Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 21, 2011, the Company received a letter of resignation from Mr. Lei Li, who was the Chief Financial Officer of the Company at the time. Although the Company did not accept Mr. Li's resignation, Mr. Li did not continue to perform his duties as Chief Financial Officer for the Company.
On December 15, 2011, the Board of Directors was informed that Mr. Li submitted a resignation letter on September 21, 2011 and had ceased working for the Company immediately after such submission. It was also brought to the attention of the Board of Directors on December 15, 2011, that the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2011 filed on October 13, 2011, its Quarterly Report on 10-Q for the quarter ended September 30, 2011, filed on November 14, 2011 and its Annual Report on Form 10-K/A for the fiscal year ended June 30, 2011, filed on November 14, 2011, all of which included Mr. Li's signatures had in fact not been prepared or reviewed by Mr. Li, and Mr. Li had not personally signed such reports or consented to the use of his signature on such reports.
The Board of Directors has authorized the Audit Committee of the Company to conduct an internal investigation into the foregoing matter.
The Company will commence a search to identify a qualified candidate to serve as the new Chief Financial Officer, who will be approved by the Board of Directors. In the interim the Board has approved Ms. Jie Lin, who is currently the VP of Operations, to act as interim Chief Financial Officer. Ms. Lin has served as a Vice President of Operations of the Company since March 9, 2008 and has served as Manager of the Finance Department and as Assistant to the General Manager of Pingdingshan Pinglin Expressway Co., Ltd., since May 2003. Prior to that, Ms. Lin served as Manager of the Finance Department of Henan Shengrun Real Estate Co., Ltd. in the PRC since March 2000.
