Country Style Cooking Restaurant Chain Announces CEO Transition
CHONGQING, China, Aug. 15, 2014
CHONGQING, China, Aug. 15, 2014 /PRNewswire/ -- Country Style Cooking
Restaurant Chain Co., Ltd (NYSE: CCSC) ("Country Style Cooking" or the
"Company"), a fast-growing quick service restaurant chain in China, today
announced that its Chairman and Chief Executive Officer will step down as CEO
effective on February 13, 2015, six months from August 13, 2014. Ms. Li will
retain her title as Chairman of the Board of the Directors. Mr. Xingqiang
Zhang, a co-founder of CCSC and Ms. Li's husband, has been appointed as the
new Chief Executive Officer of the Company effective six months from August
Mr. Xingqiang Zhang is one of CCSC's founders and has served as one of its
directors since the Company's inception. From 1996 to August2007, Mr.Zhang,
together with Ms. Hong Li, established and operated nine restaurants which are
now part of the Company's consolidated group. Mr.Zhang has valuable
experience and knowledge in terms of the daily operations of quick service
restaurant chains, which contributed greatly to the Company's successful
development. From 1992 to 1995, he served as the manager of two international
quick service restaurant chains in Chongqing. Mr. Zhang received his
bachelor's degree in economics from Nankai University in 1988.
Ms. Hong Li, Chairman and Chief Executive Officer of Country Style Cooking,
commented, "I am honored to have had the opportunity to lead this company for
the past seven years and to have expanded the reach of the business to over
300 restaurants in China. After considerable reflection, I intend to spend
more time with my family.Mr. Zhang has in-depth knowledge of CCSC's
operations, significant understanding of China's QSR industry and is well
equipped to lead the company to its next stage of growth."
About Country Style Cooking Restaurant Chain Co., Ltd.
Country Style Cooking Restaurant Chain Co., Ltd. (NYSE: CCSC) ("Country Style
Cooking") is a fast-growing quick service restaurant chain in China, offering
delicious, everyday Chinese food to customers who desire fast and affordable
quality meals. Country Style Cooking directly operates all of its restaurants
under brands of CSC and Mr. Rice and is the largest quick service restaurant
chain in Chongqing municipality, home to Sichuan cuisine, one of the
best-known Chinese regional cuisines. Additional information about Country
Style Cooking can be found at http://ir.csc100.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of 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" and similar statements. Among
other things, the outlook for the third quarter 2014 and the new restaurant
opening plan for full year 2014 contain forward-looking statements. The
Company may also make written or oral forward-looking statements in its
reports filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical facts,
including statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties. A number of factors could cause actual results to differ
materially from those contained in any forward-looking statement, including
but not limited to the following: uncertainties regarding our ability to open
and profitably operate new restaurants and manage our growth effectively and
efficiently; risks associated with changing consumer taste and discretionary
spending; uncertainties regarding our ability to maintain and enhance the
attractiveness of our restaurants and our brand and image; risks related to
instances of food-borne illnesses, health epidemics and other outbreaks;
uncertainties regarding our ability to respond to competitive pressures; and
uncertainties associated with factors typically affecting the consumer food
services industry in general. Further information regarding these and other
risks is included in the Company's reports filed with, or furnished to the
Securities and Exchange Commission. Country Style Cooking does not undertake
any obligation to update any forward-looking statement, except as required
under applicable law. All information provided in this press release and in
the attachments is as of the date of this press release, and Country Style
Cooking undertakes no duty to update such information, except as required
under applicable law.
Country Style Cooking Restaurant Chain Co., Ltd.
Chief Financial Officer
Phone: +86-10-6583-7511 or +1-646-328-2520
SOURCE Country Style Cooking Restaurant Chain Co., Ltd.
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