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Zongshen PEM Power Systems Inc. ("ZPP" or "the Company") (TSXV:ZPP), is pleased to announce the successful conclusion of its annual general meeting held on June 25, 2008 (the "AGM"). Shareholders' holding approximately 60% of the Company's issued and outstanding shares were represented at the AGM. At the AGM, shareholders of the Company elected the slate of directors proposed by management of the Company, including a new director, Dennis J. Mills.
"On behalf of the Board of Directors and the management team at ZPP, I would like welcome Dennis to the Board," noted Zongshen Zuo, Chairman and CEO of Zongshen PEM Power Systems Inc. "Dennis' years of leadership and experience in the business and political arenas adds tremendous value to the Company's growth plans and prosperity."
Mr. Mills is currently the Vice Chairman of MI Developments Inc. and Vice President of Magna International Inc. Mr. Mills served in the Parliament of Canada for 16 years. He served on the personal staff of Prime Minister Pierre Elliott Trudeau from 1980 until 1984. He served as the Parliamentary Secretary to the Minister of Industry from 1993 to 1996. He then served as chair of the House of Commons Sub-committee on Sports and Vice-Chair of the House of Commons Standing Committee on Canadian Heritage.
Mr. Mills replaces Ronghui Xie on the Company's board of directors. The Company thanks Ms. Xie for all her efforts and contribution to the development of ZPP's business.
Shareholders of the Company also re-appointed Chang Lee LLP as the Company's auditors and ratified the Company's stock option plan at the AGM. A report of the AGM voting results will be filed by the Company and available on SEDAR.
Following the AGM, the newly elected board of directors ("Board") met and re-constituted its committees. As re-constituted, the Audit Committee is now comprised of Malcolm Clay (Chair), Kim Oishi and Joanne Yan. As well, the Compensation & Governance Committee is now comprised of Joanne Yan (Chair), Kim Oishi and Dennis Mills. The Board also reconfirmed the appointment of the Company's officers.
About Zongshen PEM Power Systems Inc.
Zongshen PEM Power Systems Inc. is a public company trading under the symbol ZPP on the TSX Venture Stock Exchange. The Company is engaged in the commercialization of alternate power systems including batteries, fuel cells and solar power, for a variety of consumer and industrial applications. The Company manufactures low-cost, high quality, environmentally friendly electric motorcycles, electric bicycles and other e-vehicles in China for the domestic and international market. Zongshen PEM Power System's largest shareholder is Zongshen Industrial Group, one of China's largest manufacturers and distributors of motorcycles, engines, and power equipment.
About Zongshen Industrial Group
Zongshen Industrial Group was founded in 1992, and now consists of 30 totally or majority owned subsidiaries including Chongqing Zongshen Power Machinery Co., which is listed on the Shenzhen Stock Exchange. Zongshen Industrial Group employs in excess of 13,000 employees with assets in excess of RMB 8.4 billion yuan. Zongshen Industrial Group implements the development strategy of related diversification within thermodynamic machinery industry. Its engine products mainly include motorcycle engines, mini-car engines, speedboat engines, and general purpose machinery. Its end products mainly include motorcycles, speedboats and other power equipment. Zongshen Industrial Group now has an annual production capacity of 2,000,000 motorcycles, 50,000 mini vans, 3,000,000 motorcycle engines, 5,000,000 general purpose engines, and 100,000 car engines. Zongshen Industrial Group has established a leading brand for motorcycles in China attracting some of the world's largest motorcycle manufacturers as joint venture partners.
Forward Looking Information
Certain statements that are not historical facts made in this press release may be forward looking statements subject to risks and uncertainties. Statements containing words such as "could", "expect", "may", "anticipate", "believe", "intend", "estimate", "plan" and other similar expressions are forward-looking statements that represent management's beliefs and are based on certain factors and assumptions including foreign exchange rates, expected growth, manufacturing output and capacity, market potential and expected business opportunities. While the Company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking statements may relate to matters such as expected financial performance, business prospects, technological developments, and development activities and like matters. These statements involve risks and uncertainties, including but not limited to the risk factors described in reporting documents filed by the Company. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. Except as required by applicable securities laws, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.
SOURCE: Zongshen PEM Power Systems Inc.
Ali Mahdavi, Zongshen PEM Power Systems Inc., Vice President, Corporate Finance & Investor Relations, (416) 962-3300, 1-877-775-8734, amahdavi@zongshenpem.com
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