LAKE BARRINGTON, IL / ACCESSWIRE / JANUARY 22, 2019 / CTI Industries Corporation (NASDAQ:CTIB) ("CTI" or the "Company"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, today announced the appointment of Mr. Yubao Li to its Board of Directors, effective January 13, 2020. CTI recently concluded a successful first closing of its stock purchase agreement with LF International Pte. Ltd., a Singapore private limited company. LF International's strategic investment resulted in $5,000,000 aggregate gross proceeds placed in escrow, of which $2,500,000 was released to CTI upon initial closing. As a condition of the first closing of the Offering, the Investor, LF International, which is controlled by Mr. Li, received the right to appoint one member to the Company's board of directors.
"Given his extensive track record as an accomplished executive, exhibiting leadership across many functions, we are privileged to welcome Mr. Li as a member of the CTI board of directors," said Frank Cesario, President and CEO of CTI Industries Corporation. "Mr. Li will bring a valuable perspective to our board as it continues to help with guide our company. Mr. Li's wide-ranging experience will enable him to contribute significantly to CTI's revitalization plan."
"I am enthused to join the board of CTI Industries, as it is a well-respected and innovative manufacturer of consumer products," said Mr. Li. "I look forward to contributing my experience and insights while working with other board members to further enhance CTI's ongoing business and growth strategies."
Mr. Li currently holds the position of Chairman of China Yunhong Holdings Ltd. since its formation in January 2019 and served as its Chief Executive Officer from January 2019 to September 2019. In addition, since July 2018, Mr. Li has served as the president of Hubei Academy of Science and Technology. Mr. Li also holds a directorship with the Photoproteins Research Centre at China's Academy of Management Science, a Beijing research institute.
Presently, Mr. Li serves as director and officer of several other entities, including Executive Director and General Manager of Hubei Teruiga Energy Co., Ltd; Executive Director of Hubei Yuntong Energy Co., Ltd., and the Executive Director and General Manager of Hubei Yun Hong photovoltaic Co., Ltd. In addition, Mr. Li holds the position of President of Hubei Yunhong Deren Tourism Co., Ltd., and President of Yunhong Group Holdings Co., Ltd. In 2013, Mr. Li founded China Hubei Yunhong Group Co., Ltd., a Chinese nutrition company operating in China and abroad, and he currently serves as the Chairman of its board of directors. Mr. Li earned an EMBA in Investment, Financing and Capital Strategy from Peking University.
CTI Industries Corporation is one of the leading manufacturers and marketers of foil balloons, and produces laminated and printed films for commercial uses. CTI also distributes Candy Blossoms and other gift items. CTI markets its products throughout the United States and in several other countries.
Forward Looking Statements
Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. We cannot anticipate the duration of increased tariffs between the United States and other countries, particularly China. We do not know whether we will be successful in passing such additional costs through to customers. Our future plans anticipate the successful completion of the financing described above. Any failure to do so would have a negative impact on our financial condition. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
CTI Industries Corporation
Chief Financial Officer and Chief Executive Officer
SOURCE: CTI Industries
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