Cantronic Completes Sale of Its 51% Interest in Yellow River
17.10.2011 - Cantronic Systemsannounced that further to the news release of September 16, 2011, the Company's wholly-owned subsidiary, Cantronic Security Systems (China) Co., Ltd of Shanghai, C...
Cantronic Systems announced that further to the news release of September 16, 2011, the Company's wholly-owned subsidiary, Cantronic Security Systems (China) Co., Ltd of Shanghai, China ("CSSC"), has closed the sale of its 51% interest in Shenzhen Huanghe Digital Technology Co. Ltd., of Shenzhen, China ("Yellow River") to an arms-length private purchaser.
"The sale of this business unit will provide immediate working capital, allowing us to further grow our other China business units in the area of networked video surveillance," said James Zahn, President and CEO of Cantronic Systems Inc.
Cantronic also announced that Dr. John Shen has been appointed as an independent director of the Company and chair of the Audit Committee. John replaces Jeff Yenyou Zheng who has just resigned for personal reasons. We thank Mr. Zheng for his services to the Board and the Company over the last two years.