Business
CTI Industries Announces Appointment of Yubao Li to Board of Directors
LAKE BARRINGTON, IL / ACCESSWIRE / JANUARY 22, 2019 / CTI Industries Corporation (NASDAQ:CTIB) ("CTI" or the "Company"), a leading manufacturer of custom film
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"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 photovolta...