The company has also reported that its entire senior management team has voluntarily entered into share lock-up agreements that restrict the sale of their shares for three years. Management shares will be held in escrow by the company’s legal counsel during the three year lock-up period.
James Wang, chief executive officer of SmartHeat, commented: As SmartHeat’s founders and managers, we are very comfortable with our strategic position and earnings growth in 2009 and beyond. Our NASDAQ listing is a result of SmartHeat’s continued efforts and commitment towards good corporate governance. Our entire senior management team has voluntarily entered into share lock-ups as a reflection of our great confidence in the prospect of SmartHeat. As a public company, we look forward to years of sales and earnings growth supported by our dedicated employees and growing list of shareholders.
