China Electric Motor, Inc., a Delaware corporation and China-based company that engages in the design, production, marketing and sale of micro-motor products through its subsidiary Shenzhen YuePengCheng Motor Co., Ltd. announced that Heung Sang ("Dexter") Fong, who has served as a Director of the Company since January 2010, has been appointed to the role of Chief Financial Officer and Corporate Secretary of China Electric, effective June 10, 2010. Haixia Zhang, who has served as CFO of the company since March 2009 and as CFO of Shenzhen YPC from June 2008 to March 2009, will take on a new responsibility at China Electric as Corporate Controller.
Fong has served as a Director of the Company since January 2010. From February 2009 to March 2010, Fong served as the CFO and as a Director of Apollo Solar Energy, Inc. From December 2006 to January 2009, Fong served as the Executive Vice President of Corporate Development of Fuqi International, Inc. From January 2004 to November 2006, Fong served as the managing partner of Iceberg Financial Consultants, a financial advisory firm based in China that advises Chinese clients in capital raising activities in the United States. From December 2001 to December 2003, Fong was the Chief Executive Officer of Holley Communications, a Chinese company that engaged in CDMA chip and cell phone design. From March 2002 to March 2004, he served as Chief Financial Officer of Pacific Systems Control Technology, Inc. From May 2001 to November 2001, Mr. Fong was the Director of Finance of PacificNet, Inc., a customer relationship management, mobile internet, e-commerce and gaming technology company based in China. From December 1998 to April 2001, he was the Group Financial Controller of Oregon Scientific, a wholly-owned subsidiary of IDT, a Hong Kong Stock Exchange-listed company.
Fong is a U.S. CPA and has held various positions in such capacity with accounting firms in the United States and Hong Kong, including Deloitte and Touche, Ernst and Young, and KPMG Peat Marwick. Since March 2010, Fong has served as Director of Rongfu Agriculture, Inc. Since July 2006, Fong has served as an independent director of a Hong Kong public company, Universal Technology Inc. Since July 2007, Fong has also served as a Director and audit committee chairman for both Diguang International Development Co., Ltd. and Kandi Technology Corp. Fong served as independent director of Zhaoheng Hydropower from June 2008 to May 2009. Fong graduated from the Hong Kong Baptist College with a diploma in History in 1982. He also received an MBA from the University of Nevada at Reno in 1989 and a Master's degree in Accounting from the University of Illinois at Urbana Champaign in 1993. Fong's long and varied business career, including service as a CFO and Director of a publicly-traded company, as well as his significant financial and accounting experience as a U.S. CPA and knowledge of the capital markets, qualify him to serve on the Company's Board of Directors.