TIANJIN, China, Aug. 10 /PRNewswire-Asia/ -- China New Energy Group Company (OTC Bulletin Board: CNER) ("China New Energy" or the "Company"), a leading energy project developer specializing in the development of natural gas distribution networks, and distribution of natural gas in China, announced that it has strengthened its management team with the appointment of a new Chief Executive Officer and a new Chief Financial Officer.
"We are excited to expand and strengthen our management team with these new additions," said Mr. Jiaji Shang, the Company's Chairman. "The collective work experience of our management team should enable us to be more proactive in seeking new business wins and help us to further penetrate the tremendous market opportunity in China."
On April 16, Mr. Xiaoling Li resigned as the Company's Chief Financial Officer. China New Energy appointed Mr. Peng Mun Foo as its new Chief Financial Officer. Mr. Foo has over 15 years of experience investing in and building businesses in Asia. He is a Certified Public Accountant and has passed the Charter Financial Analyst level 2 exam. Mr. Foo also holds a Singapore Fund Management Representative's license and is a licensed private equity fund manager.
On May 15, 2009, Mr. Yangkan Chong was appointed as the Company's Chief Executive Officer effective May 18, 2009. Mr. Chong has served as a director of the Company since April 27, 2008, and as Vice Chairman of China New Energy's subsidiary, Tianjin SingOcean Public Utility Development Co., Ltd., since October 2006. From March 2008 to May 2009, Mr. Chong served as Deputy Chief Executive Officer of China EnerSave Limited, a renewable energy provider that is listed on the Singapore Stock Exchange, where Mr. Chong started his career with China EnerSave as Senior General Manager in March 2007. Mr. Chong has more than 20 years of experience in the energy industry, and has held senior level positions with energy-related companies including China Light & Power (CLP) Hong Kong, Enron International, Edison Mission Energy, Singapore Power and Exxon Oil and other Singapore Government-linked companies. Mr. Chong holds a Master of Science in Mechanical Engineering from the National University of Singapore and a Bachelor of Engineering in Mechanical Engineering & Production from the University of Singapore.
On May 18, 2009, Mr. Jiaji Shang resigned as the President and Chief Executive Officer of China New Energy and from all officer positions that he held with any of the Company's subsidiaries, effective immediately. Mr. Shang's resignation was not in connection with any disagreement with the Company. He remains as the Chairman of the Board of Directors of the Company.
"Our expansion plans remain on track as we are engaged in several energy development projects in North China," said Mr. Chong. "We are confident that we can extend China New Energy's market reach, create new sources of revenue in the energy industry in China and increase shareholder value over time."
About China New Energy Group Company
China New Energy Group Company ("China New Energy" or the "Company") is engaged in the development of natural gas distribution networks, the distribution of natural gas to residential and industrial customers in small and mid-sized cities in China and the exploration and recovery of natural gas reserves. Currently, the Company, through subsidiaries in China, operates distribution networks to provide natural gas in the cities of north China. The Company continues to explore more prospective energy resources to meet the rapidly increasing demand in China. For more information, please visit http://www.cnegc.com .
Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to access natural gas for distribution, and ability to identify and develop operational locations under favorable terms, changes in natural gas pricing mechanism imposed by the Chinese government, changes in the regulatory environment and future national or regional economic and competitive conditions, and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. 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.
For more information, please contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York) or
Mr. Gary Chin
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