November 10, 2011 - 8:00 AM EST
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Camelot Information Systems Announces Departure of Chief Financial Officer

Former CFO Franklin King Named Interim CFO

BEIJING, Nov. 10, 2011 /PRNewswire-Asia-FirstCall/ -- Camelot Information Systems Inc. ("Camelot" or the "Company") (NYSE: CIS), a leading domestic provider of enterprise application services and financial industry information technology services in China, today announced that Mr. Gordon Lau has resigned his position as Chief Financial Officer to pursue other interests, effective November 8, 2011.

Until a permanent replacement is officially named, Mr. Franklin King, former CFO and Chief Strategy Officer of Camelot, will serve as Interim Chief Financial Officer. Mr. King previously served as general manager of IBM Taiwan Global Services and other IBM Greater China executive posts prior to joining Camelot.

"Gordon has been an important member of Camelot during his tenure with us, and we wish him continued success in his future endeavors," said Mr. Simon Ma, Camelot's Chairman and CEO. "We have begun the process of identifying highly qualified CFO candidates with extensive accounting, capital markets, and managerial experience and we will announce the new hire as soon as we can.  Franklin is a valued member of the Camelot team, and we appreciate his taking on this additional role while we complete the search."

ABOUT CAMELOT INFORMATION SYSTEMS INC.

Camelot is a leading domestic provider of enterprise application services and financial industry information technology ("IT") services in China, focusing on the high end of the IT value chain. The Company is the largest domestic provider of SAP-based Enterprise Resource Planning services in China as measured by 2009 revenue and by number of SAP consultants as of December 31, 2009. Camelot also operates in other areas of the Asia Pacific region, including Taiwan and Japan. The Company provides services to a wide range of industries, including financial services, resources and energy, manufacturing and automobile, technology, as well as telecommunication, media and education.

SAFE HARBOR

This press release contains statements that may constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties that could cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies, the Company's ability to attract and retain skilled professionals, the market of IT services in China, the wages of IT professionals, the Company's ability to serve, retain, and attract customers. Further information regarding these and other risks is included in Camelot's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Camelot does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Company Contacts:

Camelot Information Systems Inc.
Mr. Franklin King, Interim Chief Financial Officer
Tel: +86 (10) 8201 9008
E-mail: investors@camelotchina.com

Ms. Jojo Guo, Investor Relations Manager
Tel: +1 (646) 371-6533
E-mail: investors@camelotchina.com

Investor Relations Contacts:

CCG Investor Relations
Mr. Crocker Coulson, President
Tel: +1 (646) 213-1915
E-mail: crocker.coulson@ccgir.com

Mr. John Harmon, CFA, Sr. Acct. Mgr.
Tel: +86 (10) 6561 6886 x807 (Beijing)
E-mail: john.harmon@ccgir.com

 

 

SOURCE Camelot Information Systems Inc.


Source: PR Newswire (November 10, 2011 - 8:00 AM EST)

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