SHENZHEN, China, Feb. 12, 2009 (GLOBE NEWSWIRE) -- New Dragon Asia Corp. (NYSE-Alt:NWD), one of China's leading producers of instant noodles, flour-related products and soybean-derived products, announced today that Mr. Peter Mak, the Company's Chief Financial Officer, has resigned his position with the Company, effective today.
Mr. Mak's original employment contract with New Dragon Asia Corp. expired on December 31, 2008. Although Mr. Mak had been in discussions with the Company's Board of Directors to extend his employment agreement, he ultimately decided to end his tenure due to family obligations.
Heng Jing Lu, Chairman of New Dragon Asia Corp., commented, "On behalf of the Board of Directors of New Dragon Asia, I would like to thank Peter Mak for his service to the Company over the last four years. Mr. Mak has played an important role in our Company's development and we wish him all the best in his future endeavors."
Ms. Ling Wang, Director and Chief Accounting Officer, will assume Mr. Mak's duties, effective immediately. The Company has commenced a search for a new Chief Financial Officer, and will announce any material updates as they occur.
About New Dragon Asia Corp.
New Dragon Asia Corp., a Florida corporation (NYSE-Alt:NWD), is headquartered in Shandong Province, China and is engaged in the milling, sale and distribution of flour and related products, including instant noodles and soybean-derived products, to retail and commercial customers. As the fourth largest instant noodle manufacturer in China, New Dragon Asia Corp. markets its well-established Long Feng brand through a network of more than 200 key distributors and 16 regional offices in 27 Chinese provinces with an aggregate production capacity of approximately 195,000 tons of flour and more than 1.1 billion packages of instant noodles per year. Instant noodles are also exported to a growing number of countries. For more information, visit the Company's website at www.newdragonasia.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, its success with acquisitions, anticipated synergies, and overseas expansion. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products and pricing; the effects of the global financial crisis; changes in consumer preferences and tastes or perceptions; effectiveness of advertising or market-spending programs; changes in laws and regulations; fluctuations in costs of production, foreign exchange and interest rates; and other factors as may be discussed in the Company's reports as periodically filed with the Securities and Exchange Commission.