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Investor Relations News

Vtion Wireless Technology AG: Hongbo ZHENG appointed as new Chief Financial Officer

Frankfurt, 21 October 2011

Vtion Wireless Technology AG, one of the leading suppliers of wireless data solutions for mobile computer use in China, announces that Mr. Hongbo ZHENG (Alex Zheng) succeeds Mr. Huan CHEN (Henry Chen) as the company's Chief Financial Officer (CFO). Mr. Chen will leave the company for personal reasons effective as of 23 October 2011 and in agreement with the supervisory board. "We wish Mr. Chen all the best for his future career and private life," Vtion's CEO Guoping Chen says.

Mr. Alex Zheng was appointed by a unanimous vote of the supervisory board to take over the CFO position. Mr. Zheng graduated from Manchester Business School and holds an MBA from INSEAD, Paris. His previous positions include Financial Controller at the Hongkong listed Venturepharm Laboratories Ltd, Chief Financial Officer at Zhidali Industrial Co. Ltd, and Finance Manager at Dell (China) Co. Ltd. He will take up his new post on 23 October 2011. "I am very happy to welcome Mr. Alex Zheng to our management board. I am convinced that his combination of experience, professionalism and dedication are exactly what we need to move our business forward and increase our transparency with the capital markets," Chen added. "Alex joins our company in a difficult time, but is willing and ready to undertake the task of planning for our future and looking to leverage our strong balance sheet to create shareholder value. I am excited to begin working with him," Mr. Chen conlcudes.

 

Guidace for full year 2011 confirmed

In the wireless data terminal business segment, Vtion has seen pricing and volumes consistent with those in the second quarter of 2011. Vtion has seen moderate sales of its V7 tablet PC product since June, with steady sales volumes. "Our business development has been largely in line with expectations," states Vtion's CEO Guoping Chen. "We have seen stability in the wireless data terminal segment. We remain confident that we will reach our previously-stated guidance for our full year results, which calls for revenues between
Euro 75 million and Euro 100 million and an EBIT margin of between 10% and 12%."

Vtion releases its Q3 2011 report on Monday, November 14, 2011.

 

About Vtion

The Vtion Group is one of the three leading suppliers of wireless data cards and associated services for the mobile use of computers via broadband wireless networks in the People's Republic of China. The company also offers e-reader, 3G router and embedded module products through network operator and retail distribution channels, as well as several online services. For 2010, the company reached sales revenues of Euro 102 million. Vtion Wireless Technology AG shares are being traded in the Prime Standard on the Frankfurt Stock Exchange with the ISIN DE000CHEN993. The company's ticker symbol is V33.

 

For further information, please contact:

Kirchhoff Consult AG
Dr Kay Baden, tel.: +49 40 60 91 86 0, baden@kirchhoff.de

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