Lentuo International Announces Transfer of Chief Financial Officer to
Leadership Role in Strategic Project with Itochu Corporation
BEIJING, May 17, 2013
BEIJING, May 17, 2013 /PRNewswire/ -- Lentuo International Inc. (NYSE: LAS)
("Lentuo" or the "Company") today announced that its Chief Financial Officer,
Jianping Chen has been assigned to a leadership role in Lentuo's ongoing joint
venture project with Itochu Corporation. She will play a major,
multi-functional role in the establishment of the joint venture and the launch
of its operations, and will assume a senior executive role at the joint
venture after it is established. The project is currently in the final stages
of government approval. As a result of her new position, Ms. Chen has resigned
from her current position of Chief Financial Officer effective May 17, 2013.
"Ms.Chen is uniquely qualified to lead this highly strategic project for
Lentuo by virtue of her international experience, outstanding ability to
bridge cultures, and the critical role she has played so far in building this
partnership with Itochu Corporation, a Global Fortune 500 company with an
established track record in high-end car dealerships in Asia. With her active
involvement, Lentuo's management team identified Itochu Corporation as the
most valuable partner for the Company and she negotiated the major terms and
conditions of the deal, and led our team working on the structural aspects of
the partnership. As we embark on our first international cooperation project,
I am confident that she will continue to bring substantial value to Lentuo and
its shareholders," said Mr.Hetong Guo, Chairman of Lentuo.
"This joint venture will be a major growth driver for Lentuo as we expand
further into the high-end car market in China. While we have acquired some
expertise on our own through our Audi dealership, Itochu brings us decades of
expertise and financial power that will allow us to move ahead confidently and
at a substantially faster pace. I am confident that with the help of Ms. Chen
and the rest of our management team, together with the support of Itochu's
management, Lentuo will succeed in its aspirations to move up-market.
"Ms.Jiangyu Luo, Lentuo's financial controller, will serve as Acting Chief
Financial Officer effective May 17, 2013, until the appointment of a new CFO
is finalized. I am confident that with the support and advice of Ms.Chen,
Ms.Luo and the other members of our finance team will ensure a smooth
transition ahead of the appointment of a new CFO."
About Lentuo International Inc.
Lentuo is a leading non-state-owned automobile retailer headquartered in
Beijing. Lentuo operates 11 franchise dealerships, ten automobile showrooms,
one automobile repair shop, and one car leasing company.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section21E of
the Securities Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates,"
"target," "going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market and
operating conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult to predict
and many of which are beyond the Company's control, which may cause the
Company's actual results, performance or achievements to differ materially
from those in the forward-looking statements. Further information regarding
these and other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The Company does not
undertake any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required under
For more information, please contact:
Lentuo International Inc.
Telephone +86 10 5826 4939 in Beijing
Phone: +1-480-614-3004 (U.S.A.)
SOURCE Lentuo International Inc.
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