Century Announces Filing of Third Quarter Financial Results and Management Discussion and Analysis for Nine Months Ended December 31, 2023, Changes of its Board of Directors and its Auditor

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HONG KONG, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”) (TSX: CNT) is pleased to announce that it has filed its condensed consolidated interim financial statements for the third fiscal quarter ended December 31, 2023 and the related management discussion and analysis (“MD&A”). Copies of these documents are available under Century’s SEDAR+ profile at www.sedarplus.ca and will also be posted on Century’s website at www.centuryglobal.ca.

As of December 31, 2023, the Company had net working capital* of $6.7 million, consisting of unrestricted free cash, bank deposits and marketable securities totaling $5.4 million, together with accounts receivables and other current assets of $4.4 million, less accounts payable and other current liabilities of $3.1 million.

Change of Board of Directors

The Company also announced that Mr. Jianlong Yang has resigned from its Board of Directors. Mr. Yang has been a valuable member of Century’s Board of Directors, since nominated to the Board by WISCO International Resources Development & Investment Limited (“WISCO”), a member of the Baosteel Group, who is a strategic partner and major shareholder of the Company owning about 19.6% in the Company.

The Board of Directors has appointed Mr. Kangle Zhao as Director of the Company to replace Mr. Yang on the Board. Mr. Zhao has been appointed as nominee of WISCO under the WISCO Investment Agreement, as described in Century’s most recent annual information form.

Mr. Zhao currently serves as an investment manager of China Baowu Resources Co., LTD (“Baowu Resources”). He has worked for Baowu Resources for 4 years and has extensive experience in asset acquisitions, investment management, financial modeling and valuation. He now focuses on equity investment in the areas of mining, base-metal trading and so on. Mr. Zhao graduated from the University of Science and Technology of China with a bachelor’s degree in finance, and from the City University of Hong Kong with a master’s degree in professional accounting and corporate governance.