IONIX TECHNOLOGY, INC. (OTCMKTS:IINX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers’ Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 27, 2020, the Board of Directors of Ionix Technology, Inc., a Nevada corporation (the “Company”), accepted the resignation of the following directors: (i) Mr. Qinghua Shi (“Mr. Shi”), as independent director and member of the Compensation Committee and Nominating and Corporate Governance Committee, and (ii) Anthony Saviano (“Mr. Saviano”), as independent director and member of the Audit Committee. The resignations of Mr. Shi and Mr. Saviano was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
In connection with Mr. Saviano’s resignation the following agreements between the Company and Mr. Saviano, were terminated: (1) the Consulting Agreement, dated July 29, 2019, and (2) the Independent Director Agreement, dated July 29, 2019.
Appointment
On October 27, 2020, effective upon Mr. Shi’s resignation, Ms. Xiaolin Wei (“Ms. Wei”) was appointed to serve as a member of the Board of Directors of the Company and member of each of the Compensation Committee and Nominating and Corporate Governance Committee of the Company; and Ms. Wei has accepted such appointment. The biography for Ms. Wei is set forth below.
On October 27, 2020, effective upon Mr. Saviano’s resignation, Ms. Yanli Wang (“Ms. Wang”) was appointed to serve as a member of the Board of Directors of the Company and as a member of the Audit Committee of the Company; and Ms. Wang has accepted such appointment. The biography for Ms. Wang is set forth below.
Biographies of newly appointed directors:
Ms. Xiaolin Wei, 30, is originally from Dalian, Liaoning Province, China. Ms. Wei received a Bachelor degree in Advertising and Marketing in 2014 from the British Columbia Institute of Technology (BCIT) in Canada. From 2015 to present, Ms. Wei has acted as the General Manager of Shenzhen Hongbo Fund Management, where she has participated in angel round investments and subsequent stage financing of domestic projects. Ms. Wei has valuable practical experience in the capital market.
Ms. Yanli Wang, 49, graduated from Dongbei University of Finance and Economics majoring in accounting, and has been a senior accountant and senior economic analyst. From October 2012 to present, Wang has worked as Financial Director, Audit Manager, and Manager of audit and supervision department, of the Dalian Branch of China Ping An Life Insurance Co., Ltd. From November 1993 to September 1995, Wang worked at Jiamusi Plastic No. 8 Factory as a cashier. From October 1995 to August 1999, she worked at Jiamusi Great Wall Company as a cost accountant. From April 2000 to October 2012, Wang worked at Shanghai Jiaji Express Co., Ltd. as a financial manager.
Family Relationships
Ms. Wang and Ms. Wei are not related to any officer or Director of the Company.
Related Party Transactions
There are no related party transactions reportable under Item 5.02 of Form 8-K and Item 404(a) of Regulation S-K.
About IONIX TECHNOLOGY, INC. (OTCMKTS:IINX)
Ionix Technology, Inc., formerly Cambridge Projects Inc., through its subsidiaries Well Best International Investment Limited (Well Best), Xinyu Ionix Technology Company Limited (Xinyu Ionix) and Taizhou Ionix Technology Company Limited (Taizhou Ionix), is engaged in developing, designing, manufacturing and selling lithium batteries for electric vehicles in China. The Company’s products include 18650-2000 milli-ampere-hour (mAh) lithium ion batteries (LIB) for use in lithium cell electronic bicycles, balance cars, scooters, electric vehicles, special vehicles at low speed, energy storage, and other products. Its LIB is a rechargeable electric device within which lithium moves from a negative electrode to a positive electrode during the discharge and back charging. The four main materials used in its LIBs are cathode materials, anode materials, operators and electrolytic solution. Its LIBs are used as the power supply for devices, such as mobile phones, digital cameras and power tools.
