China Integrated Energy Appoints KPMG as its Independent Auditor

Dec 16, 2010, 07:17 ET from China Integrated Energy, Inc.

XI'AN, China, Dec. 16, 2010 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (Nasdaq: CBEH), a leading non-state-owned integrated energy company in China, after receiving the approval from the Audit Committee of the Company's board of directors, has dismissed Sherb & Co., LLP ("Sherb") and engaged KPMG, LLP, as its independent auditor. The dismissal of Sherb & Co., LLP as the Company's independent auditor did not result from any dissatisfaction with the quality of professional services rendered by Sherb or disagreements with Sherb on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures. KPMG will commence its audit work for China Integrated Energy starting with the Company's 10-K filing for the year ending December 31, 2010.

Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy stated, "The Audit Committee and the entire Board is pleased to announce the selection of KPMG as the Company's new accounting firm. Given the growth in our business, we look forward to leveraging KPMG's extensive knowledge of China-based, US-listed companies, in depth knowledge of the petroleum and biodiesel industries, and internationally based resources to support the Company's growth in the future. We look forward to a strong working relationship with KPMG and their audit of our 2010 financial statements and internal controls over financial reporting."

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of thirteen retail gas stations. The Company operates a 100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi Province and a 50,000-ton plant in Chongqing City, China. The Company expects to increase the total biodiesel production capacity to 200,000 tons upon completion of a new 50,000-ton production facility adjacent to the 100,000-ton plant in Tongchuan City. The Company utilizes an extensive distribution network, established over the past 10 years, to distribute both heavy oil and finished oil including gasoline, petro-diesel and biodiesel. For additional information on the Company please visit http://www.chinaintegratedenergy.com.

An online investor kit including a company presentation, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.chinaintegratedenergy.com. To subscribe to future releases via e-mail alert, visit http://www.chinaintegratedenergy.com/alerts.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:    

China Integrated Energy, Inc.     Susan Zhou     Vice President, Investor Relations Tel:   +1-305-393-5536               Email: susan.zhou@cbeh.net.cn     Web:   http://www.chinaintegratedenergy.com    

HC International, Inc.     Ted Haberfield, Executive VP     Tel:   +1-760-755-2716 Email: thaberfield@hcinternational.net Web:   http://www.hcinternational.net

SOURCE China Integrated Energy, Inc.



RELATED LINKS

http://www.chinaintegratedenergy.com