DGAP-News: Vtion Wireless Technology AG: Hongbo ZHENG appointed as new Chief Financial Officer
(firmenpresse) - DGAP-News: Vtion Wireless Technology AG / Key word(s): Change of
Personnel
Vtion Wireless Technology AG: Hongbo ZHENG appointed as new Chief
Financial Officer
21.10.2011 / 09:56
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Frankfurt, 21 October 2011. Vtion Wireless Technology AG, one of the
leading suppliers of wireless data solutions for mobile computer use in
China, announces that Mr. Hongbo ZHENG (Alex Zheng) succeeds Mr. Huan CHEN
(Henry Chen) as the company's Chief Financial Officer (CFO). Mr. Chen will
leave the company for personal reasons effective as of 23 October 2011 and
in agreement with the supervisory board. 'We wish Mr. Chen all the best for
his future career and private life,' Vtion's CEO Guoping Chen says.
Mr. Alex Zheng was appointed by a unanimous vote of the supervisory board
to take over the CFO position. Mr. Zheng graduated from Manchester Business
School and holds an MBA from INSEAD, Paris. His previous positions include
Financial Controller at the Hongkong listed Venturepharm Laboratories Ltd,
Chief Financial Officer at Zhidali Industrial Co. Ltd, and Finance Manager
at Dell (China) Co. Ltd. He will take up his new post on 23 October 2011.
'I am very happy to welcome Mr. Alex Zheng to our management board. I am
convinced that his combination of experience, professionalism and
dedication are exactly what we need to move our business forward and
increase our transparency with the capital markets,' Chen added. 'Alex
joins our company in a difficult time, but is willing and ready to
undertake the task of planning for our future and looking to leverage our
strong balance sheet to create shareholder value. I am excited to begin
working with him,' Mr. Chen conlcudes.
Guidace for full year 2011 confirmed
In the wireless data terminal business segment, Vtion has seen pricing and
volumes consistent with those in the second quarter of 2011. Vtion has seen
moderate sales of its V7 tablet PC product since June, with steady sales
volumes. 'Our business development has been largely in line with
expectations,' states Vtion's CEO Guoping Chen. 'We have seen stability in
the wireless data terminal segment. We remain confident that we will reach
our previously-stated guidance for our full year results, which calls for
revenues between Euro 75 million and Euro 100 million and an EBIT margin of
between 10% and 12%.'
Vtion releases its Q3 2011 report on Monday, November 14, 2011.
About Vtion
The Vtion Group is one of the three leading suppliers of wireless data
cards and associated services for the mobile use of computers via broadband
wireless networks in the People's Republic of China. The company also
offers e-reader, 3G router and embedded module products through network
operator and retail distribution channels, as well as several online
services. For 2010, the company reached sales revenues of Euro 102 million.
Vtion Wireless Technology AG shares are being traded in the Prime Standard
on the Frankfurt Stock Exchange with the ISIN DE000CHEN993. The company's
ticker symbol is V33.
For further information, please contact:
Kirchhoff Consult AG
Dr Kay Baden, tel.: +49 40 60 91 86 0, baden(at)kirchhoff.de
or visit the company website at: www.vtion.de
End of Corporate News
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21.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Vtion Wireless Technology AG
Westhafen Plaza 1
60327 Frankfurt
Germany
Phone: +49 69 710 456 245
Fax: +49 69 710 456 248
E-mail: ir(at)vtion.de;verena.rauch(at)kirchhoff.de
Internet: www.vtion.de
ISIN: DE000CHEN993
WKN: CHEN99
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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