Jinpan International Elects Jing Zhang to Its Board of Directors

CARLSTADT, N.J., Nov. 7, 2014 /PRNewswire/ -- Jinpan International Limited JST, a leading designer, manufacturer, and distributor of cast resin transformers, announced today that Jing Zhang has been elected to the Company's Board of Directors and as a member of the Audit Committee of the Board of Directors, effective November 5, 2014.  Ms. Zhang brings to the Board more than 14 years of experience in the tax and accounting industry.

Ms. Zhang currently works as a life coach for Pathfinder Coach Jing LLC.  From December 2010 to September 2012, Ms. Zhang served as Tax Manager at Jackson National Life Insurance Company and from June 1998 to November 2010, Ms. Zhang served in various capacities at Deloitte Tax, LLC, most recently as Senior Manager.  Ms. Zhang holds a Master degree in Taxation from DePaul University and a B.A. degree in Accounting from University of Illinois – Urbana Champaign and she is a Certified Public Accountant. 

Zhiyuan Li, Chairman of the Board, Chief Executive Officer and President of the Company stated "I am very pleased to welcome Jing Zhang to our Board of Directors.  Jing brings a wealth of experience in accounting and tax matters and will be invaluable to the Board and management."   

As previously reported by the Company, on June 23, 2014, the Company received a written notification from the staff of The Nasdaq OMX Group ("NASDAQ") indicating that as a result of the death of Steven Clark, the Company no longer complied with NASDAQ's audit committee requirement of maintaining committee membership by at least three independent directors, as set forth in Listing Rule 5605(c)(4).  As a result of Ms. Zhang's appointment to the Board and the Audit Committee, the Company believes that it has regained compliance with Listing Rule 5605(c)(4).   

About Jinpan International Limited

Jinpan International Limited JST designs, manufactures, and markets electrical control and distribution equipment used in demanding industrial applications, utility projects, renewable energy installations, and infrastructure projects. Major products include cast resin transformers, VPI transformers and reactors, switchgears, and unit substations. Jinpan serves a wide range of customers in China and reaches international markets as a qualified supplier to leading global industrial electrical equipment manufacturers. Jinpan is one of the largest manufacturers of cast resin transformers in China by production capacity. Jinpan's four manufacturing facilities in China are located in the cities of Haikou, Wuhan, Shanghai and Guilin. The Company was founded in 1993. Its principal executive offices are located in Haikou, Hainan, China and its United States office is based in Carlstadt, New Jersey. For more information, visit www.jinpaninternational.com.

Safe Harbor Provision

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations and involve known and unknown risks, and uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors are listed from time-to-time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 20-F for the period ended December 31, 2013 and our subsequent reports on Form 6-K. Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Jinpan International Limited