XINYU CITY, China and SUNNYVALE, Calif., June 25, 2015 /PRNewswire/ -- LDK Solar CO., Ltd. ("LDK Solar", OTC Markets: LDKYQ), today announced that the LDK Solar board of directors has elected Mr. Zhibin Liu as its new Chairman, and appointed Messrs. Yunsong Ao and Yan Xiong, both executive vice presidents of the Company at present, as additional directors to its board, effective immediately. At the same time, Mr. Xingxue Tong, President and Chief Executive Officer, and Interim Chairman previously, resigned from his directorship, but will remain as the President and CEO of the Company. With these changes, the number of the LDK Solar board of directors is eight.
"We are pleased to welcome Mr. Liu as our new chairman of the board of directors," stated Xingxue Tong, President and CEO of LDK Solar. "Mr. Liu brings in with his proven track record management skills and expertise with various companies in China, and will provide new leadership to LDK Solar in its transformation for success in the years to come," concluded Mr. Tong.
Incoming new Chairman Zhibin Liu commented, "We highly appreciate the contribution and dedicated services provided by Mr. Xingxue Tong in his role as Interim Chairman when LDK Solar was in its most difficult time. We are also highly thankful to him as a valuable member of the LDK Solar board for so many years. Although we regret to see him resigning from the LDK Solar board, we are pleased that Mr. Tong will continue to play his leadership role in LDK Solar's operational management as its President and CEO." Mr. Liu also welcomed Messrs. Ao and Xiong to join the LDK Solar board of directors. "Both of these gentlemen joined LDK Solar inJanuary 2014. They have become key executives of LDK Solar, with significant contributions made in their respective areas of financial management and operational management in the past 18 months. I am confident that this newly constituted board of directors, plus the continued leadership of Mr. Tong as the President and CEO, will significantly contribute to the brand building, product offerings and financial health improvement of LDK Solar for the benefit of all our stakeholders."
Cautionary Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date such information was prepared and on its expectations, assumptions, estimates and projections as of such date. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
About LDK Solar
LDK Solar CO., Ltd. is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar, through its operating subsidiaries, manufactures polysilicon, monocrystalline and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's subsidiary office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.