Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) Effective June 16, 2020, Xinghai Li resigned as a member of the Board of
Directors (the "Board") of Lithium & Boron Technology, Inc. (the "Company"). His
resignation was not because of any disagreement with the Company on matters
relating to its operations, policies or practices.
(b) On June 17, 2020, the Board appointed Mr. Ming Wei as a Director of the
Company. Mr. Wei replaces Mr. Li as a member of the Board. Mr Wei has served as
Senior Engineer at Qing Hai Salt Lake Research Institute of Chinese Academy of
Sciences for the past 5 years and began his career there in 1990. Mr. Wei served
as an advisor to companies in the Qing Hai Province by assisting them develop
and utilize mineral resources. Mr. Wei also serves as Secretary General, of
Lithium branch of China Inorganic Salt Association since April of 2019. Mr. Wei
is currently serving without compensation or pursuant to a written agreement.
The Company will disclose any compensatory arrangements entered into in the
future.
There is no arrangement or understanding with any other person, pursuant to
which these individuals were appointed as a director and officer of the Company.
Mr. Wei does not have a direct or indirect material interest in any transaction
required to be disclosed pursuant to Item 404(a) of Regulation S-K.
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