NEW YORK and HARBIN, China, April 16, 2010 (GLOBE NEWSWIRE) -- China Digital Animation Development, Inc. (OTCBB:CHDA) has appointed John J. McFadden to the Board of Directors, bringing the number of board members to five.
Mr. McFadden brings over 40 years of experience in the investment banking industry to China Digital's Board. From 1968 until 1996, Mr. McFadden was employed by The First Boston Corporation (later Credit Suisse First Boston) with a variety of responsibilities in corporate finance and public finance. Mr. McFadden also served as Vice President and Treasurer of that organization. Upon retirement from First Boston, Mr. McFadden was employed as Senior Managing Director and Vice Chairman of Cambridge Partners, LLC, a private investment company in New York, NY. Since 1999, Mr. McFadden has been self-employed as a consultant, providing services to his clients regarding investment banking and energy matters. His clients have included Equitable Gas, Select Energy and Optimira Energy. Mr. McFadden currently is an independent director of Advanced Battery Technologies, Inc (Nasdaq:ABAT) and serves as Chairman of the Audit Committee and Member of the Compensation Committee. Mr. McFadden is also a director of Hewitt Petroleum, Inc., a private oil and gas exploration and production company.
Mr. Qiang Fu, Chairman and Chief Executive Officer, commented, "John is a welcome addition to our Board. His extensive background in investment banking is impressive and we value his expertise as we pursue our growth strategy which includes expansion within China as well as the U.S. The favorable trends in digital animation and 3-D, in particular, bode well for China Digital and we look forward to John's contribution to the company."
About China Digital Animation Development, Inc.
China Digital Animation Development, Inc. is a premier China-based digital animation development company, operating in Harbin (one of the largest animation development centers in China) as well as Beijing in The People's Republic of China. The Company also has an administrative office in New York City. The Company is engaged in animation post-stage processing, animation outsourcing, and information transmission services. The Company also operates an animation development skills training center located in Harbin, China, which provides its students with different types of animation skill training programs such as motion graphics, product modeling, character animation and more. The Company's technical team has extensive experience in animation production and outsourcing.
Safe Harbor Statement
In addition to historical information, this press release contains forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. These forward-looking statements represent Management's belief as to the future of China Digital Animation Development, Inc. Whether those beliefs become reality will depend on many factors that are not under Management's control. Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in Section 1A: "Risk Factors" In the Company's Annual Report on Form 10-K for the year ended June 30, 2009. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.