On February 24, 2014, Hanfeng Evergreen Inc. provided an update on the shareholder meeting and the litigation described in its February 20, 2014 press release. The Company stated that the litigation between Xinduo Yu and the Corporation, and the dispute regarding the shareholder meeting, has been resolved. The Company also stated that Loudon Owen, Edwin Nordholm, and David Thomson have resigned as directors of the Corporation and Xinduo Yu, Anthony W. Chang, Joanne Yan, Jonathan Pollack, and Yuanhui Tang, the nominees of Xinduo Yu set out in his dissident proxy circular, dated February 1, 2014, have been appointed as directors.