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MagIndustries Corp. ("MagIndustries" or the "Company") (TSX:MAA) is pleased to announce that the Board of Directors of the Company has resolved to add an additional director to the Board of Directors and has appointed Mr. Weiguo (William) He as a director to hold office until the next annual general meeting of the shareholders of the Company. The Board of Directors of the Company has also accepted the resignation from the Board of Directors of Zhijun (James) Shen, who leaves to board to focus on his role as Senior Adviser to the Chairman and Chief Executive Officer of Evergreen Industries Group.
Mr. He is a Partner of the Canadian law firm of Davis LLP. Mr. He's primary practice areas are Securities, Mergers & Acquisitions and China Practice, and he heads up its China Practice Group. Mr. He frequently advises international clients on such issues as securities distributions, stock exchange listings, continuous disclosure requirements, corporate governance, and mergers & acquisitions. Mr. He also teaches a course entitled "Introduction to Canadian Business Laws" at the Professional and Management Program of Simon Fraser University. He has published approximately ten articles on aspects of the law. Mr. He has earned several professional recognitions, including the 2012 Euromoney Leading Practitioners: China (Mergers and Acquisitions: International); the 2012 Euromoney Leading Practitioners: China (Project Finance: International); the Canadian Corporate Lawyer to Watch in the Lexpert 2012 Guide to the Leading US/Canada Cross-border Corporate Lawyers in Canada and the "Leading Lawyers Under 40" Award by Lexpert in 2011. Mr. He studied law at McGill University Faculty of Law (LL.B., B.C.L. and LL.M.) in Canada, Tsinghua University School of Law (Master of Civil and Commercial Law) in China and the Faculty of Law, the University of Hong Kong (Certificate of Common Law Studies). He holds bar licences from British Columbia, Ontario, New York and Massachusetts and obtained the National Lawyer Qualification Certificate of China in 1999.
Mr. Simon Liang, Chairman of the Board of Directors, remarked, "The Board of Directors and management of MagIndustries Corp. is excited to welcome Mr. He to the board. His legal and transactional expertise will greatly assist the directors in guiding the Company through a very dynamic period in its development. We are all looking forward to working together to pursue the Company's projects for the benefit of its shareholders."
About MagIndustries Corp.
MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". The Company has 460,172,463 shares outstanding on an undiluted basis. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Cusip: 55917T 102
Mr. Will Burton
CFO, VP Finance