press release - Fiscal year 2013 results and the outlook were presented by Dickson Lee, Chairman and Chief Executive Officer, and Clayton Fong, Vice President of U.S. Operations. Highlights of their presentation included:
L&L intends to strengthen its financial position by opening access to new capital sources through a Taiwan Depository Receipt ("TDR") listing with the Taiwan Stock Exchange. KPMG has completed its review of the Company's fiscal year 2011 and 2012 financials, and will complete 2013 shortly. The Company is expected to submit the application for the TDR process within the next several weeks.
L&L intends to seek acquisition opportunities in Northern China through strategic partnerships and is actively reviewing possible acquisition targets with the potential to add a minimum 1 million tons of annual coal production. The Company hopes to make material progress in the upcoming months.
L&L recently strengthened its leadership through the addition of two new board members with exceptional qualifications, as approved by the Company's shareholders. Joe Borich returns to the Company's Board of Directors after serving from 2005 to 2010. He formerly served as the U.S. Consul General in Shanghai, and will contribute his guidance in the TDR financing. Jim Schaeffer, MBA, is joining the board with three decades of international business and mining experience throughout the Asia Pacific region. Mr. Schaeffer was also recently appointed as Director of Operations, and will assist the Company in evaluating new energy opportunities in the U.S.
L&L announced its intention to explore clean energy opportunities, in addition to strengthening its coal business in the China market. As previously announced, the Company is partnering with the China Low-Carbon Industry Investment Center ("CLCIIC"), a national investment platform approved by the China State Council, to jointly develop new energy initiatives in Beijing.
In the formal business meeting, shareholders approved the following resolutions:
The re-election of four directors and election of two new nominees to the board of directors.
The 2013 Stock Incentive Plan.
Executive compensation.
Appointment of Kabani & Company, Inc. as the Company's independent registered public accounting firm for the fiscal year ended April 30, 2014.
Appointment of KPMG (Taiwan) as the Company's independent registered public accounting firm for its TDR application.
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