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8-K - CHINA RECYCLING ENERGY CORP | v172140_8k.htm |
China
Recycling Energy Corp. Announces the Appointment of a New Board Member and the
Appointment of Independent Members of Compensation Committee, Corporate
Governance and Nominating Committee and Audit Committee
XI'AN,
China, Jan. 25— China Recycling Energy Corp. (OTC Bulletin Board: CREG; "CREG"
or "the Company"), a leading industrial waste-to-energy solution provider in
China, today announced that the Board of Directors approved the increase in the
size of the Board from six members to seven members and has appointed, Mr.
Robert Chanson, as its seventh board member.
Mr.
Chanson was also appointed by the Board as a member of its Compensation
Committee and as a member of its Corporate Governance and Nominating
Committee. In connection with the appointment of Mr. Chanson to the
Compensation Committee, Mr. Timothy Driscoll resigned his position as a member
of the Compensation Committee and was appointed as a member of the Audit
Committee.
Mr.
Chanson has served as the Chairman of Calventis SA, Switzerland since 2009 and
the Chairman of Samba Minerals Ltd, Australia since 2008. He
previously served as the Chairman and chief executive officer of AmbioCare
Holding from 2001 to 2007, a director of Plant Health Care plc in the U.K. from
2004 through 2008, a director of Plant Health Care, Inc. in the U.S. from 1995
through 2004, and a director of EHC Viridian Ltd. in the U.K. from 1999 to 2001.
Mr. Chanson received both his Doctorate and Master in Law degrees from the
University of Zurich and his Bachelor Degree in Natural Sciences (Physics &
Chemistry) with Latin from Kantons-schule Zurich' in Zurich,
Switzerland.
The
seven-member board is now comprised of four independent members including Mr.
Sean Shao, Mr. Julian Ha, Mr. Timothy Driscoll, and Mr. Robert
Chanson. Mr. Guohua Ku, Chairman and CEO of CREG, commented, "On
behalf of China Recycling Energy, we emphatically welcome Mr. Chanson to the
Board. He brings years of executive expertise and sound judgment. Together, we
look forward to working collaboratively to further improve our corporate
governance and diversify our board."
About
China Recycling Energy Corp.
China
Recycling Energy Corp. (OTCBB: CREG.OB; "CREG" or "the Company") is based in
Xi'an, China and provides environmentally friendly waste-to-energy technologies
to recycle industrial byproducts for steel mills, cement factories and coke
plants in China. Byproducts include heat, steam, pressure, and exhaust to
generate large amounts of lower-cost electricity and reduce the need for outside
electrical sources. The Chinese government has adopted policies to encourage the
use of recycling technologies to optimize resource allocation and reduce
pollution. Currently, recycled energy represents only an estimated 1% of total
energy consumption and this renewable energy resource is viewed as a growth
market due to intensified environmental concerns and rising energy costs as the
Chinese economy continues to expand. The management and engineering teams have
over 20 years of experience in industrial energy recovery in China.
For more
information about CREG, please visit http://www.creg-cn.com
.
Safe
Harbor Statement
This
press release may contain certain "forward-looking statements" relating to the
business of China Recycling Energy Corp. and its subsidiary companies. All
statements, other than statements of historical fact included herein are
"forward-looking statements." These forward-looking statements are often
identified by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, they do involve assumptions,
risks and uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the Securities and Exchange
Commission and available on its website at http://www.sec.gov .
All forward-looking statements attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by these factors. Other
than as required under the securities laws, the Company does not assume a duty
to update these forward-looking statements.
For
more information, please contact:
In
China:
Mr.
Leo Wu
Investor
Relations
China
Recycling Energy Corp.
Tel: +86-29-8765-1097
Email:
tch@creg-cn.com
In
USA:
Mr.
Howard Gostfrand
American
Capital Ventures, Inc.
Tel: +1-305-918-7000
Email:
hg@amcapventures.com