XI'AN, China, March 14, 2011 /PRNewswire-Asia-FirstCall/ --Sino Clean Energy, Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), announced today that the board of directors has appointed Mr. Zhixin Jing as an independent director and a member of the Board's audit committee, and Mr. Gang Sheng as an independent director and a member of the Board's compensation committee. In connection with the appointment of Mr. Jing, Mr. Zidong Cao has resigned as a member of the Board due to health reasons, where he also served as a member of the Board's audit committee.
Mr. Jing is the General Manager of Shaanxi Branch of Lianhe Credit Management Co., Ltd. ("Lianhe"). Prior to joining Lianhe in 2010, he was an assistant to the Chairman of the board of directors of Jiaxin Group and financing advisor to Great Tang Dynasty Xi City Property Co., Ltd. Mr. Jing has over 18 years of experience in providing corporate finance, restructuring and audit advisory services. He holds a Bachelor degree in Accounting from Xi'an Jiaotong University.
Mr. Sheng is Vice President of SAIF Partners, a leading growth capital fund focused in China and India. Prior to joining SAIF Partners in March 2007, he was an associate director of Latitude Capital Group, a boutique investment banking firm based in Hong Kong and Beijing. Mr. Sheng has over 16 years of experience in providing corporate finance advisory services and investment management. He is a Certified Public Accountant in the PRC and holds a Bachelor degree in Economics in International Accounting from Renmin University and a Master degree in Business Administration from Beijing University, Guanghua School of Management.
"We appreciate Mr. Coa's support and contributions during his term on the Board. We are looking forward to working with Mr. Jing and Mr. Sheng and benefiting from their significant experience as we position ourselves as a leading producer of CWSF in China," stated Baowen Ren, Chairman of Sino Clean Energy.
About Sino Clean Energy
Sino Clean Energy is a U.S. publicly traded company and a China-based producer and distributor of coal-water slurry fuel ("CWSF"). With locations in Shaanxi Province and Liaoning Province, Sino Clean Energy is one of the leading CWSF producers in China. For more information about Sino Clean Energy, please visit http://www.sinocei.net.
Safe Harbor Statement
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to uncertainties in product demand, the impact of competitive products and pricing, our ability to obtain regulatory approvals, changing economic conditions around the world and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.