SHANGHAI, Feb. 8, 2024
/PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company"
or "U Power"), a vehicle sourcing services provider with a vision
to becoming a comprehensive EV battery power solution provider in
China, today announced that Mr.
Bo Lyu resigned from the board of
directors of the Company (the "Board") on January 31, 2024, and that the Board has
appointed Jean Christophe von
Pfetten ("Prof. Pfetten") as an independent director of the
Company, as well as a member of the Board's Audit Committee,
Compensation Committee, and Nominating and Corporate Governance
Committee, effective February 1,
2024.
Prof. Pfetten is an accomplished diplomat and academic who has
served as Chairman of the Institute for East-West Strategic Studies
since October 1997, visiting
professor at People's University of China since September
1999, Chairman of Thornehope Limited (HK) since September 2001, and Bye-fellow of Emmanuel College (Cambridge
University) since May 2015. He
also served as a member of the board of the International Financial
Bank (FinInt Italy) for three years from January 2019 to December
2022. Prof. Pfetten is the author of a book entitled
"Insights from China: Leadership,
Policy and New World Order" published in 2015, and more than thirty
articles on Corporate Governance, Political Economics and
International relations. He received a Bachelor of Science and a
Master of Science (Physics and Chemistry) from the University of
Strasbourg in 1988 and 1989,
respectively, and a Dipl. Eng. in Geophysics from the Institut de
Physique du Globe in 1990.
Mr. Jia Li, Chief Executive
Officer and Chairman of the Board, commented, "We are thrilled to
have Prof. Pfetten join our Board as an independent director. He
brings a diverse array of experiences and unique insights to the
Board. This appointment further strengthens our commitment to
driving success for our shareholders."
About U Power Limited
U Power Limited is a vehicle sourcing services provider, with a
vision to becoming an EV market player primarily focused on its
proprietary battery-swapping technology, or UOTTA technology, which
is an intelligent modular battery-swapping technology designed to
provide a comprehensive battery power solution for EVs. Since its
operation in 2013, the Company has established a vehicle sourcing
network in China's lower-tier
cities. The Company has developed two types of battery-swapping
stations for compatible EVs and is operating one manufacturing
factory in Zibo City, Shandong
Province, China. For more
information, please visit the Company's website:
http://ir.upincar.com/.
Forward-Looking Statements
This press release contains "forward-looking statements".
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company's current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "could," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "propose,"
"potential," "continue" or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
Contact
U Power Limited
Investor Relations Department
Email: ir@upincar.com
Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
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SOURCE U Power Limited