VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/17/13 -- Huaxing Machinery Corp. (TSX VENTURE: HUA) ("Huaxing" or the "Company") is pleased to announce that all motions put forward for approval at its Annual and General Special Meeting held on June 6, 2013 were passed.
Xianhua Sun, Yingbin (Ian) He, Siu Yin (Kendra) Yeung, Xiuxue Chai and Thea Koshman were re-elected to the Company's board of directors. The Company's shareholders also re-appointed Manning Elliott LLP as auditors for the coming year and approved the re-adoption of the Company's 10% stock option plan.
The Company is pleased to welcome George Dorin to its board of directors, replacing Xiaodong Han, who, due to commitments in other business matters, resigned as director of the Company. Huaxing and its board of directors wish to thank Mr. Han for his commitment to the development of the Company and wish him the very best in his future endeavours.
Mr. Dorin has 30 years of broad-based financial experience, including over 15 years as a Corporate Director or CFO for several private and public companies. He holds undergraduate degrees in science and accounting from the University of British Columbia, a Master Degree in finance from the London School of Economics, and the Diploma FCSI (Fellow of the Canadian Securities Institute). A Chartered Accountant, he was also granted a Corporate Finance specialist designation from the CICA in 2008. Prior to his work in the industry, he worked in the financial services sector with Ernst & Whinney (now KPMG), Price Waterhouse, Royal Bank of Canada and with Pemberton Securities (now RBC Dominion Securities). In 2007 and 2008, he was a Senior VP Corporate Finance at Wolrige Mahon, a BC-based CA Firm. Most recently, he has been providing corporate finance, senior financial management, and corporate director (including audit committee chairman) services to several industrial public companies through his own company CANUS Capital Corporation.
The Company has awarded incentive stock options to Mr. Dorin for the purchase of an aggregate of 90,000 common shares of the Company at an exercise price of $0.27 until June 12, 2018. The options are being granted pursuant to the terms of the Company's stock option plan and are subject to TSX Venture Exchange policies and approval.
About Huaxing Machinery Corp.
Huaxing is engaged in the business of machinery manufacturing. Through its wholly owned subsidiary Gold Rhino Limited, Huaxing holds an 80% controlling equity interest in Shandong Gold Rhino Huaxing Machinery Corp., the operating entity that holds the manufacturing facilities located in Boxing County, Shandong Province, China. Its main products are stone processing machinery for the building and construction industry, and Robotic Welding System for the steel structure industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Huaxing Machinery Corp.
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