BEIJING, Jan. 3, 2022
/PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ:
HOLI) ("Hollysys" or the "Company"), a leading provider of
automation and control technologies and applications in
China, today announced that
effective as of January 1, 2022,
pursuant to the resolutions of the Board of Directors of the
Company (the "Board"), Mr. Chit Nim (Colin) Sung resigned from his positions as the
director of the board and Chief Executive Officer of the Company.
Dr. Changli Wang, who was the
founder of the Company, was nominated as the director of the board
and was appointed as the Chief Executive Officer of the Company. In
connection with this, Mr. Chit Nim (Colin) Sung was appointed as the deputy Chief
Executive Officer of the Company. With the above changes, the Board
currently consists of five members, Ms. Li Qiao, Dr.
Changli Wang, Ms. Khiaw Ngoh
Tan, Dr. Jianyun Chai and Dr. Kok Peng
Teh.
Dr. Changli Wang
commented, "It is my honour and
obligation to be back to Hollysys. We have just experienced some
challenges in the past two years. However, thanks to the
accountable and responsible board, the company has been healthily
operational. I am confident to further consolidate the company, and
examine and evaluate each business segment. In the near future, our
team will develop some more profitable businesses, create more
value to the shareholders."
Dr. Changli Wang, who had worked
for HollySys over 20 years and retired from the Company in 2013
with honor, was the founder, previous Chief Executive Officer,
director and Chairman of the Board. Dr. Changli Wang has been
our director and Chief Executive Officer since September 2007. Since 1999, Dr. Changli Wang has also been the Chief Executive
Officer and Vice Chairman of our subsidiary, Beijing HollySys.
Prior to founding Beijing HollySys in 1993, Dr. Changli Wang worked for the No. 6 Institute of
Electronic Industry Department, the predecessor of Beijing
HollySys. Dr. Changli Wang also
has been the Vice Chairman of the Chinese Automation Association
since 2003. Dr. Changli Wang
received his Bachelor's degree in Automation from Tianjin University in 1984 and his PhD in
Automation from Lancaster University in 1988.
About HollySys Automation Technologies Ltd.
HollySys is a leading automation control system solutions
provider in China, with overseas
operations in eight other countries and regions throughout
Asia. Leveraging its proprietary
technology and deep industry know-how, HollySys empowers its
customers with enhanced operational safety, reliability,
efficiency, and intelligence which are critical to their
businesses. HollySys derives its revenues mainly from providing
integrated solutions for industrial automation and rail
transportation. In industrial automation, HollySys delivers the
full spectrum of automation hardware, software, and services
spanning field devices, control systems, enterprise manufacturing
management and cloud-based applications. In rail transportation,
HollySys provides advanced signaling control and SCADA (Supervisory
Control and Data Acquisition) systems for high-speed rail and urban
rail (including subways). Founded in 1993, with technical expertise
and innovation, HollySys has grown from a research team
specializing in automation control in the power industry into a
group providing integrated automation control system solutions for
customers in diverse industry verticals. HollySys had cumulatively
carried out more than 30,000 projects for approximately 17,000
customers in various sectors including power, petrochemical,
high-speed rail, and urban rail, in which HollySys has established
leading market positions.
SAFE HARBOUR
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact included
herein are "forward-looking statements," including statements
regarding: the ability of the Company to achieve its commercial
objectives; the business strategy, plans and objectives of the
Company and its subsidiaries; and any other statements of
non-historical information. These forward-looking statements are
often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Such forward-looking statements,
based upon the current beliefs and expectations of HollySys'
management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward looking statements.
In particular, the outcome of the BVI litigation is uncertain, and
the Company cannot predict the potential results of the litigation
filed against it by others. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's reports that
are filed with the Securities and Exchange Commission and available
on its website (http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
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SOURCE Hollysys Automation Technologies Ltd
