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

Mr. Xinduo Yu has kept his position as a director. In addition, Niral Merchant, the Corporation's chief financial officer, has terminated his services effective immediately upon this change in control. Upon their appointment, the newly elected board of Hanfeng held a meeting to determine certain transitional matters.

In particular, the board made the following appointments: Mr. Pollack was appointed as Lead Director, Mr. Yu was appointed Chairman and reappointed as the President and Chief Executive Officer and legal representative of the Corporation's wholly-owned subsidiaries, and Wendy Xue, the current controller, CA, was appointed interim Chief Financial Officer.