HF Foods Appoints Victor Lee as Chief Financial Officer

Relocates Corporate Headquarters to City of Industry, California to Improve Operational Efficiency

CITY OF INDUSTRY, Calif., May 04, 2020 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the Southeast, Pacific and Mountain West regions of the United States, has appointed Victor Lee as the company’s new chief financial officer (CFO) effective May 1, 2020. The company has also moved its headquarters to the existing offices of B&R Global Holdings in City of Industry, California.

Lee is replacing Peter Zhang, who has served as the company’s CFO and co-CEO since the merger of HF Foods Group and B&R Global Holdings in November 2019. Zhang is retaining his positions as co-CEO and as a director of the company.

Lee, who joined HF Foods in December 2019 as chief corporate finance and strategy officer, has over 27 years of senior management experience in strategic planning, sales and marketing, corporate finance, asset management, trade finance, and investment banking.

Lee began his career at Citibank N.A., in 1993, handling small- and medium-sized corporate finance and progressed to a vice president position in the International Personal Banking Division. In 1999, he moved to Deutsche Bank AG as a vice president. In 2004, he was promoted to managing director and Singapore Market Head in the Private Wealth Management Division, where he was responsible for managing over $1 billion in assets. From 2007 until 2009, he was with Morgan Stanley Private Wealth Management and most recently served as executive director and head of Singapore/Malaysia markets.

Since February 2012, Lee has served as president and chief executive officer of Ascent Solar Technologies, Inc. Lee is also the managing director of Tertius Financial Group Pte Ltd, a boutique corporate advisory and private investment firm, which he founded in February 2009. Lee holds a bachelor's degree in accounting from the University of Wisconsin - Madison and a Master of Science degree in wealth management from the Singapore Management University.

“With the merger of HF Foods Group and B&R behind us, we believe it’s important to make the necessary logistical and human capital changes to ensure we are well positioned for the next phase of our evolution,” said Peter Zhang, co-CEO of HF Foods Group. “We’ve therefore opted to move our headquarters to a space that better suits the size of our organization and to a region that allows us to more effectively communicate with both customers and suppliers.