XI'AN, China, June 11, 2012 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (OTC Pink: CBEH) ("China Integrated Energy" or the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China, today announced that Mr. Steven Markscheid and Mr. Liren Wei will continue as independent directors of the Company and as members of the Board's Audit Committee. Mr. Wei will replace Mr. Markscheid as Chairman of the Audit Committee. Mr. Wei is a US citizen born in Taiwan, a New York certified public accountant, and has more than 20 years of experience in accounting and auditing in the US. He is the managing partner of Wei, Wei & Co., LLP, a firm registered with the PCAOB and with offices in New York and California.
Mr. Xincheng Gao, Chief Executive Officer of China Integrated Energy, said, "We are very thankful for Steven and Liren's contribution to China Integrated Energy during the past year. They have worked diligently, independently, and with great passion to conduct a thorough independent investigation of issues raised by certain individuals. As a result, the corporate governance of the Company has been substantially enhanced. Their extensive experience in finance and with Chinese publicly traded companies has provided valuable insights, allowing us to deepen our understanding of the U.S. capital markets. We are gratified that both of them have agreed to continue to help guide our future and strongly believe that their continued service on our Board will be beneficial to all our shareholders."
"We are happy that the Company can now again fully focus on executing its growth strategy. We remain committed to work hard to help all shareholders benefit from the value we have always believed is embedded in our business and its growth prospects."
Mr. Jeff Chan, Chief Financial Officer of China Integrated Energy, said, "I thank Steven, Liren, and our Audit Committee for conducting a thorough investigation of the company's business and financial condition in absolute independence. Over the past year, I have worked closely with both of them and experienced first-hand the depth of their knowledge, their professionalism, their sense of duty, and their independence. I believe their continued presence on our Board will be viewed in the markets as a sign of the Company's absolute commitment to outstanding corporate governance and transparency."
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 nine retail gas stations. The Company operates biodiesel production capacity within two plants located in Tongchuan, Shaanxi province, and one plant in Chongqing, China. The Company utilizes a distribution network covering 16 provinces and municipalities, established over the past 11 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.
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Safe harbor statement
This news 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 news 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 law.
For more information, please contact:
China Integrated Energy, Inc.
Mr. Chen Yuanyuan (English and Chinese)
Mobile +86 139 2337 7882 in China
Mr. Tom Myers (English)
Mobile +86 139 1141 3520 in Beijing
SOURCE China Integrated Energy, Inc.