Two New Independent Directors, Ms. Wan Zhang and Ms. Yaping Zhang, have Joined Board
Two Long-Serving Directors Retire
Yubao Li Succeeds John Schwan as Board Chair
LAKE BARRINGTON, IL / ACCESSWIRE / June 10, 2020 / Yunhong CTI Ltd. (NASDAQ:CTIB) ("Yunhong CTI" or the "Company"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, announced that its Board of Directors has taken a range of Board refreshment actions, including adding two new independent directors; having two long-serving directors retire; and naming Yubao Li to succeed John Schwan as Board Chair. All of the board changes are effective immediately.
Addition of Two New Independent Directors
Joining the board are Ms. Wan Zhang and Ms. Yaping Zhang. With these two appointments, and the retirements, the total board membership remains unchanged at 7.
The Board elected Ms. Wan Zhang as a new independent director. Ms. Zhang is currently Senior Manager at Taikang Bybo Dental Group, Beijing, China, leading group strategic planning and operations supervision. Before joining Taikang, Ms Zhang served as Senior Manager at PKU Healthcare Group, Beijing, China, with responsibilities spanning resource integration, project financing, policy research and strategic planning. From 2014-2018, Ms. Zhang was a Manager & Board Secretary at Capital Healthcare Group, Beijing, China, working in the Strategic Investment department. She also worked as Board Secretary & Assistant to Director of Operations at Capital Healthcare's subsidiary-Aiyuhua Women's and Children's Hospital, Beijing, China. During her time at Capital Healthcare, Ms. Zhang developed the Group's annual plan, and was responsible for financing, investment, M&A, and business development in specialized hospitals and clinics. Ms. Zhang's previous experience includes as Assistant Board Secretary at Tsit Wing Group, Hong Kong. Ms. Zhang began her career with Albert YK Lau & Co. (Certified Public Accountants Hong Kong), Hong Kong, as Auditor & Board Secretary. Ms. Zhang is proficient in English, Cantonese and Mandarin. She was a student member of Chartered Secretaries in Hong Kong and, is a Certified Board Secretary of ShenZhen Stock Exchange. Ms. Zhang graduated from Wuhan University with a Bachelor of Science degree in Biology and Lingnan University with a Master's degree in International Banking and Finance.
The Board elected Ms. Yaping Zhang as a new independent director. Ms. Zhang is currently Chairman Assistant and Board Secretary of Yunhong Group Holdings Co., Ltd., a supplement and Over the Counter medicine company. Ms. Zhang, in consultation with the Group Chairman, is responsible for establishing the general corporate strategy for the Group.
One of her key accomplishments at Yunhong Group was the securing of very large contract with Nanzhang County government to provide high quality agricultural products to low income households. Additionally, Ms. Zhang has managed Yunhong Group Holdings' corporate social responsibility and corporate charity fundraising efforts. Previously, Ms. Zhang was Assistant Chairman at Hubei Yunhong Energy Group Holdings Co., Ltd. Ms. Zhang holds a master's degree in Literature, Wuhan University and a bachelor's degree in Literature, Huazhong Agricultural University.
"We are excited to welcome Ms. Wan Zhang and Ms. Yaping Zhang to our board of directors. They bring leadership in key areas, such as strategy implementation, finance and planning, that are vital to our operations. Their counsel and expertise will bring energy to our board and strengthen Yunhong CTI's commitment to strategic development and enhancing solutions to better serve our employees, customers, and shareholders," said Yubao Li, Yunhong CTI board chair.
Schwan and Merrick to Retire from Board
Mr. John Schwan and Mr. Stephen Merrick retired from the board. Mr. Schwan joined the board in 1996, and has served as chair for more than two decades. Mr. Merrick has served on the board since 1989.
"I'd like to thank John and Steve for their many contributions and service to the board and company over the years," said Yubao Li. "John and Steve were incredible assets to Yunhong CTI as they guided the company through numerous economic and market cycles. Both John and Steve brought a strong customer perspective plus a wealth of executive experience into every board meeting. John led the board during the pivotal time when we embarked on our journey to improve profitability while repositioning the company to capture emerging growth opportunities. Both the board and the management team are deeply appreciative of their long service to Yunhong CTI."
Board Chair Transition
The board of directors named Mr. Li to succeed Mr. Schwan as chair of the board.
"I'm very happy to be passing the baton to Mr. Li, whose voice on the board is characterized by his thoughtfulness for our employees, customers, and shareholders," said John Schwan. "I know Yunhong CTI is in very good hands with Mr. Li leading the board and the leadership team."
About Yunhong CTI Ltd.
Yunhong CTI Ltd. is one of the leading manufacturers and marketers of foil balloons and produces laminated and printed films for commercial uses. Yunhong CTI also distributes Candy Blossoms and other gift items and markets its products throughout the United States and in several other countries. For more information about our business, visit our corporate website at www.ctiindustries.com.
Forward Looking Statements
Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. We cannot anticipate the duration of increased tariffs between the United States and other countries, particularly China. We do not know whether we will be successful in passing such additional costs through to customers. The COVID-19 pandemic has had a negative impact on our operations, and we do not yet know the depth or duration of that disruption. Our future plans anticipate the successful completion of the financing described above. Any failure to do so would have a negative impact on our financial condition. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Yunhong CTI Ltd.
Chief Financial Officer and Chief Executive Officer
SOURCE: Yunhong CTI Ltd.