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Press Release

Wecast Network Selects Bing Yang as next Chief Executive OfficerNEW YORK, Dec. 8,    2016 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or the    "Company" or "WCST"), announced today that its Board of Directors, on December 4, 2016, have unanimously chosen Mr. Bing Yang as the    Company's next Chief Executive Officer.  Mr. Yang, who currently serves as    President of Wecast's Video Content Commerce Group, will, in addition to assuming the    new CEO role, also be appointed as a Director on Wecast's Board.  Both roles    will be effective immediately.
   

"This is the perfect time for Bing Yang to become Wecast's next Chief Executive    Officer.  We've elected a very solid leader at a time when Wecast is setting the    groundwork for huge growth," said Bruno Wu, Chairman.    "This past year's pace of transformation has been exponential. Our next CEO needs to    be an excellent communicator, to thrive in a highly dynamic setting, to be capable of    accelerating what is working very well for Wecast, as well as dissolving and    disrupting what needs to be eliminated or changed. Bing is unique in his ability to    translate strategy and vision into world-class implementation and to bring together    teams and ecosystems to drive results. Bing's vision, strategy and execution track    record, specifically in the transactional and e-commerce arenas where Wecast is    building its ecosystem and focusing its efforts, are exactly what Wecast needs as    we enter our next chapter."

   

Current CEO, Mr. Mingcheng Tao, will remain with    Wecast Network as an advisor to the company.  Bruno    Wu stated, "Mingcheng played the key pivotal role over the past year in    getting this ship straightened and drastically repositioning Wecast for growth for    the very first time in its history.  Without his leadership, fortitude,    decisiveness and challenging decision-making abilities, Wecast Network would not even    be positioned to pursue the breakout opportunities that exist on the horizon."

   

Mr. Yang, a result-driven technology entrepreneur focused on long-term, repeatable    success, brings a wide range of experience in research & development, product    development and sales and marketing. Most recently he was the CEO of KJT.  KJT    is one of the first enterprises in the Shanghai Free Trade Zone and a pioneer in B2C    cross border e-commerce transactional platforms.  KJT enables companies like    Amazon and other ex-China retailers to complete    order fulfillment directly to Chinese consumers.  At KJT, he was responsible for    the entire online retailer strategy and operations including marketing, sales,    logistics, warehousing, payment, IT, customer service, regulatory compliance and    supply chain management.  Throughout his thirty-year career, Mr. Yang held    various executive level positions and founded several innovative technology    companies.  To name a few, he was: the general manager of China R&D and    video technology group for Cisco Systems; the Founder, CTO and VP of Engineering at    Convergent Networks, a pioneer in VoIP technologies; the Founder and Director of    Hardware Engineering at Cadia Networks, an innovator in broadband access and    switching technologies.

   

Mr. Yang earned a Bachelor of Science in Electrical Engineering from    the University of Texas at Austin and a    Master of Science in Electrical Engineering from the University of New Hampshire.

   

"The opportunity that lies ahead for Wecast is immense, and the ability to lead    this next chapter is deeply humbling and incredibly exciting," said Bing    Yang. "I am focused on accelerating the innovation and execution that our    current and future customers will need from us.  I couldn't be more confident in    our ability to flourish, or more thrilled to lead this great company."

   

About Wecast Network, Inc. (http://corporate.wecastnetworkinc.com)

   

Wecast Network, Inc. (NASDAQ: WCST) is leveraging and optimizing its current    operations as a premium content Video On Demand service provider in China to evolve into a global, vertical, ubiquitous and    transactional B2B2C, mobile-driven, consumer management platform for both enterprises    and consumers.  By aiming to establish the world's premier multimedia, social    networking and smart e-commerce-enabled network with the largest global effective    connected user base, Wecast, through this expanded, cloud-based, ecosystem of    connected screens combined with strong partnerships with leading global providers,    will be capable of delivering a vast array of WCST/YOD–branded products and    services to enterprise customers and end-use consumers - anytime and    anywhere, across multiple platforms and devices. 

   

Wecast has content distribution agreements in place with many    of Hollywood's top studios including Disney Media Distribution, Paramount    Pictures, NBC Universal and Twentieth Century Fox Television Distribution, Miramax,    as well as a broad selection of the best content from Chinese filmmakers.  In    addition, the Company has governmental partnerships and licenses as well as numerous    JV partnerships and strategic cooperation agreements with an array of distribution    and content partners in the global new media space. Wecast is headquartered in both    New York, NY and Beijing,    China.

   

Safe Harbor Statement

   

This press release contains certain statements that may include "forward    looking statements." All statements other than statements of historical fact included    herein are "forward-looking statements." These forward looking statements are often    identified by the use of forward-looking terminology such as "believes," "expects" or    similar expressions, involve known and unknown risks and uncertainties. Although the    Company believes that the expectations reflected in such forward-looking statements    are reasonable, they do involve assumptions, risks and uncertainties, and these    expectations may prove to be incorrect. You should not place undue reliance on these    forward-looking statements, which speak only as of the date of this press release.    The Company's actual results could differ materially from those anticipated in these    forward-looking statements as a result of a variety of factors, including those    discussed in the Company's periodic reports that are filed with the Securities and    Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to    the Company or persons acting on its behalf are expressly qualified in their entirety    by these factors. Other than as required under the securities laws, the Company does    not assume a duty to update these forward-looking statements.

   

CONTACT:
Jason Finkelstein 
    Director Strategy & IR   
    Wecast Network, Inc. 
    212-206-1216                                              

   

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wecast-network-selects-bing-yang-as-next-chief-executive-officer-300375325.html

   

SOURCE Wecast Network, Inc.

 

 
    Source: PR Newswire (December 8, 2016 - 9:18 AM EST)
   
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