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Mr. Yang, 39, brings to Synutra over 15 years of public company, U.S. GAAPand U.S. capital markets experience. He has held senior executive andmanagerial positions in various public and private companies, including as CFO,Greater China, of Tyson Foods, Inc. (NYSE:TSN) from March 2007 to April 2010,as Finance Director Asia Pacific of Valmont Industries, Inc. (NYSE:VMI) fromOctober 2003 to March 2007, and as Director in China Minmetals Brazil HoldingLimited from January 1999 to April 2001. Prior to that, Mr. Yang heldmanagerial positions in the export and commodities trading divisions of theChina Minmetals Group. Mr. Yang obtained an MBA from the Harvard BusinessSchool in 2003 and a Bachelor of Arts degree in Economics from the NankaiUniversity in 1993.
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Mr. Liang Zhang, Chairman and CEO of Synutra stated, "We are delighted tohave Mr. Yang join our executive management team. Mr. Yang's corporatemanagement and capital markets experience will prove invaluable to Synutra aswe continue to reach our growth objectives and strategic initiatives in thefuture."
Zhang continued, "Additionally, Mr. Chow's expertise as interim CFO hasbeen a critical component in our profitability plan and we welcome hiscontinued leadership as a new board director and advisor. We believe that Mr.Chow and Mr. Yang enhance Synutra with deep perspectives on corporategovernance practices, strategic decision making and experience in the globalcapital markets."
Mr. Chow has over 16 years of experience in corporate finance, financialadvisory and management and has held senior executive and managerial positionsin various public and private companies. Prior to joining Synutra, Mr. Chowwas managing director of Goldman Sachs (Asia) LLP from 2008 to 2009. Prior tothat, he served as an independent financial consultant from 2006 to 2008, aschief financial officer of Harbor Networks Limited from 2005 to 2006, and aschief financial officer of China Netcom (Holdings) Company Limited from 2001to 2004. Prior to that Mr. Chow also served as the director of strategicplanning of Bombardier Capital, Inc., as vice president of internationaloperations of Citigroup and as the corporate auditor of GE Capital. Mr. Chowcurrently sits on the board as an independent non-executive director for KasenInternational Holdings Limited (HK: 496) and for Intime Department Store(Group) Co., Ltd. (HK: 1833) Mr. Chow obtained an MBA from the University ofMaryland at College Park, and a Bachelor of Arts degree in political sciencefrom Nanjing Institute of International Relations.
Mr. Joseph Chow replaces Mr. William Wu, who will stay on as a member ofthe management team and will no longer serve on the board of directors.
About Synutra International, Inc.
Synutra International Inc. (Nasdaq: SYUT) is a leading infant formulacompany in China. It principally produces, markets and sells its productsunder the "Shengyuan," or "Synutra," name, together with other complementarybrands. It focuses on selling premium infant formula products, which aresupplemented by more affordable infant formulas targeting the mass market aswell as other nutritional products and ingredients. It sells its productsthrough an extensive nationwide sales and distribution network covering 30provinces and provincial-level municipalities in China. As of December 31,2009, this network comprised over 540 distributors and over 1000 sub-distributors who sell Synutra products in over 67,000 retail outlets.Additional information about Synutra International, Inc. can be found athttp://www.synutra.com .
Forward-looking Statements: This press release contains "forward-lookingstatements" within the meaning of the Private Securities Litigation Reform Actof 1995 that are based on our current expectations, assumptions, estimates andprojections about Synutra International Inc. and its industry. All statementsother than statements of historical fact in this release are forward-lookingstatements. In some cases, these forward-looking statements can be identifiedby words or phrases such as "anticipate," "believe," "continue," "estimate,""expect," "intend," "is/are likely to," "may," "plan," "should," "will,""aim," "potential," "continue," or other similar expressions. Theforward-looking statements included in this press release relate to, amongothers, Synutra's goals and strategies; its future business development,financial condition and results of operations; the expected growth of thenutritional products and infant formula markets in China; market acceptance ofour products; Synutra's expectations regarding demand for its products;Synutra's ability to stay abreast of market trends and technological advances;competition in the infant formula industry in China; PRC governmental policiesand regulations relating to the nutritional products and infant formulaindustries, and general economic and business conditions in China. Theseforward-looking statements involve various risks and uncertainties. AlthoughSynutra believes that the expectations expressed in these forward-lookingstatements are reasonable, these expectations may turn out to be incorrect.Synutra's actual results could be materially different from the expectations.Important risks and factors that could cause actual results to be materiallydifferent from expectations are generally set forth in the "Item 1. Business,""Item 1A. Risk Factors," "Item 7. Management's Discussion and Analysis ofFinancial Condition and Results of Operations," and other sections inSynutra's Form 10-K filed with the Securities and Exchange Commission on June15, 2009. The forward-looking statements are made as of the date of this pressrelease. Synutra International Inc. undertakes no obligation to update anyforward-looking statements to reflect events or circumstances after the dateon which the statements are made or to reflect the occurrence of unanticipatedevents.FOR FURTHER INFORMATION: Synutra International, Inc. Investor Relations Department Tel: +1-301-840-3888
SOURCE Synutra International, Inc.
