Tri-Tech Holding Announces Changes to Senior Management
BEIJING, Jan. 4, 2013
BEIJING, Jan. 4, 2013 /PRNewswire-FirstCall/ --Tri-Tech Holding Inc. (Nasdaq:
TRIT), which provides turn-key water resources management, water and
wastewater treatment, industrial safety and pollution control solutions,
announced changes to its internal management designed to improve corporate
governance and allocate resources to streamline the Company's operations.
(Logo: http://photos.prnewswire.com/prnh/20100603/CNTH016LOGO )
Mr. Gavin Cheng, CEO of the Company, said, "As our investors know, Tri-Tech
has recently completed several challenging quarters. We have looked not only
at developing new sources of revenue but also at controlling expenses and
improving operational efficiency in order to strengthen the Company over the
long term. In reviewing operations, we determined that the Company needed to
have a manager in charge of company–wide operations. Our ideal candidate would
be familiar with our Company's various operations and would be experienced
with finances. We are pleased that our current Chief Financial Officer, Peter
Dong, has agreed to become our new Chief Operating Officer.
"Once Peter stepped down as CFO, we knew we needed a new CFO who was
experienced with financial markets and could communicate well with our
investors in the US and throughout the world. Our current President, Phil Fan,
has been communicating with investors on behalf of the Company since our
initial public offering and has studied finance and accounting at Northwestern
University's Kellogg School of Management and DeVry's Keller Graduate School
To help the Company weather the current industry challenges, both the COO and
CFO will cooperate on cost control efforts, including potential restructuring,
downsizing and cash flow management and budgeting. The COO will oversee the
Company's existing lines of business of its four Chinese subsidiaries and the
Department of Human Resources. The CFO will focus on improving cash flow
management and strategic planning and will manage the Department of Accounting
Mr. Warren Zhao, Chairman of the Board of Directors of the Company added, "In
addition to these operational changes, I have resigned as Joint Chief
Executive Officer because we believe shareholders will benefit from separating
the roles of CEO and Chairman of the Board of Directors. Gavin will be the
Company's CEO, and I will serve as the Chairman, in addition to overseeing the
Company's research facility."
The Chairman of the Board will focus on leading the Board and enhancing
corporate governance. The CEO will formulate a new strategy to battle the
current setbacks and seek future opportunities to fuel growth.
Summary of Management Changes
The following table explains the previous and current positions held by each
of Warren Zhao, Gavin Cheng, Peter Dong and Phil Fan.
Name Prior Positions New Positions
Chairman and Member of
Board of Directors and Chairman and Member of Board of Directors
Chief Executive Officer
Member of Board of
Gavin Member of Board of Directors and Chief
Directors and Joint
Cheng Chief Executive Officer
Chief Financial Officer
Peter and Chief Operating Officer and Member of Board
Dong Member of Board of of Directors
President and Member of Chief Financial Officer, Member of Board of
Directors and President of international
Phil Fan Infrastructure,
LLC in the US, Tri-Tech Infrastructure
Pvt. Ltd. and Tri-Tech India Pvt. Ltd.)
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for
municipalities and private sectors in China and abroad. These systems combine
software, information management systems, resource planning and local and
distant networking hardware that includes sensors, control systems,
programmable logic controllers, supervisory control and data acquisition
systems. The company also designs systems that track natural waterway levels
for drought control, monitor groundwater quality and assist the Chinese
government in managing its water resources. The company is also moving into
the industrial pollution control market. Tri-Tech owns 39 software copyrights
and 11 product patents, and employs approximately 430 people. Please visit
www.tri-tech.cn for more information.
An online investor kit including a company profile, presentations, press
releases, current price quotes, stock charts and other valuable information
for investors is available at www.tri-tech.cn/ir. To subscribe to future
releases via e-mail alert, visit www.tri-tech.cn/ir/info/request.
This press release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
include references to statements concerning plans, objectives, goals,
strategies, future events such as project payments, results of marketing
efforts or performance, and underlying assumptions and other statements that
are other than statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and service
demand and acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks contained
in reports filed by the company with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and whether made
by or on behalf of the company, are expressly qualified by the cautionary
statements and any other cautionary statements which may accompany the
forward-looking statements. In addition, the company disclaims any obligation
to update any forward-looking statements to reflect events or circumstances
after the date hereof.
Tri-Tech Holding Inc.
+86 10 57323666
SOURCE Tri-Tech Holding Inc.
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