UTA down after hours...shorts all over the idiot yahoo board..cfo leaves so its scam and numbers are wrong...GEEZ im sick of it...
17-Aug-2010
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On August 16, 2010, Mr. Yizhao Zhang resigned as our Chief Financial Officer on the first anniversary of his employment and the expiration of his employment agreement with the company for personal reasons. Mr. Zhang's resignation is not in connection with any known disagreement with the company on any matter.
On August 17, 2010, the board of directors accepted Mr, Zhang's resignation and appointed Mr. Jing Xie, the company's secretary to be the company's interim Chief Financial Officer effective from that date until a suitable candidate has been qualified and selected.
Mr. Xie, 28, had been serving as our director and Secretary since December 29, 2006. Mr. Xie served briefly as our Chief Financial Officer from February 13, 2009 to August 17, 2009. From March 2005 to December 29, 2006, he served as a Deputy General Manager of Shenzhen Yu Zhi Lu Aviation Service Company Limited. Mr. Xie graduated from Economics & Business Faculty, University of Sydney, Australia, with a Bachelor of Commerce degree.
There will be no change in the terms of Mr. Xie's employment set forth in an employment agreement between Mr. Xie and us dated February 13, 2009. Under that agreement, Mr. Xie is to receive compensation consisting of the following: (i) an annual salary of $30,000, (ii) eligibility to receive bonus compensation and stock options or other equity-based incentives as the discretion of the compensation committee of the Board of Directors, and (iii) medical and dental insurance, (iv) social insurance.
There is no family relationship between Mr. Xie with any of our other officers and directors. Our officers serve at the pleasure of the board. Except for the aforesaid employment agreement, Mr. Xie has not had any transaction with us since the beginning of our last fiscal year.
AI
