Exploration & Production | People

Sunshine Oilsands Appoints New Director

Share Print Bookmark    |    Wednesday,May 27,2015

The board of directors of Sunshine Oilsands Ltd. has announced that it has unanimously approved and appointed Mr. Kwok Ping Sun as a non-executive director of the Corporation with effect from May 27, 2015. There are no disagreements among the members of the Board and there are no special matters relating to this appointment that need to be brought to the attention of the shareholders of the Corporation.

Mr. Sun, aged 51, is the founder of Nobao Renewable Energy Holdings Limited ("Nobao") and has served as the chairman of the board, director and chief executive officer of Nobao since its inception in 2007. Prior to founding Nobao, Mr. Sun was the general manager of Shanghai Nobao Electric Appliance Co., Ltd from 2005 to 2007. In 2003, Mr. Sun started his own research and development with respect to ground source heat pump (GSHP) systems and gained over 10 years of experience in this area. From 1999 to 2002, Mr. Sun served as the general manager of Dynamic Co., Ltd of Denmark and was responsible for developing wind power projects in China in cooperation with Chinese local companies. From 1994 to 1998, Mr. Sun was the chief executive officer of Wu Fong Investment Co., Ltd of Denmark. Between 1983 and 1990, Mr. Sun worked as an official of the customs department, the publicity department and the foreign trade bureau of the City Government of Zhangjiagang, Jiangsu Province, People's Republic of China. Mr. Sun has over 20 years of experience in automated control systems through his experiences described above as well as his experience as the general manager of Jiangsu Zhongwang Electronics Co., Ltd. between 1990 and 1993 and as an engineer of Zhangjiagang Radio Factory between 1979 and 1982. Mr. Sun graduated from Suzhou Transportation Vocational College in 1985 and received an EMBA degree from Tsinghua University in 2006.

As at the date of this announcement, Mr. Sun does not hold any other positions in the Corporation nor in any other subsidiaries of the Corporation (collectively, the "Group"). Mr. Sun does not have any relationship with any directors, supervisors, senior management, substantial or controlling shareholder of the Corporation. As at the date of this announcement, Mr. Sun currently owns and controls 479,078,000 class "A" common voting shares (the "Common Shares") of the Corporation (the "Interested Shares"), representing approximately 12.28% of the issued and outstanding Common Shares of the Corporation. Apart from the Interested Shares, Mr. Sun does not have any other interests in the securities of the Corporation within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

As at the date of this announcement, there is no service contract between Mr. Sun and the Corporation in respect of his directorship. Mr. Sun is subject to retirement and re-election in accordance with the articles of incorporation and by-laws of the Corporation. Mr. Sun's remuneration will be determined by the Compensation Committee of the Corporation with reference to his duties and responsibility in the Group, the Group's performance and the prevailing market situation.

Mr. Sun has confirmed that he does not hold any directorship in any other listed companies in the past three years preceding the date of this announcement and there is no other information relating to this appointment which is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no other matter that needs to be brought to the attention of the shareholders of the Corporation.

The Board would like to take this opportunity to welcome Mr. Sun for joining the Board.