SHENZHEN, China, Dec. 18 /PRNewswire-Asia-FirstCall/ -- Diguang International Development Co., Ltd. (OTC Bulletin Board: DGNG) ("Diguang" or "the Company") announced that Jerry Yu, 52, has been appointed the Company's Chief Operating Officer, effective December 9, 2008.
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Prior to joining Diguang International, Mr. Yu served as the chief executive officer and a director of Shenzhen Baotian Investment Development Co. Ltd., a holding company with investments in real estate development, property management and business acquisitions. From 2001 to 2003, Mr. Yu served as the president and a director of Beijing Hai Hua Aquaculture, Ltd., an aqua-business specializing in high-intensity indoor shrimp farming which provides turn-key operation to customers, from feasibility studies, company set-up and site selection to factory design and construction, equipment importation and engineering services, as well as management, employee training and technology transfer.
Between 1992 and 2001, Mr. Yu was CEO and Director of Fair Fund Industrial Group, Ltd., a Hong Kong holding company with Hong Kong and China operations in real estate development, construction, property and service apartment management, food and entertainment services, manufacturing and import/export trading. In this position, he successfully negotiated several large-scale investments involving Chinese and foreign financial institutions. Among prior positions, he has also held responsibility for accounting, finance and administration for a Da Shung Construction company subsidiary that was the third largest light bulb and lighting fixture manufacturer in Taiwan. He gained audit experience in the 1980s with California offices of accountancy firms Johnson & Grover, Laventhal & Horwath and the former Ernst & Ernst.
Mr. Yu holds a Bachelor's Degree in Science, with a major in Accounting, from the California State University, Chico, and a Master's Degree in Business Taxation from the University of Southern California. He is a Certified Public Accountant and a member of the AICPA.
"We are pleased at the opportunity to tap into Jerry Yu's wide-ranging and extensive experience," stated Song Yi, President and Chief Executive Officer of Diguang. "He has international experience, language skills, a leadership track record and management know-how that should serve us well. We look forward to benefiting from his insights and contributions as our Chief Operating Officer. At the same time, we thank Mr. Hong Song for his service as COO and believe that his in-depth knowledge of our company and industry will yield us valuable dividends as he takes on his new portfolio of responsibilities as Vice President."
Mr. Yu replaces Mr. Hong Song as Diguang's Chief Operating Officer. Mr. Song has been appointed as a Vice President of the Company in charge of internal controls, external affairs, engineering projects, and the Wuhan and Yangzhou Dihao subsidiaries of the Company. Mr. Song, a director of the Company, is a younger brother of the Chief Executive Officer, President and Chairman of the Board Song Yi.
Song Yi commented, "As we bolster our management resources through these appointments, we will also make changes aimed at cost savings. As of the beginning of 2009, my salary will be reduced by 30% until one year after the Company records a profit, and the salary of Hong Song will be adjusted to US$120,000 per year in his new position."
About Diguang International Development Co., Ltd.
Diguang, through its subsidiaries, specializes in the research, development, production, sale and distribution of backlights and backlight technologies. A backlight is the typical light source of a liquid crystal display (LCD). The Company is focused on providing LED and CCFL backlights for international producers of televisions, monitors, cellular phones, digital cameras, DVDs and other home appliances. Diguang currently develops an average of approximately 50 new products per month. The Company also develops energy-saving technologies and solutions for rapidly growing LED general lighting markets and offers a new line of mini-notebook computers. Diguang is a Nevada corporation with its manufacturing subsidiary located in Shenzhen, PRC, and its sales and marketing subsidiary located in the British Virgin Islands.
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Diguang's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: future performance of Company executives, market performance of Diguang International's products, business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which Diguang is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of backlights; timing approval and market acceptance of new product introductions; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks, including but not limited to risks outlined in the Company's periodic filings with the U.S. Securities and Exchange Commission. Diguang does not assume any obligation to update the information contained in this press release.
For more information, please contact:
Company Contact:
Viola Tse
Diguang International Development Co., Ltd.
Tel: +1-626-593-5486
Investor Relations Contact:
Sean Collins, Senior Partner
CCG Investor Relations
Tel: +1-310-477-9800 x202
Web: http://www.ccgasia.com
