustries. Ms. Cai started her career with Ernst & Young's
Shanghai office where she was a staff accountant in the tax group from 1997 to
1999.Ms. Cai earned a Bachelor in Economics from Shanghai International
Studies University and an MBA from University of Iowa Tippie Business School.
Ms. Cai holds the Chartered Financial Analyst ("CFA") designation.
Mr. Liang Zhang, Chairman and CEO of Synutra, commented, "We are pleased to
have Ms. Cai on board as our new CFO. She is distinctly qualified to serve as
Synutra's CFO and we are looking forward to leveraging her expertise for both
the day-to-day financial operations of the Company and long-term strategic
planning. We expect her to contribute quickly to the vision and growth of our
About Synutra International, Inc.
Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company
in China. It principally produces, markets and sells its products through its
operating subsidiaries under the "Shengyuan" or "Synutra" name, together with
other complementary brands. It focuses on selling premium infant formula
products, which are supplemented by more affordable infant formulas targeting
the mass market as well as other nutritional products and ingredients. It
sells its products through an extensive nationwide sales and distribution
network covering all provinces and provincial-level municipalities in mainland
China. As of September 30, 2012, this network comprised over 680 independent
distributors and over 730 independent sub-distributors who sell Synutra
products in over 63,000 retail outlets.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 that are based on our
current expectations, assumptions, estimates and projections about Synutra
International, Inc. and its industry. All statements other than statements of
historical fact in this release are forward-looking statements. In some cases,
these forward-looking statements can be identified by words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect," "intend," "is/are
likely to," "may," "plan," "should," "will," "aim," "potential," "continue,"
or other similar expressions. The forward-looking statements included in this
press release relate to, among others, Synutra's goals and strategies; its
future business development, financial condition and results of operations;
the expected growth of the nutritional products and infant formula markets in
China; market acceptance of Synutra's products; the safety and quality of
Synutra's products; Synutra's expectations regarding demand for its products;
Synutra's ability to stay abreast of market trends and technological advances;
competition in the infant formula industry in China; PRC governmental policies
and regulations relating to the nutritional products and infant formula
industries, and general economic and business conditions in China. These
forward-looking statements involve various risks and uncertainties. Although
Synutra believes that the expectations expressed in these forward-looking
statements are reasonable, these expectations may turn out to be incorrect.
Synutra's actual results could be materially different from the expectations.
Important risks and factors that could cause actual results to be materially
different from expectations are generally set forth in Synutra's filings with
the Securities and Exchange Commission. The forward-looking statements are
made as of the date of this press release. Synutra International, Inc.
undertakes no obligation to update any forward-looking statements to reflect
events or circumstances after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
SOURCE Synutra International, Inc.
Contact: Synutra International, Inc., Investor Relations Department,
email@example.com or 301-840-3881
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