XI'AN, China, May 11, 2015 /PRNewswire/ -- China Recycling Energy Corp. (NASDAQ: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced that Mr. David Chong has resigned as the Company's Chief Financial Officer ("CFO") and Secretary, effective May 16, 2015.
The Company's Board of Directors (the "Board") has appointed Mr. Jackie Shi, the Company's Vice President in charge of finance, as the new CFO and Secretary, effective May 16, 2015. Mr. Chong's resignation does not result from any disagreement with the Company on any matter regarding its operation, policies or practices. Mr. Chong will continue to advise the Company as a consultant for Investor Relations, Public Relations and Overseas Fund Raising.
Mr. Shi has been serving as the Assistant CFO & Vice President in charge of finance for the Company since January 2015. Before that, he worked as the Director of Investor Relations for Xilan Natural Gas Group from 2005 to 2014. He worked as Deputy Financial Manager for a four-star hotel in Sydney, Australia from 2003 to 2004, and as an assistant to the CEO of Shaanxi Qinjing Industrial and Commercial Company from 1998 to 2000. Mr. Shi holds a master degree in finance from the University of New South Wales, Australia and a bachelor degree of law from Northwest University of China.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "I would like to sincerely thank Mr. Chong on behalf of the Board and management for his contribution to the Company during the past four years. We wish him the very best in his future endeavors. We are pleased to welcome Mr. Shi as our new CFO. We believe his experience in finance and accounting will greatly contribute to our future development. We remain confident in the prospect of China's energy recycling market and committed to increase long-term value for our shareholders."
About China Recycling Energy Corp.
China Recycling Energy Corp. (NASDAQ: CREG) ("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 percent 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.
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SOURCE China Recycling Energy Corp.