The board of directors of China Innovationpay Group Limited announced that Mr. Cao Chunmeng has been appointed as executive director and chief executive officer of the Company on 11 July 2012. The Board further announces that Mr. Guan Guisen has resigned as chief executive officer of the Company with effect from 11 July 2012. Mr. Cao Chunmeng ("Mr. Cao"), aged 40, joined the Company in March 2011 and acted as Vice President of the Company. Mr. Guan will focus on the overall development of the Company, formulating and implementing the direction and strategy of the Company.