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| 8-K - CHINA RECYCLING ENERGY CORP | v207447_8k.htm |
China
Recycling Energy Corporation Appoints Industry Veteran, David Chong, as New
Chief Financial Officer
XI'AN, China, January 6,
2010-- China Recycling Energy Corp. (NASDAQ: CREG or "the Company"), a
leading industrial waste-to-energy solution provider in China, today announced
that the company has appointed experienced industry veteran David Chong as its
Chief Financial Officer and Secretary effective immediately. The company’s
previous CFO and Secretary, Tony Peng, resigned effective December 30,
2010.
Mr. Chong
brings with him over 20 years working experience in medium to large private
and publicly listed manufacturing companies. Familiar with navigating China, US,
Europe, Singapore and other capital markets, his expertise includes
international financial management and operations, auditing, funding, business
development, internal control maintenance, corporate governance and investor
relations. He has been consulting with the company since June 2010 and has been
active on the investor outreach front, conducting non deal road shows in the US,
Europe and Asia. Prior to joining CREG, from 2007 – 2010, Mr. Chong was the CFO
for Guangdong Yan Zhi Hong Shoes Manufacturing Co., Ltd (“YZH”), a leading shoe
manufacturer in China. In this position, he was instrumental in business and
operational development, acquisition of funding, IPO and listing process,
investor outreach as well as the company’s budgeting and financial planning.
Before working with YZH, Mr. Chong was the Financial Controller for Amtek
Engineering Limited from 1991 – 2006 where he managed the financial operations
of six plants in China with annual revenues in excess of $250 million. He has
qualification in Professional Accountancy Studies from ACCA (the Association of
Chartered Certified Accountants). Mr. Chong is fluent in
both English and Mandarin and resides in Xi’an, People’s Republic of
China.
Mr.
Guohua Ku, Chairman and CEO of CREG commented, "On behalf of CREG and our Board
of Directors, we would like to officially welcome David Chong to our executive
team. His wealth of experience, financial insight, business development know-how
and investor relations experience will prove to be vital to our company as
we continue to expand our business, our shareholder base and project
pipeline. He has contributed immensely to our investor outreach
efforts since the beginning of our engagement. As a crucial element to our
management team and a key liaison to the investment community, we are pleased to
have him on board and look forward to his continued contributions in the
time ahead.”
Mr Ku
continued, “I would also like to thank Tony Peng for his years of unparalleled
service and dedication to our company. As CFO and Secretary, he was instrumental
in propelling CREG’s recent upgrade to the NASDAQ stock exchange and in ensuring
that our company had all the proper tools required as a U.S. listed publicly
traded company. We wish Tony Peng all the best in his future
endeavours.”
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About
China Recycling Energy Corp.
China
Recycling Energy Corp. (NASDAQ: CREG or "the Company") is based in Xi'an, China
and provides environmentally friendly waste-to-energy technologies to recycle
industrial byproducts for steel mills, cement factories and coke plants in
China. Byproducts include heat, steam, pressure, and exhaust to generate large
amounts of lower-cost electricity and reduce the need for outside electrical
sources. The Chinese government has adopted policies to encourage the use of
recycling technologies to optimize resource allocation and reduce pollution.
Currently, recycled energy represents only an estimated 1% of total energy
consumption and this renewable energy resource is viewed as a growth market due
to intensified environmental concerns and rising energy costs as the Chinese
economy continues to expand. The management and engineering teams have over 20
years of experience in industrial energy recovery in China. For more information
about CREG, please visit http://www.creg-cn.com.
Safe
Harbor Statement
This
press release may contain certain "forward-looking statements" relating to the
business of China Recycling Energy Corp. and its subsidiary companies. All
statements, other than statements of historical fact included herein are
"forward-looking statements." These forward-looking statements are often
identified by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, they do involve assumptions,
risks and uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the Securities and Exchange
Commission and available on its website at http://www.sec.gov. All
forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a duty to update
these forward-looking statements.
For more
information, please contact:
In
China:
Mr. Leo
Wu
Investor
Relations
China
Recycling Energy Corp.
Tel: +86-29-8765-1096
Email:
tch@creg-cn.com
In
USA:
Mr.
Howard Gostfrand
American
Capital Ventures, Inc.
Tel: +1-305-918-7000
Email:
info@amcapventures.com