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Zungui Haixi announces resignation of Independent Directors, CFO
26
Sep '11
Zungui Haixi Corporation a China-based manufacturer of sportswear and casual footwear, announced that it has received the resignations of the independent directors and the Chief Financial Officer.

On August 28, 2011 a Special Committee of independent directors of the Company was appointed to investigate concerns raised by the Company's auditors. On September 16, 2011 the Special Committee announced that it had retained KPMG and legal advisors and advised that it was not then able to provide guidance as to the expected timing of its work because it was not clear whether the cooperation or funding necessary to undertake its investigation would be provided or authorized by Yanda Cai, the CEO and a director of the Company.

In spite of numerous requests for cooperation, there has been no positive response from Mr. Cai. The requests for cooperation (which the Board unanimously supported when it resolved to appoint the Special Committee) have included two directors travelling to Hong Kong to meet with Mr. Cai, as well as other email and oral communications. These efforts have not led to the access required to conduct a meaningful investigation or the transfer of funds to Canada to allow the Special Committee to pursue its mandate, nor has there been any indication that such cooperation or funding will be forthcoming.

As a consequence, the Special Committee has concluded that it is prevented from fulfilling its mandate and each of the four independent directors (Michael Manley, Patrick Ryan, Margaret Cornish and Elliott Wahle), as well as the Chief Financial Officer, Shelly Gobin, have resigned. Before doing so, the Special Committee took steps to secure those documents and records available to the Company at its Canadian office.

Zungui Haixi Corporation, through its wholly owned subsidiaries, is engaged in the manufacture and sale of athletic footwear, apparel and accessories, and also casual footwear, in the People's Republic of China. Both product lines are marketed under the ZUNGUI brand. Zungui Haixi distributes its products to consumers throughout China through an extensive network of retail outlets which exclusively carry ZUNGUI branded products.

Zungui Haixi Corporation


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