China Industrial Waste Management Announces Change of Audit Firm

DALIAN, China, July 19, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCBB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced that it has dismissed Jewett, Schwartz, Wolfe & Associates ("JSW") and engaged the firm of UHY LLP ("UHY") as its new independent registered public accountant.  The change was announced on Form 8-K and filed with the US Securities and Exchange Commission on July 7, 2011.

Both the dismissal of JSW and the appointment of UHY were considered and approved by the Board of Directors of the Company.

UHY has been a leading accounting firm specializing in serving China-related companies and addressing the complexity of cross-border financial reporting issues.  Ranked by Accounting Today as a Top 20 professional services firm, UHY has more than 1,000 professionals across the US.  UHY's international network also ranks among the top 15 accounting organizations based on the criterion of combined fee income.

In connection with the audits of the Company's financial statements for the fiscal periods ended December 31, 2010 and 2009, and through June 30, 2011, there were: (i) no disagreements between the Company and JSW on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of JSW, would have caused JSW to make reference to the subject matter of the disagreement in its reports on the Company's financial statements for such periods, and (ii) no reportable events of the type listed in paragraphs (A) through (D) of Item 304(a)(1)(v) of Regulation S-K.

"It is important to note that we have made this change not as a result of any disagreement with JSW," commented Mr. Jinqing Dong, Chairman and Chief Executive Officer of China Industrial Waste Management. "We are very pleased to be working with UHY."

About China Industrial Waste Management, Inc.

China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit the Company's website (www.chinaciwt.com).

Cautionary Statement Regarding Forward-Looking Information

This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the launch and successful operation of the Dongtai Organic Waste Treatment Project, the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

SOURCE China Industrial Waste Management, Inc.