HF Foods Appoints Felix Lin as Chief Operating Officer

Rhea-AI Summary

HF Foods Group (NASDAQ: HFFG) announces the appointment of Mr. Xi Lin as Chief Operating Officer, effective May 1, 2022. Lin, previously an Independent Board Member since November 2019, will also remain on the Board until a successor is appointed. His extensive experience includes leadership roles at Blue Bird Corporation, where he oversaw various operational sectors. CEO Peter Zhang anticipates that Lin's addition will enhance operational efficiency and strengthen market presence. The company aims to meet the growing demand for Asian cuisine in the U.S.

Positive

• Appointment of a seasoned executive, Xi Lin, is expected to strengthen operational efficiency.
• Lin's diverse experience in corporate strategy and operations positions him well for his new role.

Negative

• Loss of Lin's contributions to the Board may create a leadership gap until a successor is found.

LAS VEGAS, April 20, 2022 (GLOBE NEWSWIRE) -- HF Foods Group, Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States (“HF Foods” or the “Company”), is pleased to announce the appointment of Mr. Xi Lin (aka Felix Lin) as Chief Operating Officer of the Company, effective May 1, 2022. Mr. Lin will report directly to the CEO of the Company.

Mr. Lin has served as an Independent Board Member for the Company since November 2019, where he served as Chairman of the Audit Committee and the Special Investigation Committee. He will continue to serve on the Board of Directors until another Independent Director is appointed.

Mr. Lin has had a very successful and diverse career prior to joining HF Foods. Most recently, Felix was Vice President and a Senior Strategy Officer for Blue Bird Corporation (the leading school bus manufacturer in North America), overseeing human resources, corporate and operations training, government relations, compliance, and strategy. During his time at Blue Bird Corporation, Mr. Lin also held leadership positions in Manufacturing Operations, Supply Chain, Finance, and Accounting. Earlier in his career, Mr. Lin worked as a key member of the China and Middle East business development team for Blue Bird Corporation under Cerberus Capital Management, LLP.

Mr. Lin holds a Bachelor’s degree in Finance and Accounting from Mercer University, a Masters of Accounting degree from Georgia College and State University, and a Master’s in Business Administration degree from University of North Carolina at Chapel Hill.

Mr. Peter Zhang, CEO of HF Foods said: “With Felix joining the team, I look forward to further strengthening our capabilities through new initiatives that will increase our presence in existing markets and improve our overall operations efficiency. In addition, this change shows a continuous commitment to our professional transformation.”

Mr. Russell Libby, Chairman of the HF Foods Board of Directors, added: “Felix is a very valuable member of our Board of Directors. While we will be sorry to lose his contributions and leadership on the Board, we are excited to have him join the HF Group management team. We will immediately commence a search for his successor on the Board.”

About HF Foods Group, Inc.

HF Foods Group, Inc., headquartered in Las Vegas, Nevada, is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to primarily Asian/Chinese restaurants and other foodservice customers throughout the United States. With distribution centers strategically located throughout the nation, HF Foods aims to supply the increasing demand for Asian American restaurant cuisine. With an in-house proprietary ordering and inventory control network, more than 12,500 established customers in over 40 states, and strong relations with growers and suppliers of food products in the US, South America and China, HF Foods Group is able to offer fresh, high-quality specialty restaurant foods and supplies at economical prices to its large and growing base of customers. For more information, please visit www.hffoodsgroup.com.

Forward-Looking Statements

All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company’s actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Such factors include, but are not limited to, unfavorable macroeconomic conditions in the United States, competition in the food service distribution industry, particularly the entry of new competitors into the Chinese/Asian restaurant market niche, increases in fuel costs or commodity prices, disruption of relationships with vendors and increases in product prices, U.S. government tariffs on products imported into the United States, particularly from China, changes in consumer eating and dining out habits, disruption of relationships with or loss of customers, our ability to execute our acquisition strategy, availability of financing to execute our acquisition strategy, failure to retain our senior management and other key personnel, our ability to attract, train and retain employees, changes in and enforcement of immigration laws, failure to comply with various federal, state and local rules and regulations regarding food safety, sanitation, transportation, minimum wage, overtime and other health and safety laws, product recalls, voluntary recalls or withdrawals if any of the products we distribute are alleged to have caused illness, been mislabeled, misbranded or adulterated or to otherwise have violated applicable government regulations, failure to protect our intellectual property rights, any cyber security incident, other technology disruption, or delay in implementing our information technology systems, statements of assumption underlying any of the foregoing, and other factors disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.

Investor Relations Contact:

Gateway Investor Relations
Cody Slach
Tel 1-949-574-3860
HFFG@gatewayir.com

FAQ

Who is Xi Lin, and what role has he been appointed to at HF Foods Group?

Xi Lin has been appointed as Chief Operating Officer of HF Foods Group, effective May 1, 2022.

What experience does Xi Lin bring to his new role at HF Foods Group?

Xi Lin brings extensive experience from Blue Bird Corporation, where he held leadership positions in multiple operational areas.

How will Xi Lin's appointment impact HF Foods Group?

Lin's appointment is expected to improve operational efficiency and enhance market presence for HF Foods Group.

What position will Xi Lin retain after becoming COO?

Xi Lin will continue to serve on the Board of Directors until a new Independent Director is appointed.

What did the CEO of HF Foods Group say about Xi Lin's appointment?

CEO Peter Zhang expressed excitement about Lin joining the management team, anticipating improvements in operations and market presence.