Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On March 31, 2021, Mr. Sai Kit Leung resigned as the Chief Financial Officer and
Secretary of TGS International, Ltd. (the "Company"). Mr. Leung's resignation
was effective immediately. On the same day, Mr. Tak Shing Eddie Wong, resigned
as the Chairman of the Board of Directors, President and Chief Executive Officer
of the Company. Mr. Wong's resignation as the Chairman of the Board of
Directors, President and Chief Executive Officer was effective immediately.
Prior to Mr. Leung's and Mr. Wong's resignations, they appointed Mr. Chun Wah
John Sung ("Mr. Sung") as the new Chief Executive Officer of the Company and Mr.
Tao Wang ("Mr. Wang") as the Company's new Chief Financial Officer and
Secretary. Our director, Mr. Chi Kin Loo ("Mr. Loo") is also appointed as the
new Chairman of the Board of Directors and President. There were no
disagreements between Mr. Leung and Mr. Wong and the Company on any matter
relating to the Company's operations, policies or practices, which resulted in
their resignation.
The biographies for Mr. Sung, Mr. Wang and Mr. Loo are set forth below:
Tao Wang, age 44, shall serve as our Chief Financial Officer from March 31,
2021. Mr. Wang has extensive knowledge and experience in finance and banking as
well as abundant business network throughout People's Republic of China ("PRC").
Mr. Wang has been an executive director of Guangxi Beihai Baohua Chemical Co.,
Ltd. since April 2017 and is responsible for the company's business marketing
and M&A transactions in the energy and resource sector. From October 1996 to
January 2016, Mr. Wang served as the head of corporate & financial marketing
department of Bank of China Shenzhen branch and was responsible in leading a
corporate and equity finance team to focus on the manufacturing, energy and
resources industry. Mr. Wang holds a bachelor's degree in accounting from
Shenzhen University.
Chun Wah John Sung, age 64, shall serve as our Chief Executive Officer from
March 31, 2021. Mr. Sung has ample experience in telecommunication industry and
mining industry. Mr. Sung is currently the director of Display and Technology
Co., Ltd. since January 2019, and is responsible for the overall operation of
the Shenzhen office. From June 2013 to September 2016, Mr. Sung served as a
director of Universal Mining Group Ltd. From January 2008 to May 2013, Mr. Sung
served as a sales and technical manager of AA Portable Power Corp. focusing on
battery manufacturing. From September 2003 to April 2008, Mr. Sung served as an
Asia Pacific sales manager of Siemens Corporation USA. From December 1995 to
August 2003, Mr. Sung served as an Asia Pacific sales manager of Lucent
Technologies, Inc.. From September 1978 to November 1995, Mr. Sung served as an
engineer and his last position was a field operation manager of International
Business Machines Corporation ("IBM"). Mr. Sung holds an Associate of Science
Degree of Electrical Electronic Engineering Technology from City College of San
Francisco and completed IBM management training.
Chi Kin Loo, age 52, is our major shareholder prior to his appointment as a
director of the Board in December 2020 and he shall serve as our Chairman of the
Board of Directors and President from March 31, 2021. Prior to joining the
Company, Mr. Loo has been working in the financial industry for over 15 years,
specialized in wealth management and insurance. Since 2011, Mr. Loo has been a
regional manager of FTLife Insurance Company Limited, a wholly-owned subsidiary
of NWS Holdings Limited. In 2014, Mr. Loo was awarded the Distinguished Manager
Award by the Life Underwriters Association of Hong Kong Ltd. From 2011 to 2014,
Mr. Loo served as a director of Universal Mining Group Holdings Ltd. Mr. Loo has
been granted license Type 1, 7 and 8 by the Hong Kong Securities and Investment
Institute. Mr. Loo graduated from Buddhist Sum Heung Lam Memorial College in
1985.
Mr. Wang has no family relationships with any of the executive officers or
directors of the Company. Mr. Sung is the brother-in-law of Mr. Chi Kin Loo, our
director and our major shareholder. There are no employment agreements between
the Company and Mr. Wang and Mr. Sung, nor are there any arrangements or plans
in which the Company will provide compensation, bonus, pension, retirement, or
similar benefits to Mr. Wang and Mr. Sung. There have been no transactions to
which the Company was or is to be a party, in which Mr. Wang and Mr. Sung had,
or will have, a direct or indirect material interest.
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