eFuture Information Technology Inc. (Nasdaq:EFUT) (the
"Company" or "eFuture"), a leading provider of software and mobile
social shopping network services to China's rapidly
growing retail and consumer goods industries, today announced the
appointments of a new CEO and two independent directors.
Mr. Adam Yan, who will remain Chairman of the Company, resigned
from his position of CEO to focus on the corporate strategy and
innovative business effective March 10, 2015. Mr. Weiquan Ren, who
became CEO and remains as a board director, resigned his positions
as the chairman of the Audit Committee, member of the Compensation
Committee and the Corporate Governance Committee due to impairment
of independence effective March 10, 2015.
Mr. Ren has served as a senior partner at Cybernaut Capital
since 2006. He also served as Executive President of Shanshan
Investment Holding Co., Ltd. from 2012 to 2014 and president of
Shanghai Stock Exchange listed Ningbo Shanshan Co., Ltd. from 2011
to 2012. He was Vice President of Founder Holdings Company Limited
and Chief Executive Officer of its Hong Kong-listed subsidiary
Beijing Founder Electronics Co., Ltd, from 2001 to 2006, Vice
President of Shanghai-listed Founder Technology Group Corp. from
1998 to 2001, and General Manager of Founder Group's Hangzhou
branch from 1993 to 1998. He holds a master's degree in engineering
from the Department of Electric Machine Engineering of Zhejiang
University and a bachelor's degree in engineering from the
Department of Information Science and Electronic Engineering of
Zhejiang University. Mr. Ren leverages his vast experience to
provide the company with key insights into the capital market and
operational management.
"While welcoming Weiquan to eFuture, Weiquan's veteran
experience as a management professional and in the capital markets
will greatly assist eFuture in bringing innovation to its retail
services and solutions," Adam Yan, Chairman, said.
On his appointment, Weiquan said, "eFuture has shown strong
growth last year under its current leadership and I am delighted to
be CEO of this innovative company. I have an opportunity to
continue to build a great organization and I am a believer in the
Company's mission of 'Creating a happy consumer world.'"
In addition, Mr. Roger Zhang was appointed as an independent
director, the Chairman of the Audit Committee and the member of
Corporate Governance Committee, and Mr. Roy Zhou was appointed as
an independent director and the member of the Audit Committee, the
Compensation Committee and the Corporate Governance Committee. As
the result of the foregoing appointments, the Audit Committee now
consists of Mr. Roger Zhang as chairman, Mr. John Dai and Mr. Roy
Zhou; Compensation Committee consists of Mr. John Dai as chairman,
Mr. Roy Zhou and Mr. Ming Zhu; and the Corporate Governance
Committee consists of Mr. Ming Zhu as chairman, Mr. Roger Zhang and
Mr. Roy Zhou.
Mr. Zhang, a U.S. Certified Public Accountant, is the Chief
Financial Officer of EMAR Online Technology. Before joining EMAR,
he served as Chief Financial Officer of Shenzhen Stock Exchange
listed China TransInfo Technology Group Co., Ltd from 2011 to 2014.
From July 2005 to July 2007, Mr. Zhang was the Asia Pacific
Controller of DraftFCB as well as the Asia Pacific Lead Area
Controller of Interpublic Group of Companies, Inc. (DraftFCB's
parent company), one of the world's largest advertising and
marketing services companies. From 1997 to 2004, Mr. Zhang worked
in several finance and accounting positions in the United States.
Mr. Zhang holds an MBA in accounting degree from J. Mack Robinson
School of Business, Georgia State University, and Master of Arts
degree in Economics from Georgia State University, and Master of
Sciences degree in Environmental Science from East China Normal
University in Shanghai.
Mr. Zhou, a seasoned veteran in internet and online advertising,
currently serves as the CEO of Yoyi Digital Inc., a leading
provider in the multi-screen programmatic buying platform in China.
He also successfully led Yoyi's C and D round fund-raising in
recent years. Before Yoyi, Mr. Zhou served as the Head of Google
AdSense from 2006 to 2011 in the Asia Pacific region, building the
high performing teams, turning Google Adsense to the No.1 Ad
Network in the region, and growing the revenues to US$ 1 billion in
less than six years. He holds a Master of Business Administration
of Haas School of Business, University of California-Berkeley.
Adam added, "Roy and Roger are both highly experienced
management professionals with over twenty-year experience in the
internet and TMT sector. The Board and management are delighted to
welcome them on board and we look forward to working with
them."
"I believe the expertise of our new CEO and directors will
accelerate our success in implementing omni-channel retail
solutions and myStore strategy for our customers. We expect to be a
leader in the transformational change in China's consumer and
retail industry," Adam concluded.
ABOUT EFUTURE INFORMATION TECHNOLOGY
INC.
eFuture Information Technology Inc.
(Nasdaq:EFUT) is a leading provider of software and mobile social
shopping network services to China's rapidly growing
retail and consumer goods industries. eFuture's clients include
1,000+ active retailers with more than 50,000 physical stores
across China, which above 45 companies were ranked among the
top 100 chain retailers during 2013. As a pioneer and proponent of
omni-channel and mobile internet solutions in Asia-pacific, we
developed myStore, a mobile shopping social network, to connect
consumers and physical stores. For more information about
eFuture, please visit http://www.e-future.com.cn.
SAFE HARBOR
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.
eFuture may also make written or oral forward-looking statements in
periodic reports to the Securities and Exchange
Commission (the "SEC"), in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to second
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: eFuture's anticipated growth strategies; eFuture's
future business development, results of operations and financial
condition; expected changes in the Company's revenue and certain
cost or expense items; eFuture's ability to attract clients and
leverage its brand; trends and competition in the software
industry; the Company's ability to control expenses and maintain
profit margins; the Company's ability to hire, train and retain
qualified managerial and other employees; the Company's ability to
develop new software and pilot new business models at desirable
locations in a timely and cost-effective manner; the performance of
third parties under contracts with the Company; the expected growth
of the Chinese economy software market in retail and consumer goods
industries; and Chinese governmental policies relating to private
managers and operators of software and applicable tax rates.
Further information regarding these and other risks
will be included in eFuture's annual report on Form 20-F and other
documents filed with the SEC. All information provided in this
press release and in the attachments is as of March 11, 2015,
and the Company undertakes no duty to update such information or
any other forward-looking information, except as required under
applicable law.
CONTACT: Investor Contact:
Troe Wen, Company Secretary
eFuture Information Technology Inc.
+86 10 5293 7699
ir@e-future.com.cn
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