China Power Equipment Names Two Directors

by EIN on 2010/03/22

in economy

March 21, 2010 (FinancialWire) China Power Equipment, Inc. (OTCBB: CPQQ), a manufacturer of electric transformer cores and transformers in the People’s Republic of China, has appointed Junyi Li and Siu Kuen Leung as independent directors to the company’s board of directors.

Together with the company’s current three board members, the company’s board now consists of five members. Three of the five board members each qualify as “independent” directors as defined by the rules of the NASDAQ Stock Market.

Li was appointed as an independent director effective March 10. He has been active in the amorphous alloy industry for more than 30 years and has served as vice president of Advanced Science & Technology Co., Ltd. since 2004. Li previously served as the Executive Deputy Chief of National Amorphous and Nano-Crystalline Engineering Center, and general manager of the Amorphous Division.

Leung was appointed as an independent director effective March 10. He is a member of the Hong Kong Institute of Certified Public Accountants and an associate of the Chartered Institute of Management Accountants, with more than 20 years of experience in accounting and finance. He has been an independent director of Everpride Biopharmaceutical since November 2009. He was an executive director of China Golden Development Holding during the period from April 2007 to December 2008. New York-based China Power Equipment, through its wholly-owned subsidiary, Xi’an Amorphous Zhongxi, has developed a proprietary technology to produce a new generation of energy saving electricity transformers and transformer cores. The company currently manufactures 59 models of transformers in four product series that are sold throughout China.

The company was formed in 2006 as a U.S. corporation, and in November 2006, created a Chinese subsidiary that was granted a license as a privately held wholly owned foreign enterprise by the Chinese government.

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