Gushan Environmental Energy Limited Names Wilson Wai Sun Kwong As President
NEW YORK, Jan. 24 /PRNewswire-FirstCall/ — Gushan Environmental Energy Limited (“Gushan”; NYSE: GU), China’s largest producer of biodiesel as measured by annual production capacity, today announced that Wilson Wai Sun Kwong has been promoted to the newly created position of President and has resigned as Vice President — Business Development, of the Company. As a senior member of Gushan’s management, Mr. Kwong’s additional responsibilities will include the strategic development of the Company and he will also have overall responsibility for investor relations.
Jianqiu Yu, Chairman of Gushan, said: “We are very pleased that Wilson has accepted his new role as President of our company and believe that his skills and experience will benefit us immediately as we execute our plans for growth.”
Mr. Kwong, 42 years old, joined the Company in July 2006 and has 12 years of experience in corporate finance and equity capital markets in Asia, having previously worked at a number of investment banks in Hong Kong. Prior to joining the Company, he was a managing director of investment banking and head of Hong Kong and China ECM at CLSA Equity Capital Markets Limited, a position he had held since March 2004. From 2002 to 2003, Mr. Kwong was the head of equity capital markets for Cazenove Asia Limited. After graduating from Cambridge University, England with a Bachelor’s degree in 1987, he qualified as a chartered accountant in the United Kingdom with KPMG in 1990 and as a chartered secretary and administrator in the United Kingdom in 1991. Mr. Kwong is currently an associate member of the Hong Kong Institute of Certified Public Accountants and the Hong Kong Institute of Chartered Secretary.
About Gushan Environmental Energy Limited
Gushan Environmental Energy is China’s largest producer of biodiesel, as measured by annual production capacity. The company produces biodiesel, a renewable, clean-burning and biodegradable fuel, primarily from vegetable oil offal and used cooking oil, and by-products from biodiesel production, including glycerine, plant asphalt, erucic acid and erucic amide. Gushan sells biodiesel directly to users, such as marine vessel operators, as well as to petroleum wholesalers and individual retail gas stations. The company currently operates four production facilities in Sichuan, Hebei, Fujian provinces and Beijing with a combined annual production capacity of 240,000 tons. The company targets to increase its annual production capacity to 400,000 tons by the end of 2008 with the expansion or addition of new production facilities in Beijing, Shanghai, Hunan and Chongqing.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as “will,”"may,”"expect,”"anticipate,”"aim,”"intend,”"plan,”"believe,”"estimate,”"potential,”"continue,” and other similar statements. Statements other than statements of historical facts in this announcement are forward- looking statements, including but not limited to, our expectations regarding the expansion of our production capacities, our future business development, and our beliefs regarding our production output. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Important risks and uncertainties that could cause the Company’s actual results to be materially different from expectations include but are not limited to the effect of intensifying competition in the biodiesel and alternative energy industries, the availability of suitable raw materials to the Company, and the risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including on Form F-1, as amended. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Gushan Environmental Energy Limited
CONTACT: U.S., Ann Mangold of Hill & Knowlton, New York, +1-212-885-0518,ann.mangold@hillandknowlton.com, or Asia, Ellen Chan of Hill & Knowlton, HongKong, +852-2894-6213, ellen.chan@hillandknowlton.com.hk, both for GushanEnvironmental Energy Limited