Shareholders Support Decision of Receiver of Sino Clean Energy to Take Control of the Chinese Operations

XI'AN, China, Jan. 12, 2015 /PRNewswire/ -- Alain Peracca and the Group of shareholders who filed with the SEC a Schedule 13D for Sino Clean Energy (OTC: SCEI) are disappointed to learn that the previous Chairman and CEO of Sino Clean Energy, Mr. Baowen Ren, has refused to cooperate with the Court-appointed Receiver, Mr. Robert W. Seiden, Esq. and to uphold his fiduciary duty to protect the interests of all shareholders. It is very disappointing and disturbing that Mr. Ren, who previously had stated repeatedly to U.S. and Chinese shareholders that he had their best interests in mind, has refused to work with the Receiver to ensure such interests are protected.

We therefore fully support the decision by the Company's Boards of Directors and the Receiver Mr. Seiden to remove Mr. Baowen Ren from his duties as Chairman and CEO of Sino Clean Energy and to appoint an interim management to take control of the day-to-day operations.

We also support the decision by the Company's Boards of Directors and the Receiver Mr. Seiden to ask the Chinese and U.S. authorities to have Mr. Ren's actions while Chairman and CEO examined for any potential wrongdoing given his lack of cooperation with the Receiver. 

Finally, we look forward to the rapid public disclosure of the 2012, 2013, and 2014 financials of the Company once the new independent Board audit committee will have completed its review. Such financials had been promised by Mr. Baowen Ren in his press release issued August 21, 2014 to be disclosed publicly by October 31, 2014 but never were delivered.

Further inquiries regarding this press release may be sent to [email protected]

SOURCE Alain Peracca