|By Marketwired .||
|August 19, 2014 09:00 PM EDT||
TROY, MI -- (Marketwired) -- 08/19/14 -- A panel of three arbitrators of the American Arbitration Association, International Centre For Dispute Resolution, International Arbitration Tribunal denied all claims brought by Jackie Chang, former CFO of Tongxin International, Ltd. (PINKSHEETS: TXIC), finding that Chang received payment of all compensation that she was entitled to under her employment contract with the company, and that Chang's claims regarding wrongful termination, whistleblower and a violation of public policy were without merit. The arbitration panel found in favor of the company on all of its claims that Chang embezzled funds and paid herself unauthorized compensation. The panel further awarded the company reimbursement of administrative fees, for a total award in the amount of $1,393,000.00.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin International Ltd. maintains a network of over 130 customers throughout 21 provinces in China. Headquartered in Changsha, the Company also maintains regional manufacturing in Ziyang and Zhucheng. For more information, please visit www.txicint.com or www.hntx.com.
Statements contained in this press release, which are not historical fact, constitute Forward-Looking Statements. Actual results may differ materially due to numerous important factors that are described in Tongxin International Ltd.'s reports to the SEC, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International Ltd. does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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