Mr. C. W. Leung

MACAO, Dec 23, 2008 (BUSINESS WIRE) -- Deswell Industries, Inc. (Nasdaq: DSWL) today announced that Leung Chi Wai (C. W. Leung), the company's Executive Director of Engineering for Plastic Operations, a Member of Deswell's Board of Directors and a co-founder of the company, has tendered his resignation as an executive and a director of the company effective on January 1, 2009.

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Mr. Leung has served Deswell Industries and its predecessors as a member of its Board of Directors and in various executive capacities since Deswell was organized in 1987. Most recently he has served as Executive Director of Engineering for Plastic Operations, in which position he was in charge of the mold division and engineering for the company's plastic manufacturing operations.

"We would like to express our sincere gratitude to Mr. Leung for his many contributions to Deswell since its founding and his years of devotion and support," commented Franki Tse, Deswell's Chief Executive Officer.
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The company has been advised by Mr. Leung that his resignation is for personal reasons and that he and his family plan to relocate overseas. At present, management plans to divide Mr. Leung's executive duties among various members of the management team. Deswell has not decided as yet whether to seek to fill Mr. Leung's position on the company's board of directors or have the board continue with the remaining five members, consisting of two management and three independent directors.

At December 19, 2008, Mr. Leung beneficially held 1,270,000 common shares of Deswell, or approximately 7.9 percent of Deswell's shares, including options to purchase 195,000 shares granted to Mr. Leung under the company's stock option plans that are exercisable at a weighted average exercise price of $11.52 per share until January 20, 2018. Upon ceasing to be a Deswell affiliate within the meaning of SEC Rule 144, Mr. Leung will be eligible to sell his shares into the open market under Rule 144 without restriction. If Mr. Leung does sell a substantial number of his Deswell shares into the market at one time or from time to time, or merely because his shares become eligible for sale without the restrictions otherwise imposed by Rule 144, the prevailing market price of Deswell's shares may decrease.

Leung Chi Wai (C. W. Leung)
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C. W. Leung.Mr. Leung has served the Company as a Member of the Board of Directors and in various executive capacities with the Company and its predecessors since their inception in 1987.As Executive Director of Engineering for Plastic Operations, Mr. Leung is in charge of the mold division and engineering for the Company's plastic manufacturing operations. Hung-Hum Leung.Mr. Leung has been a director of the Company and member of the Audit Committee since December 1999.Mr. Leung has over 25 years of experience in the manufacture of electronic products.Mr. Leung was the founder of Sharp Brave Holdings Ltd., a Hong Kong public company listed on the Hong Kong Stock Exchange, and from 1991 to 1995 served as the Chairman of Sharp Brave Holdings Ltd.Since 1995, Mr. Leung has been an independent consultant to the electronics industry.He received his Bachelor of Science degree in Physics from the National Taiwan University in 1971.

C.W. LeungExecutive Director of Engineering for Plastic Operations and Member of the Board of Directors

Leung Chi Wai (C. W. Leung)
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C. W. Leung.Mr. Leung has served the Company as a Member of the Board of Directors and in various executive capacities with the Company and its predecessors since their inception in 1987.As Executive Director of Engineering for Plastic Operations, Mr. Leung is in charge of the mold division and engineering for the Company's plastic manufacturing operations. Hung-Hum Leung.Mr. Leung has been a director of the Company and member of the Audit Committee since December 1999.Mr. Leung has over 25 years of experience in the manufacture of electronic products.Mr. Leung was the founder of Sharp Brave Holdings Ltd., a Hong Kong public company listed on the Hong Kong Stock Exchange, and from 1991 to 1995 served as the Chairman of Sharp Brave Holdings Ltd.Since 1995, Mr. Leung has been an independent consultant to the electronics industry.He received his Bachelor of Science degree in Physics from the National Taiwan University in 1971.

Leung Chi Wai (C. W. Leung)
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C. W. Leung.Mr. Leung has served the Company as a Member of the Board of Directors and in various executive capacities with the Company and its predecessors since their inception in 1987.As Executive Director of Engineering for Plastic Operations, Mr. Leung is in charge of the mold division and engineering for the Company's plastic manufacturing operations.

Hung-Hum Leung.Mr. Leung has been a director of the Company and member of the Audit Committee since December 1999.Mr. Leung has over 25 years of experience in the manufacture of electronic products.Mr. Leung was the founder of Sharp Brave Holdings Ltd., a Hong Kong public company listed on the Hong Kong Stock Exchange, and from 1991 to 1995 served as the Chairman of Sharp Brave Holdings Ltd.Since 1995, Mr. Leung has been an independent consultant to the electronics industry.He received his Bachelor of Science degree in Physics from the National Taiwan University in 1971.

Leung Chi Wai (C. W. Leung)
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C. W. Leung.Mr. Leung has served the Company as a Member of the Board of Directors and in various executive capacities with the Company and its predecessors since their inception in 1987.As Executive Director of Engineering for Plastic Operations, Mr. Leung is in charge of the mold division and engineering for the Company's plastic manufacturing operations.
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Mr. Leung has been a director of the Company and member of the Audit Committee since December 1999.Mr. Leung has over 25 years of experience in the manufacture of electronic products.Mr. Leung was the founder of Sharp Brave Holdings Ltd., a Hong Kong public company listed on the Hong Kong Stock Exchange, and from 1991 to 1995 served as the Chairman of Sharp Brave Holdings Ltd.Since 1995, Mr. Leung has been an independent consultant to the electronics industry.He received his Bachelor of Science degree in Physics from the National Taiwan University in 1971.

C. W. LEUNG, 47, has served DESWELL INDUSTRIES INC as a Member of the Board of Directors and in various executive capacities with DESWELL INDUSTRIES INC and its predecessors since their inception in 1987.As Executive Director of Engineering for Plastic Operations, Mr. Leung is in charge of the mold division and engineering for DESWELL INDUSTRIES INC's plastic manufacturing operations.
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Mr. Leung has over 25 years of experience in the manufacture of electronic products.Mr. Leung was the founder of Sharp Brave Holdings Ltd., a Hong Kong public company listed on the Hong Kong Stock Exchange, and from 1991 to 1995 served as the Chairman of Sharp Brave Holdings Ltd.Since 1995, Mr. Leung has been an independent consultant to the electronics industry.He received his Bachelor of Science degree in Physics from the National Taiwan University in 1971. No family relationship exists among any of the named directors, executive officers or key employees and no arrangement or understanding exists between any director or officer and any other persons pursuant to which any director or executive officer was elected as a director or executive officer of DESWELL INDUSTRIES INC.The directors of DESWELL INDUSTRIES INC are elected at its annual meeting of shareholders and serve until their successors take office or until their death, resignation or removal.The executive officers serve at the pleasure of the Board of Directors of DESWELL INDUSTRIES INC.

HONG KONG--(BUSINESS WIRE)--June 17, 2002--Deswell Industries, Inc. (Nasdaq: DSWL - News; "the Company") today announced that its executive directors Richard Lau and C.W. Leung exercised options totaling 45,000 Common Shares of the Company on June 1, 2001, and June 17, 2002.