eFuture Holding Inc. (Nasdaq:EFUT) (the "Company" or "eFuture"), a
leading software and solution provider and a mobile business
enabler to China's rapidly growing retail and consumer goods
industries, today announced both proposals submitted for
shareholder approval at its Extraordinary General Meeting of
Shareholders (the "EGM") held on February 29, 2016 were duly
approved. The EGM was requisitioned by Shiji (Hong Kong)
Limited, which currently owns 2,744,857 ordinary shares of the
Company and is a wholly owned subsidiary of Beijing Shiji
Information Technology Co. Ltd.(“Shiji”, Shenzhen Stock
Exchange:002153).
As a leader in the hotel, restaurant and retail management
systems field in China, Shiji’s customers include over 10,000
hotels, 100,000 restaurants and 200,000 retail users.
At the meeting, a quorum was present. Kevin King, Hui Fang Xi,
Dongyu Guan, Tak Yuen Lai, Weihua Zhou and Yuanzhu Lu were elected
as new directors of eFuture to serve until he/she is removed from
office or until the following annual general meeting at which that
Class directors are due to retire. The 2015 Share Incentive Plan
was approved. Please refer to the Appendix on detailed voting
results.
As a result of the election of the six new directors, the size
of the board of directors was increased to eleven. Among these new
directors, Weihua Zhou and Yuanzhu Lu are independent
directors.
Kevin King has worked as the Chief Operating Officer of Beijing
Shiji Information Technology Co. Ltd since June 2015. Shiji is a
leading cross vertical technology solutions provider that develops
and represents solutions for the Hospitality, Food Service and
Retail industries across China. Prior to joining Shiji Mr. King
worked with the leading Hospitality technology solution provider,
MICROS Systems Inc. for over 17 years in various operational and
business management roles, including the business and technical
development of global payment solutions.
Hui Fang Xi is Managing Director of Shanghai Shiji Information
Technology Co. Limited, a wholly owned subsidiary of Beijing Shiji
Information Technology Co. Ltd. Ms. Xi manages Shiji’s Retail
portfolio in China which includes working with international and
domestic partners creating solutions for the clients domestic
operations. She previously worked with Oracle Retail (previously
MICROS Retail) focused on business development and has extensive
experience in the China and global retail industry.
Dongyu Guan currently serves as Vice President of Beijing Shiji
Information Technology Co. Limited. From 2009 Mr. Guan worked in
Shiji and takes responsibility for Shiji’s subsidiaries such
as Infrasys, CNEDC, Bestech, SiSS. Mr. Guan was
chief representative of Infrasys International Ltd. for
over 10 years focused on business development working
with partners creating solutions for the China’s domestic food
service industry and has extensive experience in the China food
service industry.
Tak Yuan Lai is Executive Vice President and CFO of Beijing
Shiji Information Technology Co. Limited. Mr. Lai brings
significant experience in board-level positions to the Company,
including having been a Director of Shenzhen International SoluSoft
Software Co. Ltd, China National Electronic Devices Corporation in
2014 and Hangzhou Westsoft Science & Technology Co. Ltd in
2007. He served as director in Adsale-STSN China/Movielink (HK) Ltd
from 2000 to 2001, Micros-Fidelio China from 1992 to 2000.
Currently, Mr. Lai is a director of Shiji Information and acts as
the Chief Executive Officer of Infrasys International Ltd.
Yuanzhu Lu, doctor degree in National University of Singapore,
currently worked as professor in Central University of Finance
& Economics. He was appointed as an independent director. He
has worked in this university for over ten years and focused on the
research around the field of Industrial Organization, Micro
Economics and Game Theory Application. He has published over 30
academic papers and research reports in Chinese and international
publications.
Weihua Zhou who graduated in Beijing University, currently
services as chairman of board of Beijing Sino-Sky Hi-Tech Co.,
Ltd., chairman of board of Beijing Sino-Sky Guangdian
Communications Technology Co., Ltd and director of Capinfo Company
Ltd (HK1075). He was appointed as an independent director. Prior to
the current positions, Mr. Zhou worked in Radio Film &
Television Design & Research Institute for over 28 years as
deputy chief engineer.
Mr. Lu is highly experienced in economic research and Mr. Zhou
is highly experienced management professionals with nearly
thirty-year experience. The expertise of two independent directors
will provide valuable and professional advice and recommendations
to the development of the company.
ABOUT EFUTURE HOLDING INC.
eFuture Holding Inc. (EFUT) is a leading software and solution
provider and a mobile business enabler to China's rapidly growing
retail and consumer goods industries. eFuture's clients include
over 1,000 active retailers with more than 50,000 physical stores
across China, of which approximately 45% were ranked among the top
100 chain retailers during 2014. 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. Among other things,
2015 financial outlook and quotations from management in this
announcement, as well as strategic and operational plans, contain
forward-looking 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
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: 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 February 18th, 2016,
and the Company undertakes no duty to update such information or
any other forward-looking information, except as required under
applicable law.
APPENDIX
At the Extraordinary General Meeting of
Shareholders of eFuture Holding Inc. (the
"Company" or “eFuture”), held on February 29, 2016, the Company's
shareholders considered two proposals:
A quorum was present at the meeting.
Proposal 1. To elect six (6)
directors, Kevin King (Class I), Hui Fang Xi (Class III), Dongyu
Guan (Class II), Weihua Zhou (Class I), Yuanzhu Lu (Class I) and
Tak Yuen Lai (Class III) to serve until he/she is removed from
office or until the following annual general meeting at which that
Class directors are due to retire.
The results of the voting for Proposal 1 were as
follows:
|
For |
|
|
|
Withhold |
Kevin
King |
3,971,931 |
|
|
|
29,450 |
Hui
Fang Xi |
3,819,731 |
|
|
|
181,650 |
Dongyu Guan |
3,969,731 |
|
|
|
31,650 |
Weihua Zhou |
3,849,081 |
|
|
|
152,300 |
Yuanzhu Lu |
3,849,081 |
|
|
|
152,300 |
Tak
Yuen Lai |
3,819,731 |
|
|
|
181,650 |
Based on the votes set forth above, all of them
were duly elected.
Proposal 2. To approve the 2015
Share Incentive Plan.
The results of the voting for Proposal 2 were as
follows:
For |
|
|
|
Against |
|
|
|
Abstain |
3,965,231 |
|
|
|
31,650 |
|
|
|
4,500 |
Based on the votes set forth above, the 2015
Share Incentive Plan was approved.
No other matters were considered or voted upon
at the meeting.
Contact:
INVESTOR CONTACT:
Troe Wen, Company Secretary
eFuture Holding Inc.
+86 10 50916128
ir@e-future.com.cn
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