SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
Date of report: March 19, 1999
Lotus Pacific, Inc.
(Exact name of registrant as specified in its charter)
Delaware
State of Organization
000-24999
Commission File Number
52-1947160
Employer Identification Number
200 Centennial Avenue, Suite 201, Piscataway, New Jersey 08854
Address of Principal Executive Office
(732) 885-1750
Registrant's Telephone Number, Including Area Code
Item 5. OTHER EVENTS
Filed herewith as Exhibit 99.1 is a copy of the Registrant's press release,
issued today, relating to certain management changes and the election of a
new director. The following individuals were appointed as officers of the
Company, effective immediately:
Jeremy Wang President
John O. Hing Chief Financial Officer
Huaya Lu Tung Treasurer
Thomas V. White Vice President
Stefan H. Benger Vice President
De-Liang Wang Vice President
Richard Ho Vice President
C. Jeffrey Gull Vice President
James Yao, resigned his position as President, but will remain as Chairman of
the Board. Gary Huang resigned as CFO, and will remain as Corporate Secretary.
At the Board's meeting, Jason Chang was elected to the Board as a member of
the Board's Audit Committee and Compensation Committee.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements of businesses acquired
Not applicable
(b) Pro forma financial information
Not applicable
(c) Exhibits
Exhibit 99. 1 Press Release of the Registrant, dated March 19, 1999.
Signatures
Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant had duly caused this report to be signed on its behalf
by the undersigned, thereto duly authorized.
LOTUS PACIFIC, INC.
Date: March 19, 1999 By: /s/ Jeremy Wang
-----------------------------------
Jeremy Wang, President
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following person on behalf of the
registrant and in capacities and on the dates indicated.
By: /s/ Gary Huang
------------------------------------
Gary Huang, Secretary
Exhibit 99.1
Contact:
Jeff Gull (732) 885-1750
Lotus Pacific, Inc. Announces Senior Management Changes
and Election of a New Director to the Board
Piscataway, NJ, March 19, 1999 - The Board of Directors of Lotus Pacific, Inc.
(OTC: LPFC) today announced a number of senior appointments designed to
strengthen its management team in its core business areas, reinforce its
Internet technology and services expertise and better position the Company
to take advantage of the Company's recent acquisitions of TurboNet Communi-
cations, Arescom Inc., U.S. Securities & Futures Corp., and Professional Market
Brokerage, Inc.
Jeremy H.Wang, 44, has been named president of the company. He was elected as
Director in 1997. In the past fifteen years, Mr. Wang has worked for Bell
Laboratories and AT&T, and as an independent consultant in the telecommuni-
cations industry. He has extensive experiences in the communications system
development and product and project management. Mr. Wang has an MS in
Engineering from University of Virginia, and an MS in Computer Science from
New Jersey Institute of Technology.
John O. Hing, 52, has been appointed as chief financial officer of the company.
After earning his MBA from Harvard University in 1974, Mr. Hing was employed
at Merrill Lynch in various capacities of substantial responsibility for 19
years. Most recently he served as CEO of U.S. Securities & Futures Corp. in
New York, NY. He was a member of the Board Governor of New York Mercantile
Exchange and a former president of Research Division of the Futures Industry
Association.
Huaya Lu Tung, 46, has been appointed as Treasurer of the company. Currently
she serves as Chairman of U.S. Securities & Futures Corp. Previously she worked
for AT&T for six years. Mrs. Tung received her bachelor degree from East
Stroudsburg University and M.A. degree from University of Rochester.
Thomas V. White, 47, has been appointed as vice president of the company. He
has over 20 years of experience in a management and sales enhancing the overall
productivity of the full-service brokerage operations. Before joining Lotus
Pacific, Mr. White is President of U.S. Securities and Futures Corp. He has
been a senior executive at many companies in the financial trading industry.
Previously he was senior vice president of American Futures Group and Index
Futures Group. Mr. White holds a B.A. degree in Business Administration and
Quantitative Analysis from Bernard Baruch College.
Stefan H. Benger, 31, has been appointed as vice president of the company.
Mr. Benger has been the CEO and Chairman of Professional Market Brokerage, Inc.
("PMB") since 1995. Under his leadership, PMB become a leading FCM with a
reputation to be one of the most advanced futures trading firms in the global
marketplace. Before founding PMB, Mr. Benger was president of WB Werbeagentur
Stefan Benger GmbH and trading director at Futures & Options GmbH. Having
experience in Europe and the United States, he is very familiar with the
international aspects of trading various financial products, exchange and
over-the-counter securities. He is a frequent speaker at various industry
associations and conferences. His professional expertise is frequently quoted
in industry publications.
De-liang Wang, 40, has been appointed as vice president of the company. After
receiving his M.S. degree in Electrical Engineering and Mechanical Engineering
from the University of Texas at Austin, Mr. Wang served as a senior hardware
engineer at AT&T Bell Laboratories. He has extensive experience in leading
major system design projects.
Richard Ho, 45, has been appointed as vice president of the company. Prior to
his joining the company, Mr. Ho was President of Rightming Electronics Corp.
He has many years of experience in corporate administration and planning.
Mr. Ho received his B.A in International Business in 1986 in China.
Jeff Gull, 38, has been appointed as vice president of the company. He began
with the company on January 1, 1999. Prior to joining the company, he was the
director of Asia Development for Nu Skin International, Inc. Mr. Gull spent
over 8 years with Nu Skin working with New Market Development and Operations
for their Asia Pacific region. He has also worked in the financial and computer
software industries with Dean Witter and Clyde Digital. Mr. Gull has a B.S.
in business finance from Brigham Young University.
These appointments are effective immediately.
Lotus Pacific also announced the election of Jason Chang to its board of
directors as a member of the board's Audit Committee and Compensation
Committee.
James Yao, chairman & president of the Company, has resigned his position as
president, but will remain as chairman of the Board. Gary Huang resigned as
CFO, and will remain as Corporate Secretary.
Jason Chang, 45, has many years of experience in corporate management and
international trade. He was Deputy General Manager of Minmetals International
Trading Co, a Chinese governmental corporation; and had been served as
president of Minmatals U.K. Ltd, president of Chi Mei Corporation (USA), and
president of Harmony Corp. Mr. Chang served as a board member at several
domestic and international corporations.
ABOUT LOTUS PACIFIC, INC.
Lotus Pacific Inc. is an Internet technology and services company focused on
developing and marketing Internet-related products and services in the U.S.
and international markets with an emphasis on financial services. Through its
subsidiaries, Regent Electronics Corporation, Arescom, TurboNet Communications,
US Securities & Futures Corp. and Professional Market Brokerage, Lotus Pacific
offers unique Internet-related products like the TeleWeb system, WonderTV
(TRADEMARK) set-top box, Internet routers, cable modems, and online financial
trading system. Through realizing its Internet-WallStreet Solutions(TRADEMARK)
concept, Lotus Pacific provides new Internet solutions, services, and
opportunities for its customers and shareholders.
For more information about Lotus Pacific see the company's web site at
www.lpfc.com.
