The board of directors of Baofeng Modern International Holdings Company Limited announced the changes in the Board: Mr. Zheng Liuhe has retired from his offices as chairman and executive director of the company; Mr. Chen Qingwei has resigned from his offices as chief executive officer, executive director and authorized representative of the Company, and has been re-designated as a consultant of the Company; and Mr. Zheng Jingdong has been appointed as the new chairman, chief executive officer and authorized representative of the company. The changes have been effect from May 10, 2013.