China Clean Energy Appoints New Independent Auditor

Jan 08, 2010, 08:00 ET from China Clean Energy Inc.

FUQING CITY, China, Jan. 8 /PRNewswire-Asia-FirstCall/ -- China Clean Energy Inc. (OTC Bulletin Board: CCGY) ("China Clean Energy", the "Company"), a producer of biodiesel fuel and environmentally-friendly specialty-chemical products made from renewable resources in The People's Republic of China ("PRC"), announced today that the Company engaged Frazer Frost, LLP ("Frazer Frost") as its new independent auditor for the fiscal year ending December 31, 2009, effective January 1, 2010. Frazer Frost replaced Moore Stephens Wurth Frazer and Torbet, LLP ("MSWFT").

On January 1, 2010, certain partners of MSWFT and Frost, PLLC ("Frost") formed Frazer Frost, a new accounting firm. Pursuant to the terms of a combination agreement by and among MSWFT, Frazer Frost and Frost, each of MSWFT and Frost contributed all of their assets and certain of their liabilities to Frazer Frost, resulting in Frazer Frost assuming MSWFT's engagement letter with the Company and becoming the Company's new independent accounting firm.

About China Clean Energy:

China Clean Energy, through its wholly-owned subsidiaries, Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co., Ltd, is engaged in the development, manufacturing, and distribution of biodiesel and specialty-chemical products made from renewable resources. For additional information please visit:


This announcement contains forward-looking statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, projected revenue and income, the effectiveness, profitability, and the marketability of the Company's products; the ability of the Company to successfully utilize its production capacity; the Company's ability to protect its proprietary information; general economic and business conditions; the ability of the Company to commercialize biodiesel and specialty chemicals profitably; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that the Company's expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

    For more information, please contact:

    China Clean Energy Inc.
     Shannon Yan, CFO

    CCG Investor Relations Inc.
     Crocker Coulson, President
     Phone: +1-646-213-1915 (New York)

     Ed Job, CFA
     Phone: +1-646-213-1914

SOURCE China Clean Energy Inc.