As most have been, I was also quite perplexed by these departures. I emailed Mr. Chen immediately to get answers and have been emailing him back in forth for the past few days.
The summary of our discussion is as follows:
- Although he could not disclose the entirety of the personal situation of both these directors, one has fell ill, and it has become though for him to travel to China for meetings.
-As well, from what I got they were both recruited as they were international acquaintances of the company which the company feels is not right therefore they took the opportunity to completely restructure their board since they want skilled independent directors that will help guide better decisions for shareholders as well as help them with the up-listing process.
-Mr.Chen also stated that he understands that shareholders may feel concerned but that he assures that he is searching.
suitable independent directors and will issue a press release once he has news. He also reiterated that the earnings and CC will be in the end of March.
-Lastly to reassure me once more that he believed that the company will be a success he informed me that he bought 60,000 shares for $1.
I also checked filings and found that the directors never sold their holding in CCGY therefore showing that maybe they also believe in CCGY's future growth. The ROTH conference is also Monday where CCGY will be presenting at 12:30.
I personally believe Mr. Chen he seems like a very genuine person and also believe that there is not anything wrong because if insiders really knew something was wrong, they would sell their shares to profit before a fall but this is not the case.
