MagIndustries Corporation announced the interim results of its investigation into allegations of foreign corruption initiated by a Special Committee of the Board of Directors in January 2015. The company has accepted the recommendation of the Special Committee that certain immediate management changes and changes in internal practices are necessary in light of the interim results of the Investigation. Effective immediately, Richey Morrow, the former Chief Executive Officer of the company is appointed co-Chief Executive Officer with the current Chief Executive Officer, Mr. Longbo Chen.

Geoff Woo has been suspended from his duties as the Chief Financial Officer but will act as a member of the company's financial staff. Due to the lack of company resources needed to perform their duties, Messrs. Wang, Ding and Zhang, who currently form the Special Committee and the audit committee of the company and Mr. He, another director, have resigned as directors effective June 16, 2015.