Message #2 From:
NewsBot Date: August 4, 2008 02:55:35 PM
CREG Stock: China Recycling Energy Corp. Appoints New Chief Financial Officer
XI'AN, China, Aug. 4 /Xinhua-PRNewswire-FirstCall/ -- China Recycling
Energy Corp. (OTC Bulletin Board: CREG) ('CREG' or 'the Company'), a leading
industrial waste-to-energy solution provider in China, today announced the
appointment of Mr. Xinyu Peng as Chief Financial Officer, effective
immediately.
Mr. Peng joins CREG from the Asia offices of Tavistock Group, a global
private equity firm founded by the British billionaire Joe Lewis. While at
Tavistock Group (Asia), Mr. Peng was a vice president engaged in investment
and financing in Greater China. In the past five years, Mr. Peng held CFO
positions at Mod3 Cabinets & Home LLC in Tampa, Florida, a manufacturer of
wood kitchen cabinets, and at Creative Hospitality Concepts LLC in Tampa,
Florida. From 2002 to 2003, Mr. Peng was CFO and chief representative of Sino
Agri-Tech Inc., under Asia Capital Group (U.S.). Prior to that, from 1990
until 2001, Mr. Peng was a manager in asset management at Bank of China in
Henan province and then in Cayman Islands.
Mr. Peng holds an MBA from the University of Miami in Coral Gables,
Florida, and a bachelor's degree in international finance from Fudan
University in Shanghai.
'We are very pleased to welcome Mr. Peng to join our senior management
team,' said Mr. Guangyu Wu, Chief Executive Officer of CREG. 'Mr. Peng brings
over 18 years of investment, corporate finance and financial reporting
experience. He has worked in the financial services, manufacturing and
technology industries and has a proven track record of treasury and financial
management functions. We look forward to drawing upon Mr. Peng's expertise in
financial reporting and his extensive contacts in corporate finance.'
China Recycling Energy Corp. (OTC Bulletin Board: CREG.OB stock) ('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.
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. Zhigang Wu Investor Relations China Recycling Energy Corp. Tel: +86-29-8765-1096 Email: tch@creg-cn.com
In the U.S.: Mr. Valentine Ding Investor Relations Grayling Global Tel: +1-646-284-9412 Email: vding@hfgcg.com
