On June 12, 2011, the special committee of the Board of Directors of NIVS IntelliMedia Technology Group, Inc. (the “Company”), established on March 28, 2011 to investigate certain allegations of the Company’s former independent auditors (the “Special Committee”), made certain interim remedial recommendations to the Company, including: the suspension of two employees; the engagement of an outside accounting firm to perform the Company’s accounting functions; and the consolidation of the Company’s cash in fewer bank accounts, and on June 15, 2011, the Board of Directors formally approved the Special Committee’s recommendations.
The Company is in the process of engaging an outside consulting firm and consolidating the Company’s bank accounts.
Appointment of Directors
Ms. Wang, age 36, was appointed to serve as the Company’s Director on July 14, 2011, and has served, since November 2009, as an IPO Project Manager for Taifook Investment Consultancy Co. Ltd., a securities investment consultancy company. Prior to that, Ms. Wang served, from May 2008 to November 2009, as a Financial Manager for Data Fault Tolerance System CO., LTD., a high-end storage system provider company, and from November 2004 to May 2008 as a Financial Manager for ITT Company, the world's largest connectors manufacturer. Ms. Wang holds a Bachelor’s Degree in Finance from Liaoning University with extensive experience on U.S. GAAP reporting.
Mr. Ning, age 47, was appointed to serve as the Company’s Director on July 14, 2011, and has served, since 2006, as a professor in the Department of Management Science at the Fudan University School of Management. Prior to that, Mr. Zhong served from September, 1998 to December, 2001, in various executive capacities, including as general manager of the auditing and supervision department of Wuhan East Lake High Technology Group Co., Ltd., and as president of the joint-venture company, Wuhan Jianmin Depeng Pharmaceutical Co., Ltd. Mr. Ning currently serves as a council member of the Research Institute of China Development and Economy and as a member of the International Systematic Dynamics Institute. He also serves as an independent director of Anhui Quanyin Gaoke Seed Industry Co., Ltd. and is the chief counselor and chief strategic scientist of Guang Zhou Lighton Electronic Technology Co., Ltd. Mr. Ning holds a Doctorate in Economics from Wuhan University, and a post-Doctorate in management science and engineering from Fudan University .
The Board of Directors also appointed existing independent director, Mr. Minghui Zhang, to serve as a member of the Special Committee. The Special Committee intends to engage new counsel and forensic auditors to continue its work.
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