UTVG- We will probably never know why the american directors left so we are left to wonder why? Hopefully there is nothing fishy going on. I suspect it is something else. It could well be that the american directors had a difficult time with the language barrier. I can understand that as I have listened to several conf calls of chinese companies- it is slow and frustrating while we wait for translations and re-translations. Expenses could also be an issue as the cost of attending board meetings can get very expensive if they need to fly to China to attend. Also, only one of the 3 has prior experience with a chinese company. That is Randall who also serves on the board of HSYT.ob. But I see that he is being removed from the BOD of that company as well. The reason given is the expense, from a recent filing:
This action is being taken to decrease the expenses incurred by us in connection with Mr. Randall’s compensation. We had originally retained Mr. Randall to meet the corporate governance requirements of the Nasdaq trading market, however, we have since withdrawn our application to Nasdaq. As a result, the Majority Stockholders believed that the cost and expense of maintaining an audit committee financial expert would be better expended in other areas of the Company.
As abh3 noted, UTVG has taken on new independent directors which would be needed for a future listing on the AMEX or nasdaq. Still, at least in the short term, the change in BOD does not bode well for the SP.
AI
