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China Expert Technology (OTC:CXTI) filed an 8-K Friday announcing that it has elevated the controller of a major subsidiary to the CFO post recently vacated by Simon Fu:

On August 15, 2007, the Registrant appointed Qiyou Li [Jeff], age 38, as Chief Financial Officer. His appointment as Chief Financial Officer was appointed by the board of directors, and is pursuant to a written employment agreement containing basic terms of employment.

Biographical Information: Qiyou Li [Jeff] was appointed as CFO of the Registrant on August 15, 2007. From September 2005, to the present, Mr.Li has been the financial controller of Expert Network (Shenzhen) Co. Ltd., the Registrant’s wholly owned subsidiary, and was responsible for all financial, accounting and internal auditing. From October 1999 through September 2005, Mr. Li was the financial manager of ZhongQi Power Technology Company, where he was responsible for the establishing and maintaining the budget for the headquarters and for seven subsidiaries. Mr. Li holds a Bachelor degree from University of Jiangxi Finance and Economics.

If the company reports within the 5-day period allotted under its automatic extension, and if there are no surprises, I expect that shares will appreciate considerably. If not, we could see $2.50 again.

DISCLOSURE: Long CXTI.OB
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Source: China Expert Technology CFO Post Filled