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eFuture Announced the Results of Its Extraordinary General Meeting of Shareholders and Election of Six New Directors

BEIJING, Feb. 29, 2016 (GLOBE NEWSWIRE) -- eFuture Holding Inc. (Nasdaq:EFUT) (the "Company" or "eFuture"), a leading software and solution provider and a mobile business enabler to China's rapidly growing retail and consumer goods industries, today announced both proposals submitted for shareholder approval at its Extraordinary General Meeting of Shareholders (the "EGM") held on February 29, 2016 were duly approved. The EGM was requisitioned by Shiji (Hong Kong) Limited, which currently owns 2,744,857 ordinary shares of the Company and is a wholly owned subsidiary of Beijing Shiji Information Technology Co. Ltd.(“Shiji”, Shenzhen Stock Exchange:002153).

As a leader in the hotel, restaurant and retail management systems field in China, Shiji’s customers include over 10,000 hotels, 100,000 restaurants and 200,000 retail users.

At the meeting, a quorum was present. Kevin King, Hui Fang Xi, Dongyu Guan, Tak Yuen Lai, Weihua Zhou and Yuanzhu Lu were elected as new directors of eFuture to serve until he/she is removed from office or until the following annual general meeting at which that Class directors are due to retire. The 2015 Share Incentive Plan was approved. Please refer to the Appendix on detailed voting results.

As a result of the election of the six new directors, the size of the board of directors was increased to eleven. Among these new directors, Weihua Zhou and Yuanzhu Lu are independent directors.

Kevin King has worked as the Chief Operating Officer of Beijing Shiji Information Technology Co. Ltd since June 2015. Shiji is a leading cross vertical technology solutions provider that develops and represents solutions for the Hospitality, Food Service and Retail industries across China. Prior to joining Shiji Mr. King worked with the leading Hospitality technology solution provider, MICROS Systems Inc. for over 17 years in various operational and business management roles, including the business and technical development of global payment solutions.

Hui Fang Xi is Managing Director of Shanghai Shiji Information Technology Co. Limited, a wholly owned subsidiary of Beijing Shiji Information Technology Co. Ltd. Ms. Xi manages Shiji’s Retail portfolio in China which includes working with international and domestic partners creating solutions for the clients domestic operations. She previously worked with Oracle Retail (previously MICROS Retail) focused on business development and has extensive experience in the China and global retail industry.

Dongyu Guan currently serves as Vice President of Beijing Shiji Information Technology Co. Limited. From 2009 Mr. Guan worked in Shiji and takes responsibility for Shiji’s subsidiaries such as Infrasys, CNEDC, Bestech, SiSS. Mr. Guan was chief representative of Infrasys International Ltd. for over 10 years focused on business development working with partners creating solutions for the China’s domestic food service industry and has extensive experience in the China food service industry.

Tak Yuan Lai is Executive Vice President and CFO of Beijing Shiji Information Technology Co. Limited. Mr. Lai brings significant experience in board-level positions to the Company, including having been a Director of Shenzhen International SoluSoft Software Co. Ltd, China National Electronic Devices Corporation in 2014 and Hangzhou Westsoft Science & Technology Co. Ltd in 2007. He served as director in Adsale-STSN China/Movielink (HK) Ltd from 2000 to 2001, Micros-Fidelio China from 1992 to 2000. Currently, Mr. Lai is a director of Shiji Information and acts as the Chief Executive Officer of Infrasys International Ltd.

Yuanzhu Lu, doctor degree in National University of Singapore, currently worked as professor in Central University of Finance & Economics. He was appointed as an independent director. He has worked in this university for over ten years and focused on the research around the field of Industrial Organization, Micro Economics and Game Theory Application. He has published over 30 academic papers and research reports in Chinese and international publications.

Weihua Zhou who graduated in Beijing University, currently services as chairman of board of Beijing Sino-Sky Hi-Tech Co., Ltd., chairman of board of Beijing Sino-Sky Guangdian Communications Technology Co., Ltd and director of Capinfo Company Ltd (HK1075). He was appointed as an independent director. Prior to the current positions, Mr. Zhou worked in Radio Film & Television Design & Research Institute for over 28 years as deputy chief engineer.

Mr. Lu is highly experienced in economic research and Mr. Zhou is highly experienced management professionals with nearly thirty-year experience. The expertise of two independent directors will provide valuable and professional advice and recommendations to the development of the company.

ABOUT EFUTURE HOLDING INC.

eFuture Holding Inc. (EFUT) is a leading software and solution provider and a mobile business enabler to China's rapidly growing retail and consumer goods industries. eFuture's clients include over 1,000 active retailers with more than 50,000 physical stores across China, of which approximately 45% were ranked among the top 100 chain retailers during 2014. For more information about eFuture, please visit http://www.e-future.com.cn.

SAFE HARBOR

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, 2015 financial outlook and quotations from management in this announcement, as well as strategic and operational plans, contain forward-looking statements. eFuture may also make written or oral forward-looking statements in periodic reports to the Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: eFuture’s anticipated growth strategies; eFuture’s future business development, results of operations and financial condition; expected changes in the Company's revenue and certain cost or expense items; eFuture’s ability to attract clients and leverage its brand; trends and competition in the software industry; the Company's ability to control expenses and maintain profit margins; the Company's ability to hire, train and retain qualified managerial and other employees; the Company's ability to develop new software and pilot new business models at desirable locations in a timely and cost-effective manner; the performance of third parties under contracts with the Company; the expected growth of the Chinese economy software market in retail and consumer goods industries; and Chinese governmental policies relating to private managers and operators of software and applicable tax rates.

Further information regarding these and other risks will be included in eFuture’s annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of February 18th, 2016, and the Company undertakes no duty to update such information or any other forward-looking information, except as required under applicable law.

APPENDIX

At the Extraordinary General Meeting of Shareholders of eFuture Holding Inc. (the "Company" or “eFuture”), held on February 29, 2016, the Company's shareholders considered two proposals:

A quorum was present at the meeting.

Proposal 1. To elect six (6) directors, Kevin King (Class I), Hui Fang Xi (Class III), Dongyu Guan (Class II), Weihua Zhou (Class I), Yuanzhu Lu (Class I) and Tak Yuen Lai (Class III) to serve until he/she is removed from office or until the following annual general meeting at which that Class directors are due to retire.

The results of the voting for Proposal 1 were as follows:

For Withhold
Kevin King3,971,931 29,450
Hui Fang Xi3,819,731 181,650
Dongyu Guan3,969,731 31,650
Weihua Zhou3,849,081 152,300
Yuanzhu Lu3,849,081 152,300
Tak Yuen Lai3,819,731 181,650

Based on the votes set forth above, all of them were duly elected.

Proposal 2. To approve the 2015 Share Incentive Plan.

The results of the voting for Proposal 2 were as follows:

For Against Abstain
3,965,231 31,650 4,500

Based on the votes set forth above, the 2015 Share Incentive Plan was approved.

No other matters were considered or voted upon at the meeting.

Contact: INVESTOR CONTACT: Troe Wen, Company Secretary eFuture Holding Inc. +86 10 50916128 ir@e-future.com.cn

Source:eFuture Holding Inc.