NEW YORK and HARBIN, China, June 6, 2011 (GLOBE NEWSWIRE) -- China Digital Animation Development, Inc. (OTCBB:CHDA) today announced that Mr. Sheng Zhai has been promoted to Chairman and Chief Executive Officer of the company. Mr. Qiang Fu, former Chairman and CEO, has left the company to pursue other interests.
Mr. Zhai has been president of China Digital Animation since February 2010 and was previously president of Hairong Technical Development Co., Ltd. since 2007. During his tenure at the company Mr. Zhai was responsible for overseeing operations and led a number of key growth initiatives, including establishing partnerships with third-party animation and design firms in China and abroad, as well as broadening the firm's capabilities beyond digital animation.
Mr. Zhai commented, "We have built a very solid brand within the digital animation industry and I look forward to leading China Digital in the next phase of our growth. We extend our thanks to Mr. Fu for his strong contributions to the company and wish him well in his new endeavors."
About China Digital Animation Development, Inc.
China Digital Animation Development, Inc. is a premier China-based digital animation development company, operating in Harbin (one of the largest animation development centers in China) as well as Beijing in The People's Republic of China. The Company also has an administrative office in New York City. The Company is engaged in animation post-stage processing, animation outsourcing, and information transmission services. The Company also operates an animation development skills training center located in Harbin, China, which provides its students with different types of animation skill training programs such as motion graphics, product modeling, character animation, and more. The Company's technical team has extensive experience in animation production and outsourcing.
Safe Harbor Statement
In addition to historical information, this press release contains forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. These forward-looking statements represent Management's belief as to the future of China Digital Animation Development, Inc. Whether those beliefs become reality will depend on many factors that are not under Management's control. Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in Section 1A: "Risk Factors" In the Company's Annual Report on Form 10-K for the year ended June 30, 2010. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.
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