AGM infoVANCOUVER, Jul 7, 2008 (Canada NewsWire via COMTEX News Network) --
TSX Venture Exchange: ZPP
ZongshenPEM Power Systems Inc. ("ZPP" or "the Company") (TSXV:ZPP), is pleasedto announce the successful conclusion of its annual general meetingheld on June 25, 2008 (the "AGM"). Shareholders' holding approximately60% of the Company's issued and outstanding shares were represented atthe AGM. At the AGM, shareholders of the Company elected the slate ofdirectors proposed by management of the Company, including a new director, Dennis J. Mills.
"On behalf of the Board of Directors and the management teamat ZPP, I would like welcome Dennis to the Board," noted Zongshen Zuo,Chairman and CEO of Zongshen PEM Power Systems Inc. "Dennis' years ofleadership and experience in the business and political arenas addstremendous value to the Company's growth plans and prosperity."
Mr.Mills is currently the Vice Chairman of MI Developments Inc. and VicePresident of Magna International Inc. Mr. Mills served in theParliament of Canada for 16 years. He served on the personal staff ofPrime Minister Pierre Elliott Trudeau from 1980 until 1984. He servedas the Parliamentary Secretary to the Minister of Industry from 1993 to1996. He then served as chair of the House of Commons Sub-committee onSports and Vice-Chair of the House of Commons Standing Committee onCanadian Heritage.
Mr. Mills replaces Ronghui Xie on theCompany's board of directors. The Company thanks Ms. Xie for all herefforts and contribution to the development of ZPP's business.
Shareholdersof the Company also re-appointed Chang Lee LLP as the Company'sauditors and ratified the Company's stock option plan at the AGM. Areport of the AGM voting results will be filed by the Company andavailable on SEDAR.
Following the AGM, the newly elected boardof directors ("Board") met and re-constituted its committees. Asre-constituted, the Audit Committee is now comprised of Malcolm Clay(Chair), Kim Oishi and Joanne Yan. As well, the Compensation &Governance Committee is now comprised of Joanne Yan (Chair), Kim Oishiand Dennis Mills. The Board also reconfirmed the appointment of theCompany's officers.