SHENZHEN, China, Sept. 11 /PRNewswire-Asia-FirstCall/ -- China GrenTech
Corporation Limited (Nasdaq: GRRF, "the Company", or "GrenTech"), a leading
China-based radio frequency ("RF") technology and product developer and a
leading wireless coverage product and service provider, today announced the
resignation from the Board of Directors (the "Board"), effective September 21,
2009, of Mr. Liping Mao for personal reasons, following his earlier
resignation from his position as a Vice President (responsible for overseeing
sales and marketing) of the Company on June 30, 2009. Concurrently, the
Company is pleased to announce the appointment of Mr. Qi Wang to the Board,
effective September 21, 2009. Mr. Wang currently serves as a Vice President of
the Company, responsible for base station RF business operations.
Mr. Yingjie Gao, Chairman and Chief Executive Officer, said, "We welcome
Mr. Wang to the Board. Mr. Wang has been an integral part of our senior
management team since the inception of GrenTech. With over 20 years'
experience in management, Mr. Wang is well-regarded in the industry and by his
colleagues at GrenTech. In his new capacity as a Director, we expect Mr. Wang
to further fuel GrenTech's growth going forward. In addition, we would like to
express our appreciation to Mr. Mao for his contributions as the member of the
Board."
Mr. Wang said, "I am very pleased to serve as a member of the Board of
GrenTech. The base station RF business is a key growth driver of the Company,
along with the wireless coverage business. As 3G network construction
continues, demand for base station RF products has shown encouraging signs for
our future prospects. In my new position, I will commit to capturing the
tremendous opportunities that are available in order to drive growth and
create sustainable value for our shareholders."
About China GrenTech
GrenTech is a leading developer of radio frequency ("RF") technology in
China and a leading provider of wireless coverage products and services in
China. The Company uses RF technology to design and manufacture wireless
coverage products, which enable telecommunication operators to expand the
reach of their wireless communication networks to indoor and outdoor areas,
such as buildings, highways, railways, tunnels and remote regions. GrenTech's
wireless coverage services include design, installation and project warranty
services. The Company also tailors the design and configuration of its
wireless coverage products to the specific requirements of its customers.
Based on its in-house RF technology platform, the Company also develops
and produces base station RF parts and components sold to base station
manufacturers. GrenTech is a qualified supplier of RF parts and components to
the global and domestic major base station manufacturers including Huawei
Technologies and ZTE Corporation. For more information, please visit
http://www.GrenTech.com.cn .
Forward-Looking Statements
Statements contained in this press release that are not historical facts
are forward-looking statements, as that term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements,
including financial projections and forecasts, involve risks and uncertainties
that could cause the Company's actual results to differ materially from its
current expectations. Factors that could cause the Company's results to differ
materially from those set forth in these forward-looking statements include:
the Company's reliance on business relationships with the Chinese
telecommunication operators and base station manufacturers; the ability of the
Company to avoid disruption to its business caused by changes in the Board;
the ability of the Company to recruit and retain suitable Board members; the
risk that the Company will continue to experience downward pressure on the
pricing of its products and services due to the telecommunication operators'
bidding policies or other factors; the risk that the telecommunication
operators in China will not expand or maintain their spending on 2G, 3G, WLAN
or other network projects; uncertainty as to the future demand for base
station RF products by domestic or international base station manufacturers,
including the risk that demand in China or elsewhere for base stations may not
grow as the Company's management anticipates; and uncertainty as to the
Company's ability to attract and retain qualified executives and personnel,
particularly in its research and development department. Other factors that
may causes the Company's actual results to differ from those set forth in the
forward-looking statements contained in this press release and that may affect
its prospects in general are described in the Company's filings with the
Securities and Exchange Commission, including its Registration Statement on
Form F-1 related to its initial public offering and its annual reports on Form
20-F. The Company undertakes no obligation to update or revise forward-looking
statements to reflect subsequent events or changed assumptions or
circumstances.
For more information, please contact:
Investor Contact:
Kent Lo, Investor Relations Manager
China GrenTech Corp Ltd.
Tel: +86-755-2650-3007
Email: investor@grentech.com.cn
Investor Relations (US):
Delia Cannan
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-Rafferty.com
Investor Relations (HK):
Ruby Yim
Taylor Rafferty
Tel: +852-3196-3712
Email: GrenTech@Taylor-Rafferty.com
Media Contact:
Jason Marshall
Taylor Rafferty
Tel: +1-212-889-4350
Email: GrenTech@Taylor-Rafferty.com
SOURCE China GrenTech Corporation Limited