Century Announces Results of 2020 Shareholder Meeting and Appointment of New CFO

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TORONTO, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation ("Century" or the "Company") is pleased to announce the results of the 2020 Annual General Meeting of shareholders that was held on September 21, 2020 in Hong Kong, China.

The Company is pleased to report that, as in prior years, a very high shareholder response was achieved, with 89.635% of Century's outstanding shares having been voted at the meeting.   At that meeting, the shareholders:

• set the size of the Board of Directors at eight members;
• elected the Board of Directors;
• approved the Company's Equity Incentive Plan; and
• re-appointed PricewaterhouseCoopers LLP as the Company's auditors for the upcoming year.

Number of Directors

The number of directors of the Company for the ensuing year was confirmed as and set at eight (8). The voting results on this matter are as follows:

Election of Directors

Century's shareholders accepted management's nominations for election to the Company's Board of Directors with overwhelming support. All of the nominees served as directors of the Company prior to the meeting and were re-elected as directors until the Company's next annual meeting of shareholders. The voting results on the election of directors are as follows:

* % results rounded to 0.000%.

Re-approval of Equity Incentive Plan

At the meeting, the Company's shareholders also re-approved the Company's Equity Incentive Plan, making the plan available for grants of equity-based incentive compensation for the next three years. The following are the results of the vote on this matter:

Re-appointment of Auditors

At the meeting, the Company's shareholders re-appointed PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the 2020-2021 financial year. The voting results on this matter are as follows:

* % results rounded to 0.000%.

Appointment of New CFO

The Company also announced that effective October 1, 2020, Bonnie Leung will take on the roles of Chief Financial Officer and Co-Secretary of the Company, adding those roles to her current role as Vice President (Finance) of the Company. Alex Tsang will continue serving as Chief Financial Officer and Co-Secretary until October 1, 2020, when Ms. Leung's appointment takes effect.

Ms. Leung joined Century in 2011 as Financial Controller. She is a member of the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants, and has 20 years of experience in financial management. Ms. Leung graduated from the Chinese University of Hong Kong and obtained her Master of Business Administration degree from the Hong Kong University of Science and Technology. Prior to joining Century, she worked in Ernst & Young and Philips, having gained extensive experience in financial audits, IPOs, internal audits, compliance and risk management.  

Sandy Chim, Chairman of the Board, President & Chief Executive Officer of Century said: "On behalf of the Board of Directors, I want to thank Alex Tsang for his service to the Company. Since joining the Company in the Fall of 2016, Mr. Tsang made many important contributions to the Company and to the projects undertaken by Century since that time. We are grateful for his work and wish him much success as he moves onto other projects. I also want to congratulate Ms. Leung on her new responsibilities. I have every confidence in her abilities and know that with her deep knowledge of the Company, having been developed through nearly a decade as part of our management team, the financial oversight of Century remains in good hands."

About Century

Century Global Commodities Corporation (TSX:CNT) has established a large portfolio of iron ore projects with extensive resources in Canada and has other metals and non-metals operations as follows.

Iron Ore

With Baowu and Minmetals, both Global Fortune 500 companies, as Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping iron ore ("DSO") project in Newfoundland and Labrador, is our most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. We are maintaining our properties ready for advancement after a return to sustained higher iron ore prices.

Quality Food Services

Century has established a professional marketing team and built a distribution system of quality food products sourced from advanced countries to serve the Hong Kong market.

For further information please contact:

Sandy Chim, President & CEO
Century Global Commodities Corporation
416-977-3188
IR@centuryglobal.ca

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.   FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY'S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY'S BUSINESS, AS DESCRIBED IN CENTURY'S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2020. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.