The board of directors of Yau Lee Holdings Ltd. announced that Mr. Tsang Chiu Kwan will resign as an Executive Director of the company with effect from July 1, 2012 because of reaching the retirement age. Mr. Tsang has confirmed that there is no disagreement with the Board and there is no other matter in relation to his resignation that needs to be brought to the attention of the Board and the shareholders of the company. Mr. Tsang joined REC Engineering Company Limited from 1988 to 2007 and re-joined in July 2008. Mr. Tsang was appointed as an executive director of the company in 2010. He has been responsible for the overall strategic planning, management and direction of REC.