C Y Foundation Re-designates Senior Management Members
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(22 November 2007, Hong Kong) — C Y Foundation Group Limited (SEHK:1182) (“C Y Foundation” or the “Company”), the interactive media entertainment company which focuses on providing quality entertainment across China, is pleased to announce the appointment of Mr. Kar Loon SNEAH as new Group CEO and the re-designation of Mr. Sam Woelm as the Executive Director with effect from 21 November 2007.
Mr Sneah has a strong background in corporate banking and finance. He was in Citigroup for over 23 years, from 1982 to 2005, and has held top management positions, including as Managing Director of Citicorp Capital Asia Ltd, and Corporate Bank Head of Citibank Berhad. While with Citigroup Malaysia, Mr. Sneah had been posted to Singapore, Hong Kong and various other cities on short-term assignments. Mr. Sneah also represented Citicorp Capital Asia Ltd on the board of directors of numerous companies in Malaysia, Indonesia and Australia. He joined C Y Foundation in June 2007 as advisor to Mr. Teddy Cheng, Executive Chairman of C Y Foundation.
Mr. Teddy Cheng commented, “We are pleased to welcome Kar Loon as our Group CEO and we are confident that with his extensive and diverse experience in top management, gained in cross-cultural environments, he will steer our Group towards attaining its goals. Sam was instrumental in initiating the beginning of the Company, and while we continue to benefit from his industry expertise in developing key strategic projects that will accelerate the growth of the Company, we will tap on his initial achievements”.
Mr. Woelm will remain on the Board as Executive Director of Strategic Development and Planning, working closely with Mr. Teddy Cheng and Mr. Sneah.
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C Y Foundation Group Limited
C Y Foundation is an interactive media entertainment company focused on providing quality entertainment across China. It is the only company dedicated to organizing and running P2P tournaments for prizes throughout China. The Group will provide "green" Internet cafés in China and a national electronic tournament platform to develop the online tournament gaming market. The Group will lead this charge with its flagship entertainment centers and through its PRC vehicle subsidiary, C Y Foundation Culture Company Limited, and its strategic partner, Network Media Center of the Central Committee of the Communist Youth League of China.
For more information:
Strategic Financial Relations Limited
Esther Chan Tel: (852) 2864 4825 Email: esther.chan@sprg.com.hk
Mandy Go Tel: (852) 2864 4812 Email: mandy.go@sprg.com.hk
Brenda Liu Tel: (852) 2864 4851 Email: brenda.liu@sprg.com.hk
Fax:(852) 2804 2789 / (852) 2527 1196