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TORONTO, June 17, 2019 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”) announced that Mr. Caifa Xu and Mr. Xinting Wang have resigned from its Board of Directors. Mr. Xu and Mr. Wang have been valuable members of Century’s Board of Directors, since nominated to the Board by WISCO International Resources Development & Investment Limited.
The Board of Directors has appointed Mr. Yiyan Chen and Mr. Pengfeng Zhu as Directors of the Company to replace Mr. Xu and Mr. Wang on the Board.
Mr. Chen currently serves as senior investment manager of Baosteel Resources Co., LTD. He holds MBA degree from the University of Tsinghua. He has worked for Baosteel Group for 15 years and has extensive experience in business strategic planning, investment and assets management in steel-making up and down stream industries.
Mr. Zhu currently serves as senior investment manager of Baosteel Resources (International) Co., LTD. He is an intermediate economist, holds a master’s degree of commerce from the University of Melbourne. He has worked for Baosteel Resources for 8 years and has extensive experience in acquisitions, investment and assets management in the areas in which Baosteel Resources operates. He also has experience working in financial industry, having worked in Guotai Junan Securities as an investment advisor for one and a half year.
Sandy Chim, President and Chief Executive Officer of Century commented: “We thank Mr. Xu and Mr. Wang for their services to the Company and wish them well in their future endeavors. We welcome Mr. Chen and Mr. Zhu to the Board of Directors.”
About Century
Century Global Commodities Corporation (TSX:CNT), having established itself as one of the world’s largest iron ore resource owners and developers over the course of the last decade, is diversifying into non-ferrous opportunities while awaiting a full recovery of the iron sector. Capitalizing on its business network and relationships in the China market, it started a quality food business there a few years ago, as an auxiliary unit that would create value for our shareholders during the global mining down cycle, and has successfully established it as a new growing business segment reporting many quarters of solid revenue growth.
Iron Ore
With Baowu and Minmetals, both Global Fortune 500 companies, as Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is the company’s most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. Century is maintaining its properties ready for a return to sustained higher iron ore prices.
Non-ferrous Metals
Century is monitoring Investment and acquisition opportunities in the non-ferrous metals sector. When the right opportunity presents itself, our strong balance sheet will allow us to acquire cost effective assets.
Quality Food
Quality food products sourced from advanced countries are in great demand from the quickly-growing middle class in China. The emphasis is on the need for safe, high-quality food products. Century has established a professional marketing team and built a distribution system to serve Hong Kong and eventually throughout China.
For further information please contact:
Sandy Chim, President & CEO
Century Global Commodities Corporation
416-977-3188
IR@centuryglobal.ca
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THIS PRESS RELEASE CONTAINS “FORWARD-LOOKING INFORMATION” WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY’S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY’S BUSINESS, AS DESCRIBED IN CENTURY’S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2018. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
