Hanwei Energy Services Announces Results of Annual General Meeting
November 20 2012 - 4:30PM
Marketwired
Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company")
held its Annual General Meeting of Shareholders (the "Meeting") in
Vancouver, British Columbia on November 16, 2012. During the course
of the Meeting, all proposed resolutions were approved including
the election of directors and the appointment of auditors for the
Company.
The shareholders elected Fulai Lang, Joanne Yan, Graham Kwan,
Malcolm Clay, William Paine, and Randall Smallbone to serve as
directors of the Company. As of the close of the Meeting, the
Company's board is constituted of a majority of independent
directors, namely Joanne Yan, Malcolm Clay, William Paine, and
Randall Smallbone.
At the first meeting of the newly constituted Board of Directors
held immediately after the Meeting, the following individuals were
re-appointed as officers of the Company: (a) Fulai Lang as Chairman
of the Board, President and Chief Executive Officer, (b) Yucai
(Rick) Huang as Chief Financial Officer, (c) Graham Kwan as
Executive Vice President, Strategic Development and Corporate
Affairs, and Corporate Secretary.
The Board of Directors also re-appointed Joanne Yan as Lead
Director and reconstituted its standing board committees. The Audit
Committee is comprised of Randall Smallbone (Chair), Malcolm Clay
and Joanne Yan who are each independent directors. The
Compensation/Corporate Governance Committee is comprised of Malcolm
Clay (Chair), Fulai Lang, Joanne Yan, William Paine and Randall
Smallbone, a majority of whom are independent directors. The
Disclosure Committee is comprised of Graham Kwan (Chair), Fulai
Lang, and Yucai (Rick) Huang.
The Company also confirmed that 8,051,746 escrow shares were
cancelled and returned to the treasury of the Company. These shares
were previous held in escrow as part of the earn-out provisions for
the acquisition of Daqing Deta Electric Co., Ltd. in 2008 pursuant
to certain performance targets to be achieved. None of the
performance targets were met and none of the escrow shares were
released. The termination of the earn-out provisions was by mutual
agreement between the parties.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a world leader in the
manufacturing of high pressure, fiberglass reinforced plastic
("FRP") pipe products, and associated technologies and services,
for the international oil and gas and infrastructure industries.
Hanwei serves major energy customers in the Chinese and global
energy markets.
Contacts: Hanwei Energy Services Corp. Graham Kwan Executive VP,
Strategic Development and Corporate Affairs
604-685-2239gkwan@hanweienergy.com Hanwei Energy Services Corp.
Yucai (Rick) Huang Chief Financial Officer
604-685-2239yhuang@hanweienergy.com www.hanweienergy.com
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