Kingold Jewelery (NASDAQ:KGJI)

WUHAN, China, Feb. 3, 2011 /PRNewswire-Asia/ -- Kingold Jewelry, Inc. today announces that H. David Sherman, an expert on developing and using financial and non-financial measures to evaluate and manage performance with over 25 years of expertise in academia and business, has joined the Kingold's Board of Directors.

Professor Sherman replaces Dr. Vince Orza who resigned as a director as of January 28, 2011. Dr. Orza resigned from the Board due to a disagreement over Kingold's equity offering which he did not support at the $3.19 per share offering price. He felt that Kingold was undervalued at such price.  Kingold's previously announced US$22.9 million equity offering closed on January 13, 2011.