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SOURCE Viewtran Group, Inc.
SHENZHEN, China, May 21, 2014 /PRNewswire/ -- Viewtran Group, Inc. (NASDAQ: VIEW) ("Viewtran" or the "Company"), a provider of supply chain financial services and enterprise solutions for the technology industry in China, today announced the appointment of Xianhang Wang as Chief Executive Officer and a member of the board of directors, and the appointment of Nathan Zhang as the Company's Chairman, effective May 21, 2014.
Dr. Wang and Dr. Zhang replace Jeffrey Kang, who resigned from his position as Chief Executive Officer and Chairman of the Company.
"We sincerely thank Mr. Kang for his dedication to the company's developments over the years," said Andy Liu, CFO, Secretary and Treasurer.
"The board of directors welcomes Dr. Wang to the board. He is no stranger to Viewtran. Since joining the company in 2006, he has contributed greatly in new business development and broadened the company's business scopes over the years. We are confident that Dr. Wang will continue to lead Viewtran to greater heights in the development of supply chain financial services and enterprise solutions services for our customers."
Dr. Wang, a veteran of the technology industry, has 17 years of business and technology development experience. In his most recent role as Vice President of Marketing, Business Development & Research at Viewtran, Dr. Wang oversaw the company's new business and corporate development, managed merger and acquisition projects, and built customer-centric models to expand market shares. Prior to this role, he was Director of Product, Technology and Business Development at Viewtran, where he drove business for the company in South China, and oversaw the design and rollout of new service platforms. His other experiences include software development at Forward Company in Toronto, Canada, and technology development at Huawei in Shenzhen, China. Dr. Wang holds a PhD from Chongqing University, China, and a Master of Science degree from Southwest Jiaotong University, China.
Dr. Zhang has been on the Company's board of directors since December 2011 and remains chairman of the audit committee.
The Company will continue its ongoing stock repurchase program. From January 1, 2014 to date, the Company repurchased 892,201 shares at a weighted average price of $2.3089 per share. The Company currently has over 26 million shares outstanding, of which insiders own approximately 38.8%.
About Viewtran Group, Inc.:
Viewtran Group, Inc. (Nasdaq: VIEW) is a provider of supply chain financial services and enterprise solutions for the technology industry in China. With its comprehensive understanding of the industry and an extensive range of supply chain financial services, Viewtran is uniquely positioned to deliver effective technology and financing solutions to customers. The Company simplifies the acquisition of the latest technologies through flexible, tailored and one-stop services, helping organizations maintain their competitiveness, especially in uncertain economic times.
Safe Harbor Statement:
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy, as well as our potential acquisitions which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.
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