HF Foods Welcomes Industry Veteran, Russell Libby, to its Board of Directors

Rhea-AI Summary

HF Foods Group Inc. (NASDAQ: HFFG) has appointed Russell Libby, a seasoned food distribution executive, to its board of directors effective July 1, 2020, replacing the resigned Zhehui Ni. Libby brings nearly 30 years of experience from notable firms such as Sysco and COFRA North America. His expertise in business development and corporate governance is expected to bolster HF Foods' growth strategy as it navigates challenges within the foodservice industry post-pandemic. The company aims to leverage Libby's skills to enhance operations and value for shareholders.

Positive

• Russell Libby's extensive experience in food distribution and corporate governance is expected to enhance strategic initiatives.
• The board maintains a balanced composition with three independent and two inside directors, promoting effective governance.

Negative

• The resignation of Zhehui Ni may raise concerns about continuity and experience on the board.

CITY OF INDUSTRY, Calif., July 02, 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 (the “Company”), welcomes Russell Libby, a food distribution industry veteran and service-oriented c-suite executive, to the Company’s board of directors effective July 1, 2020.

Pursuant to our previous 8K filing and announcement dated March 23, 2020, Libby has replaced the outgoing director, Zhehui Ni, who resigned effective June 30, 2020 due to personal and professional obligations. As a result of the change, the Company’s board of directors remained composed of five directors, including three independent directors and two inside directors.

Russell Libby has nearly 30 years of comprehensive global experience in mergers and acquisitions, strategy, business development, international business, corporate governance, and corporate social responsibility. From 2007 to 2019, he held numerous leadership positions at Sysco Corp. and most recently served as the company’s executive vice president and corporate secretary.

Prior to his career with Sysco, Libby served as president of COFRA North America and vice president - legal, for Good Energies, Inc., an investment advisor to private equity and venture capital funds. During his career, he has also worked as general counsel, vice president-human resources and secretary at Liuski International, Inc., a computer distribution and manufacturing company, and as a corporate associate with Arnall Golden Gregory, LLP, a full-service law firm in Atlanta.

Libby holds a Bachelor of Arts in international relations from the University of Virginia in Charlottesville and a J.D. degree from Emory University School of Law in Atlanta.

“On behalf of the Company and the board of directors, I’d like to personally welcome Mr. Libby aboard HF Foods Group,” said Peter Zhang, co-CEO of HF Foods. “The knowledge and skills he has developed from his many years in food distribution management and operations, as well as in financial markets, will be of great value to our organization as we work to grow the business and generate value for the betterment of our customers, employees, and shareholders.”

Mr. Libby commented: “I look forward to leveraging my expertise to help HF Foods navigate the challenges the entire foodservice industry is facing as we emerge from the pandemic, and once complete, to help better position the Company for the next phase of growth.”

About HF Foods Group Inc.

HF Foods Group Inc., headquartered in City of Industry, California, 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 Southeast, Pacific and Mountain West regions of the United States. With 14 distribution centers along the U.S. eastern and western seaboards, 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 10,000 established customers in 21 states, and strong relations with growers and suppliers of food products in the US 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 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, control of the Company by our Chief Executive Officer and principal stockholder, 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, 2018 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

What changes occurred in HF Foods Group's board on July 1, 2020?

HF Foods Group appointed Russell Libby to its board, replacing Zhehui Ni, who resigned due to personal obligations.

Who is Russell Libby and what experience does he bring to HFFG?

Russell Libby is a food distribution veteran with nearly 30 years of experience, including leadership roles at Sysco Corp.

How might Russell Libby's appointment impact HFFG's business strategy?

Libby’s expertise may aid HF Foods in overcoming industry challenges and position the company for future growth.

Why did Zhehui Ni resign from HF Foods Group's board?

Zhehui Ni resigned due to personal and professional obligations as of June 30, 2020.