China Marine Food Group Announces Issuance of 2011 Stock Compensation to Employees
China Marine Food Group Limited, a China-based manufacturer of Mingxiang seafood-based snack foods, "Hi-Power" marine algae-based beverages, and distributor of frozen marine catch, announced that the board of directors has approved and issued 700,000 shares of common stock to employees, reports www.megafishnet.com with reference to China Marine Food Group.
The Company's stock-based compensation plan is designed to provide incentives to eligible employees who are responsible for the growth and success of the China Marine through the production, marketing and sales of its products.
The stock awards were approved by the Company's Compensation Committee on March 31, 2011. The Committee considered several factors, including the recognition that it had not previously authorized stock awards to employees or directors, the employees' length of service and the Company's financial and operational performance.
The stock awards were granted to the following directors and officers; Mr. Pengfei Liu, Chief Executive Officer and Chairman of the Board, was granted 130,000 shares of common stock; Mr. Weipeng Liu, a Director in charge of China Marine operations with responsibility for overseeing the construction, operation and maintenance of equipment and production facilities, was granted 100,000 shares of common stock; and Mr. Hon Wai "Marco" Ku, Chief Financial Officer of the Company, was granted 50,000 shares of common stock. The balance of the shares issued were given to directors of sales and marketing for Mingxiang® foods and Hi-Power beverages, production and quality control managers at both facilities and key employees who have been with the Company for many years.
"Attracting and retaining long-term, productive employees has been a critical component of our success since we first began operations in 1994," began Chairman and CEO, Mr. Pengfei Liu. "During our performance reviews last year, a high percentage of our employees realized how their performance had an effect on our Company's share price and thus we considered including CMFO shares in addition to salary for key employees. This program will also allow us to recruit and recruit the caliber individuals we will need to grow our businesses this year and in the future.
Attracting and retaining talented managers, particularly in sales and marketing, is a competitive advantage in China. We believe we strengthened our advantage by adding this component to our total compensation package."
About China Marine
China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang seafood-based snack foods and "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang® brand as a category leader in 3,200 retail food sales points and 13,000 beverage sales points in China. The Company has received "The Famous Brand" and "Green Food" awards. Located in Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.